A Group of Democrats lead by Nancy Pelosi seeks a federal probe, citing irregularities in processing foreclosures of thousands of homes at some U.S. mortgage firms. The news has hit the mainstream media exciting homeowners nationwide in hopes that the nonsense will stop.
Even though I’m an optimist, I have to shout this to the masses….Wake Up People! This is the same group of law makers that have “enabled” the banks to receive huge bailouts, and back end incentives that is the actual “reason” they have been rubber stamping the Foreclosures. It’s about money. What in this country isn’t? There is great heroism all around us from millions of people who do amazing things each day. But it’s not coming from the banks pharmaceutical or oil companies.
Here at 360 Group, we’ve been seeing the banks trample people for over 14 months. We see the banks foreclosing while good solid offers are submitted and in final review. We’ve seen offers for $190k rejected only to repeat the entire short sale process again for 3-5 months as they approve and accept an offer for $30,000 lower? How is this a benefit to the shareholders? It’s not because it depends who owns the Note whether they want to lose $30k or $60k on the deal. The back-end deals drive everything.