Here's what my friend Chris has to say today: "Sometimes it seems like banks just don't get it, right? They'll take our government's money for a loan modification that doesn't include any principal reduction whatsoever, knowing full well that over 70% of those modified loans will fall into default later.
And then they like to put up more barriers to legitimate investors who are flipping houses. But the more they try, the more money the investors end up making anyways.
Their latest move has been making the investor hold the house for 30 days, a "seasoning" period... thinking it will slow house flipping. Of course in reality, all this does is slow the economic recovery and leaves homes on the market that would have a buyer waiting for them."
And then they like to put up more barriers to legitimate investors who are flipping houses. But the more they try, the more money the investors end up making anyways.
Their latest move has been making the investor hold the house for 30 days, a "seasoning" period... thinking it will slow house flipping. Of course in reality, all this does is slow the economic recovery and leaves homes on the market that would have a buyer waiting for them."
posted by Unknown | 11:06 AM
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