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Wait, in your view the banks are the victims? Banks wouldn't have these properties at all if they hadn't screwed the pooch financially with mortages. I find i
by lsiebert 8y ago
Wait, in your view the banks are the victims?
Banks wouldn't have these properties at all if they hadn't screwed the pooch financially with mortages. I find it offensive that after taking people's homes and properties, an immense transfer of wealth to them, they should allow them to sit empty, in order to turn a better profit on the misery they helped cause.
- nradov 8y agoBanks lost money on most of those foreclosures, to the extent that some banks failed and others had to be recapitalized. It wasn't a transfer of wealth to them.
- lsiebert 8y agoLosing money doesn't mean losing the underlying property. There were certainly some losers, but the vast majority of them were the people who lost their house, not the banks which foreclosed on them.
- cycrutchfield 8y agoPeople that lost their house overpaid for real estate that they could not afford. It’s strange that you seem to assume that overburdened debtors are saints while overextended creditors are devils. Both parties made mistakes they should not have made, and both parties suffered rightly as a result.
- lsiebert 8y agoYou realize banks were foreclosing on people who didn't even have mortgages, or never missed payments, and often on mortgages they didn't legally own, right? https://theintercept.com/2019/03/13/kamala-harris-mortage-crisis/ https://theintercept.com/2019/03/13/kamala-harris-mortage-cr...