So many folk have asked me why the banks would ‘short’ sell so much property andÂ cement their losses when they could do a simple loan modification do much better.Â And why do they make you miss a few mortgage payments before they’ll even begin speaking with you. None of itÂ makes financial sense, right?
Well, like everything else in the world of finance, nothing is ever quite what it seems. You won’t believe the sweetheart deal that the Indymac boys were given by the FDIC… Watch this video and scream.
In other scandalousÂ real estate revelations, the mortgage Banker’s Association in DC short sold their own building for a little more than half of what they owed. Embarrassing? You could say that.
(Thanks to Jerry McGratty and Susan Sigrist for sending these news tips!)