Are banks sidestepping the foreclosure settlement?

Categorized | STOP FORECLOSURE FRAUD

Are banks sidestepping the foreclosure settlement?

Are banks sidestepping the foreclosure settlement?

Of course they are and they will continue to do exactly as they please regardless of any settlement. Since none of the bankers seem to go to jail for fraud they will continue business as usual.

STL Today-

Some big numbers start looking smaller when you take a close look. A case in point: The $85 million Missouri has so far reaped from last February’s national mortgage settlement with big banks.

The bulk of it, $30 million, went to short sales. But banks were doing short sales before the settlement. They’ve picked up the pace this year, but it’s not clear if the settlement was part of the reason.

Banks often save money on short sales. They save the cost of foreclosing and maintaining an empty house. That house usually sells for more in a short sale than in a foreclosure.

[STL TODAY]

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