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Red River Valley | One question what happens when mark to market returns?
If it does not what will happen when the banks have to deal with the housing mess?
these banks are holding a housing portfolio that is on there books and real close to 100% of peak value and in truth is worth 50% and dropping mothly
I have a neice who is in a home with some special circumstances that she is trying to get a work out on she has not made a payment in almost 2 yrs. and she calls them every month and ask to talk to somebody about doing a buy out and they just tell her that they don't have any body to work on it at this time. The mortage is about $140,000 and the true value of the house is about $75,000 she has told them that she would like to do an distressed sale, she asked me what to do and I told her to just keep living there and but the monthly payment in to a bank account and wait and see what happens.
My bet is that they don't want to revalue there housing loans because they would again be in trouble of a banking melt down. | |
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Rally Cap time!!
