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Thursday, March 29, 2007



Bankers and lenders they don't want our property, they just want to enjoy the interest rate which we are paying on the loan amount.They discharge the property because they cannot keep the non operating assets for a long time in the books of accounts.


Banks and mortgage lenders are not really in the Real Estate investing business. In fact they are really in the lending business and they want to collect interest on loans and the fees they get for servicing and so forth. But, they must deal with the large number of defaulting loans. Unfortunately for banks, many are not permitted to keep these non-performing assets on their books. This creates opportunities for investors to buy the banks' problem properties. But, buyer beware; do your homework and make sure that you understand you will be buying "As Is" unless you manage to get the bank to fix the property before you take it over. You may find properties for sale on the banks' own Web sites: Bank of America, Countrywide and U. S. Bank each have some.

Jason Bailey

I'm hoping that Attorney General Blumenthal takes action to protect the citizens of Connecticut as a means to addressing the issue of predatory lending. For example, there should be an automatic "stay" placed on all foreclosures until this subprime "mess" is resolved therefore the victims of such lending are not further deprived. Atty General Blumenthal has always spoken against predatory lending and was part of the "task force" leading the suit against Ameriquest. The activities of Ameriquest are no different than the activities of other subprime lenders. In addition, I believe that there should be legislation at the local, as welll as, the national level for banks that purchase subprime loans i.e. Wells Fargo. Of course, naturally, one must be aware of the "power" that these financial institutions have. Especially, as it relates to the fact that the lending game was set up to the advantage of the financial institutions and not the consumers. Its like going to the casino and knowing that the odds are in the "house's" favor. The difference is that you realize the nature of the gamble at the casino and in predatory lending you are persuaded to believe that everything is above board.

Jason Johnston

Ideas for Foreclosure Resistance?

Foreclosures have begun to rise in low income and minority neighborhoods.

With 20% of subprime loans estimated to lead to foreclosure over the next year, the crises will only grow.

State and federal lawmakers are declining to help the primarily low income folks caught in the new wave of subprime foreclosures.

What can local communities do?
Are there any models for local resistance to foreclosures?
Are there any city or county agencies with jurisdiction effecting foreclosure proceedings that can be a target for action?

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