Re: Banks contributed what exactly?

Posted by Robert Lankford on October 29, 2008 at 16:54:02:

In Reply to: Banks contributed what exactly? posted by James Roberson on October 29, 2008 at 12:54:43:

First and foremost, the banks are not in the business of owning real estate. Since we are in a devaluating market the majority of mortgages that go into default are "under water." More is owed than the home is worth. The actual beneficiaries of these loans will not be able to recapture those losses. As well, the banks do not want to sit on these properties when the values are still going down.

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