Baton Rouge Foreclosure Cleanup Isn’t Nearly Finished in 2013!
Foreclosues Aren’t Nearly Over, BIG Banks simply stopped taking the properties to make their “Books” appear better than reality so they wouldn’t get sued by the Federal Housing Administrationand this article proves the obvious!
BIG Banks May Have to Absorb $57 Billion in Bad Loans….
REOs or Foreclosures and REO Appraisal Work Isn’t Nearly Over, The Banks Just Stopped Taking Them…FOR NOW!
As I drive and work in North Baton Rouge (70714, 70805, 70807, 70811, 70812, 70814 troubled markets), there’s no way the REO’s are nearly done. 3 of 5 inspections yesterday were for REO orders.
“The nation’s four largest banks are holding $57 billion in bad loans that they have not yet moved into foreclosure for fear that the Federal Housing Administration, instead of covering their losses, will instead sue them, National Mortgage News reported Oct. 8.”
NEED MORE EVIDENCE?
On October 15, Baton Rouge added to Civil Rights Complaint against this Big Bank for “alleged to have discriminated in the maintenance and marketing of its bank-owned homes and homes for which it is the owner of record as the trustee.” In other word, the Big Bank isn’t properly maintaining Foreclosed Properties causing further blighted properties in already troubled neighborhoods.
See appraisalinstitute.org red link above to read the entire article.
See on www.appraisalinstitute.org