Foreclosure Help Bank Of America
June 25th, 2009
Foreclosure Help Bank Of America
Question: San Diego will be a "foreclosure sanctuary"?
http://moneynews.newsmax.com/financenews/bank_of_america/2008/07/23/115615.html
Here's the link. Apparently, San Diego is sueing lenders to stop foreclosures in their city. Gosh, what do you think this will do to property value and future loan availability?
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Answer: What a stupid idea! If a bank can't foreclose, no one will pay their mortgages. Why would you?
If a bank can't foreclose on a mortgage, there is no collateral. No collateral means the mortgage is worthless. The banks will have to write off every mortgage in San Diego whether the home owner is making the payments or not. It will be the biggest banking disaster in history.
If the bank can't secure it's collateral there won't be any mortgages and the value of property in San Diego will drop like a rock because no one can get a mortgage to by it.
Bank of America recorded call regarding foreclosure Part 1 of 2
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