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WTF is wrong with banks supposedly trying to unload their real estate portfolios?

I am very curious as to where 400 billion of our tax dollars that were disbursed to the banks during the Bush Administration, went. The whole package was designed to allow banks to become liquid and in return stimulate the housing and real estate markets. well several months later, we are in 2009 and an escrow that can be done in 15 days is taking 45! WTF!

The officers of the bank that owns the property won’t sign the purchase agreement on time; the lenders have no liquidity and are scared of a loan application with perfect credit, verified income and lump sum down payment; and Fannie and Freddie now demand that all the closing fees be paid by buyers (and their reasoning is that the property prices are so low that people may make a profit!) I am sick and tired of these corporate and government affiliated (i.e. Fannie/Freddie) thieves that not only misuse and misappropriate our tax dollars but on top of it refuse any help to people who need it. WTF!

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    1. May 6th, 2009 at 21:45 | #1

      I’ve heard the same thing from a bunch of people. 20% down, verified income and good credit doesn’t seem to be enough anymore. One friend told me over the weekend that his family has lost three different places to people who came in with all cash at the same price after him. I also saw today that banks are bulldozing properties rather than trying to sell them. It’s just the pendulum swinging to the other extreme after years of stupidity.

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