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Politics : Welcome to Slider's Dugout
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To: SliderOnTheBlack who wrote (9477)5/6/2008 9:50:37 AM
From: jim_p  Read Replies (2) of 50312
 
While the Benny and Hank feel the solution to the housing problem is to encourage lenders to work with their borrowers and or reduce the principle amount, the banks are doing just the opposite (wink wink).

In talking with a local Wells Fargo President, they claim it would be insane to postpone a foreclosure in a market where prices are falling. That would only increase their losses down the road. They feel it's better to minimize their losses and recognize them now vs. postponing them and risking them being a lot larger down the road. While the lenders may be saying they plan to work with the borrowers, they plan to do just the opposite.

So much for a voluntary BS government solution to the housing problem.

Jim
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