"Obama to tout housing help Friday in Las Vegas

Comment #2

konane — Fri, 19 Feb 2010 15:53:53 GMT

Found this on ClarkHoward.com, an Atlanta consumer guru who has a nationally syndicated radio program. "When you do a short sale, the lender agrees to let you sell your property for below market value and everyone walks away, essentially with almost no harm, no foul. **** But if you go into foreclosure, the lender has the right to sue you for deficiency. That means you're responsible for whatever financial losses they suffer as a result of the foreclosure."**** http://cl... [ More ]

Comment #1

JAP69 — Fri, 19 Feb 2010 14:33:09 GMT

I read this the other day about banks foreclosing. Follow the money. quote Any defaulted loan is automatically bought by a bank (called IndyMac) at 50-70% of the original cost of the loan. Why? Because FDIC pays them 98 % of the loss to cover them taking the loan. That is 98% of the original loan price. Example.... House cost 1 Million IndyMac buys for 700K Sells for 500K FDIC covers 98% of the 500K lost on the loan..ie 490K.... [ More ]

Original Blog Entry: "Obama to tout housing help Friday in Las Vegas

konane — Fri, 19 Feb 2010 14:14:31 GMT

Still in campaign mode ..... pretty clear he's using these give away promises and pledges to buy approval his job performance certainly doesn't justify.

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Obama to tout housing help Friday in Las Vegas

Feb 19, 7:05 AM (ET)

By BEN FELLER

Source MyWay.com

LAS VEGAS (AP) - President Barack Obama is unveiling $1.5 billion in housing help, a boost timed to his appearance in the city with the worst foreclosure crisis in the nation. .......

........Obama was to announce that housing finance agencies in the five hardest-hit states in the housing crisis will receive $1.5 billion to help spur local solutions to the problem. Those five are Arizona, California, Florida, Michigan and Nevada. ......

.......The first day of the trip was all politics. Obama campaigned Thursday for Sen. Michael Bennet of Colorado in Denver, then held a $1 million fundraiser for Democrats in Las Vegas. .........

http://apnews.myway.com/article/20100219/D9DV7SS00.html

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