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A new ideal is being touted by Menlo Park City to contain foreclosures . The snag is that it will entail huge up-front expenses for Menlo Park City. But Andy Cohan a councilman said, To me, the most important thing is to keep people in their homes and not disrupt families, not take kids out of school. This is the only program on the horizon that does that.
Foreclosures are breeding sophisticated swindlers those who prey like vultures on the misfortunes of people. Jim McConville is one of them. A real estate mogul he courted partners for purchasing a massive number of properties. The partners did not have to invest any money all they had to do was to lend their credit record and identities to get the mortgages sanctioned. McConville convinced his crowd of listeners that he needed more estates than the bank would give to a single person like him. So he needed their assistance.
August is the time for getting property tax notices. This time the bite will hurt because property valuation is being distorted by foreclosures as well as fraud. At the root of the problem is dubitable appraisals done during the time of the housing boom.
The role of FDIC in mitigating foreclosure blues is under wraps there is no transparency. FDIC has been auctioning off difficult loans, mainly commercial, at rock bottom prices. It is suffering financial losses but is avoiding the onus of directly confronting borrowers and realizing unpaid dues.
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