Daily Business Review published a very interesting article today entitled “Special Report: Condo Lending“. It provides a list of the top five banks who have filed the most foreclosure actions from January 1, 2007 to May 4, 2007 in South Florida. Below is that list:
The most revealing part is that these banks have no reason to be overly concerned. In most cases, the loans were repackaged as mortgage-backed securities and sold to Wall Street investors. Public records may reveal the banks as the possessor of these loans, because their names are still associated with the notes, but it is the investors who will bear the monetary loss due to the risky underwriting practices of these banks. In fact, the banks actually make additional money by charging fees to the investors by acting as custodians in managing the foreclosure proceedings for them. Helluva a gig! They’re making money on the front-end and back-end!
4 responses so far ↓
1
Thoms Capria
/Aug 11, 2007 at 2:01 pm
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I would like information on your foreclosures any where in florida. Thank you. Tom Capria 724-940-9464
2
Albert
/Sep 28, 2007 at 3:15 am
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There is a huge increase in the number of foreclosures in the past few months. It is not only because of sub-prime and ARM mortgages, but also the high number of people who have got loans with interest rates at an all time low rates along with rapid depreciation in some areas. johnbeck.tv
3
Islndjak
/May 16, 2008 at 1:48 pm
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The Florida foreclosure rates are so high is because of the greed of real estate agents and the Banks, coupled with unethical brokers.
If any one wants to buy condo foreclosures your nuts,
there are numerous associations on the verge of going broke.
4
Islndjak
/May 16, 2008 at 1:49 pm
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Condo Associations in Florida If you having problems contact me, I may be able to help
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