Thats some serious amount of money and homes, i thought the stimulas was taking place.?
Its states "The news was greeted well by markets, with Bank of America's and JP Morgan's share prices rising 2.9% and 2.4% respectively by the close of trading on Monday" How is this so.? i would of thought if anything its a bad sign isnt it.??
I guess the folk in the homes they cant pay for will seek loans that they cant pay back so they then can pay back what they could not payback before- if you get the drift It'll be the same banks or their agents of course.
As houses are difficult to sell in many areas of the States and as the repossessions will be from job-starved areas I would say that $250k is a load of cobblers. Houses are worthless until you have the money in your mitts. My American friends went into spasms of mirth when they heard this.
I was watching a documentary the other evening, which was thought provoking. In the areas that was shown (USA), many of the houses including industrial properties had been repossessed and abandoned, with the end result of total dereliction in some areas of big expanse.
Who pays for that magnitude of a mess. Is it nobody with no money, further government bail-outs or the banks trying to re-cooperate their previous losses and decisions, so as to silver-line themselves for pending profit forecasts?.