I was speaking to a friend of mine that specializes in foreclosures. He shared with me that recently he was asked to list the several homes for an investor. Normally he only does REO's, but the new listings got thrown into the mix. The new properties were priced well, and he received a call about them. He was asked "Is it a Bank owned property or an investor's property!" My friend asked "What is the difference? It is an incredible deal." He was informed that there was federal bailout monies involved and they were only allowed to buy "Bank owned properties!"
Favoring the banks would not be my first choice in buying a bargain. The bottom line would be. Bailouts of the corrupt greedy banks that caused all of this collapse is being bailed out by our tax dollars.Are the banks forgiving with all the free government monies to give you a break on your credit cards? Are they making it easy for those that really qualify to get a loan? Are they lending to small businesses? As taxpayers, we will shortly start to feel the effects of the increase taxes...and our children will be paying for it. So why are we bailing out the same corrupt banks and hanging out others to rot on the market? I really think we need to start questioning the entire bailout process.
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