KVR Audio

SJ_Digriz · Post by **SJ_Digriz** » Mon Feb 25, 2019 9:02 pm

SAW75 wrote: ↑Mon Feb 25, 2019 8:59 pm
Deep Purple wrote: ↑Mon Feb 25, 2019 8:57 pm Banks only ever own properties when they foreclose on them and take possession of the collateral, but they hate REO properties and dump them as soon as they can.
Not where I live. Putting people on the street is big business.

Banks lose their ass on repos. And usually local banks and lending companies sell your loan to warehouses as soon as they can. It's not 100% done, but it is far more normal than institutions that keep the loan for the duration. Even within large banks, they "sell" the asset to a different organization that uses the same name, so they free the asset ratio needed to sell more loans.

Deep Purple · Post by **Deep Purple** » Mon Feb 25, 2019 9:10 pm

SJ_Digriz wrote: ↑Mon Feb 25, 2019 9:02 pm
SAW75 wrote: ↑Mon Feb 25, 2019 8:59 pm
Deep Purple wrote: ↑Mon Feb 25, 2019 8:57 pm Banks only ever own properties when they foreclose on them and take possession of the collateral, but they hate REO properties and dump them as soon as they can.
Not where I live. Putting people on the street is big business.
Banks lose their ass on repos. And usually local banks and lending companies sell your loan to warehouses as soon as they can. It's not 100% done, but it is far more normal than institutions that keep the loan for the duration. Even within large banks, they "sell" the asset to a different organization that uses the same name, so they free the asset ratio needed to sell more loans.

Yep, it costs them a ridiculous amount of money to carry a property, so they do everything they can to avoid owning real estate.

Even if they have securitized the loan and sold it, they probably still own the servicing so the property will come back to them if they have to foreclose on it.

SAW75 · Post by **SAW75** » Mon Feb 25, 2019 9:32 pm

OK sure. It is all very fair. And as long as you feel secure good for you. Or yous… whatever. Topic off course.

SJ_Digriz · Post by **SJ_Digriz** » Mon Feb 25, 2019 9:57 pm

Deep Purple wrote: ↑Mon Feb 25, 2019 9:10 pm Even if they have securitized the loan and sold it, they probably still own the servicing so the property will come back to them if they have to foreclose on it.

Actually no ... I used to do a lot of programming between the fed reserve and escrow warehouses. The loan institution usually bundles the loans to an investment firm as a mix of good loans and risky loans at a discount based on the level of risky loans. The purchasing agency (sometimes an organization within the selling organization itself) ultimately has dibs on the collateral. But, they want no part of it.

Deep Purple · Post by **Deep Purple** » Mon Feb 25, 2019 10:42 pm

SJ_Digriz wrote: ↑Mon Feb 25, 2019 9:57 pm
Deep Purple wrote: ↑Mon Feb 25, 2019 9:10 pm Even if they have securitized the loan and sold it, they probably still own the servicing so the property will come back to them if they have to foreclose on it.
Actually no ... I used to do a lot of programming between the fed reserve and escrow warehouses. The loan institution usually bundles the loans to an investment firm as a mix of good loans and risky loans at a discount based on the level of risky loans. The purchasing agency (sometimes an organization within the selling organization itself) ultimately has dibs on the collateral. But, they want no part of it.

Sorry, but I am right on this - you can do some research online and you'll find that what I'm writing below is correct:

Most residential mortgage loans are sold to Fannie Mae and Freddie Mac in the US, but if they can't broker a short sale on a foreclosed property then it becomes REO after foreclosure, and the servicer becomes responsible for maintaining it until it is sold. That's often the bank that sold the mortgage product, as GSEs don't buy servicing rights.
Ergo the bank is the one stuck with the property until it is resold (most large banks have dedicated REO management departments).

SAW75 · Post by **SAW75** » Mon Feb 25, 2019 11:42 pm

Actually I don't care... post deleted

reggie1979 · Post by **reggie1979** » Tue Feb 26, 2019 12:36 am

This thread is silly. Nobody would pay 30 bucks a month and you'd be hard pressed to find someone who'd refuse to pay a buck. Now we're talking about mortgages? Hilarious.

dandezebra · Post by **dandezebra** » Tue Feb 26, 2019 1:01 am

You guys like movies about gladiators?

Deep Purple · Post by **Deep Purple** » Tue Feb 26, 2019 3:46 am

Have you ever been in a Turkish prison?

Bombadil · Post by **Bombadil** » Tue Feb 26, 2019 4:08 am

You ever seen a grown man nekkid?

stuman · Post by **stuman** » Tue Feb 26, 2019 4:49 am

Looks like I picked the wrong week to quit amphetamines

Bombadil · Post by **Bombadil** » Tue Feb 26, 2019 5:08 am

Looks like I picked the wrong week to quit sniffing glue...

DarkStar · Post by **DarkStar** » Tue Feb 26, 2019 10:05 am

Looks like I picked the wrong week to start.

Kongru · Post by **Kongru** » Tue Feb 26, 2019 10:14 am

Ever seen a man eat his own head?

Burillo · Post by **Burillo** » Tue Feb 26, 2019 10:47 am

Kongru wrote: ↑Tue Feb 26, 2019 10:14 am Ever seen a man eat his own head?

everyone has AIDS!

Amplitube as a subscription