Palm Coast, FL – February 11, 2010 – A great video has been making its way around the Internet detailing what the bank and Wall Street bailout is doing. Two different people sent it to me. Watch it and tell me what you think.
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Don "Toby" Tobin is a licensed real estate professional affiliated with Grand Living Realty. Toby is a member of the Flagler County Association of Realtors®, the Florida Association of Realtors, Enterprise Flagler, Flagler Home Builders Association, and the National Association of Realtors.
GoToby.com proivdes real estate news, commentary, and analysis for Palm Coast and Flagler Country Florida, as well as Realtor® referrals and consultation to buyers, sellers, and developers.
Foreclosure & short sales & servicing
Now we know Real Estate brokers also make money on the listings and sales. That would not happen if the property was foreclosed on, and sold for highest bid. That is what is happening to many properties that have mortgages with Big Banks that take over mortgages from smaller banks that go under due to assets being less than debts.So the whole story is not being given, the Big Banks loose on foreclosures. The gain on the short sales reduces the losses on the foreclosures and the difference "if" it is a loss, is then paid by the Government, to the Big banks. Big banks are doing us a favor by taking the processing and servicing of both, so the federal government does not have to. That’s private enterpize as it should be, better than the US government doing it by setting up another bureaucracy. So they make a few bucks, it’s still better than government run system.
Follow the Money
And where do Blankfein (GS) and Dimond (JPM) and the other Wall St. bankers send their political donation checks? Go to Opensecrets.com and find out. Its not pretty but it sort of explains everything. Now you don’t feel Henry Paulson had cut all his ties to GS and was only trying to save the economy when he convinced W the sky was falling, do you? AIG, by the way, was a bail out not TARP. We will never see the $80 billion they got and passed on to GS and even foreign banks at 100 cents to the dollar on a gamble as big as always playing 3 at roulette.
If you only knew….
If you only knew how bad these folks really are and how they created the problems for me and a lot of property owners at Land Resource…sad thing is they are almost like teflon…