Wednesday, September 1, 2010

Does this seem wrong to you??? Banks to allow local groups to buy foreclosures - Yahoo! News

EDITOR NOTE: This seems wrong on so many levels... Government has not bailed out homeowners what incentive will courts have to stay NEUTRAL with foreclosure fraud cases? Inquiring minds would like to know! What do you think?

Banks to allow local groups to buy foreclosures - Yahoo! News: "The Obama administration said Wednesday local officials could benefit from acquiring these properties and renovating them or using the land for redevelopment projects. Congress has provided $7 billion to buy the homes, but these groups are struggling to spend the federal money because they are often outbid by speculators who are snapping up foreclosures.
'The fear is that they will purchase the property, make very minimal to no improvements on it, and either put it back on the market as a rental unit or let it sit waiting for the market to come back,' said Sarah Greenberg, senior manager for community stabilization at NeighborWorks America, a nonprofit housing group.
The administration says the largest mortgage lenders in the country, including Bank of America Corp. and Wells Fargo & Co. have agreed to let the groups purchase the properties ahead of private speculators. The neighborhood organizations will have up to 48 hours to evaluate them."

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