Beltran Properties

The Infromedhomeowner October 2010

This newsletter is more of a blog this month. Talking about the government bailout to the banks:Countrywide-BAC for example. Many of us were countrywide clients. When the economy dropped and these loans were upsidedown, the big banks bought them for 70 par (70%) BAC bought the good ones, ones with FDIC insurance. So while we were suffering through the modification process, the bank had no intension of modifing. Many were told they had a modification, and later learned the home had been sold at a trustee sale. The money was given to the banks to "help" us, but the incentive was no longer there. The bank foreclosed on those loans, and sent the bill to FDIC for 90 par (90%)  So without any effort the banks rid themselves of "bad" loans and made a 15% to 20% profit to boot. All at our expense.