Land Grab! (Update)

jdacal

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Sunday March 01, 2009 · 8:39 PM PST

2009/03/01 · 20:39

First Diary posting, so I'll probably break every rule in the KOSsack community. <Shrugs, since he's on a roll>

I keep reading that the banks don't want your house because it's red ink in their books. Well if they don't want your house, why don't they renegotiate the loans? What's wrong with this picture?

Think about it. Millions of homes world-wide financed under impossible terms, usually to people who the banks knew could not afford the mortgage payments after the "time bomb" of shifting interest rates hits. Some of these people have been paying their mortgage at the initially agreed to amount for years.

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