"Ask not for whom the foreclosure bell tolls house flippers. It tolls for thee."

[marmar]

from 24/7WallStreet:



House Flippers: The Forgotten “Victims” Of The Real Estate Implosion
Posted: November 29, 2010 at 11:15 am


Ask not for whom the foreclosure bell tolls house flippers. It tolls for thee.

With profuse apologies to Ernest Hemingway, that butchered metaphor sums up the predicament facing many real estate investors caught in a legal Noman’s land caused by the robo-signing scandal which has left them with properties which they are no longer sure they own. If they want to get their money back, they may have to prove that the bank knew it was conning them, something that may be difficult to do. They also may face legal action from people evicted from their homes because of faulty paperwork

A foreclosure freeze that several banks instituted hurt sales of existing homes in several hard-hit markets. Foreclosure auctions have plunged more than 30 percent in California, Nevada and Arizona, according to ForeclosureRadar. Sales of existing homes in Florida tumbled 21 percent in October compared with a year ago.

Though several banks including Bank of America (NYSE: BAC) and housing finance giant Fannie Mae have restarted at least some foreclosures, the process has been irrevocably tainted by the industry’s apparent willingness to put profits above the law. Their legal exposure may be gigantic — billions of dollars — particularly if courts find that they improperly evicted people from their residences. Not only could the foreclosure be reversed, but they could face punitive damages as could the realtors and attorneys involved in the transaction. ..............(more)

The complete piece is at: http://247wallst.com/2010/11/29/house-flippers-the-forgotten-victims-of-the-real-estate-implosion/#ixzz16j1CENal

[Codeine]

1. Headline would be greatly improved by the inclusion of a comma.

J-schools don't teach shit these days.

[marmar]

2. tech shit?

And it's not the headline, it's the first line in the story.

[Codeine]

3. Ha! The dreaded typo which will ALWAYS appear when you

critique someone else's writing! :dunce:

[bemildred]

4. In all Ponzi schemes, somebody has to get left holding the bag. nt