Boy I was right! I had predicted that there would be bank troubles. I could not imagine that banks can take these kinds of hits. Banks are losing a lot of money when they go to re sell these foreclosed homes. I was in one Detroit foreclosure on Saturday. The bank had not gotten to the home quick enough and the pipes had frozen. There was tremendous water damage.
The bank was owed over $150,000. They had it up for sale for $39,000. There are all sorts of foreclosed homes that the banks are losing 2/3's of its investments. How can banks take those types of hits? THEY CAN'T AS WE FOUND OUT WITH BEAR STEARNS.
Now here is a prediction from me. There will be another one. It is a West Coast Bank that did a lot of exotic mortgages. They were a bigger seller of option arms. They also did sub prime mortgages. I don't see how they can survive.
For more on Michigan mortgages go to my website www.RussRavary.com or if you would like a Michigan foreclosure list of your city email me at Info@RussRavary.com
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