⭐🔥 Click here to check Latest Celeb News & Celebrity Gossip in 2022! 🔥⭐
The Washington Independent
The Washington Independent

Abandoned and Neglected Foreclosed Homes So Damaged They Won’t Sell

CNN picks up on a mostly overlooked component of the mortgage crisis that TWI has been following: Growing numbers of trashed and abandoned bank-owned foreclosed

Paula M. Graham
News
Last updated: Jul 31, 2020 | Apr 17, 2009

CNN picks up on a mostly overlooked component of the mortgage crisis that TWI has been following: Growing numbers of trashed and abandoned bank-owned foreclosed homes. Some of the houses left behind by banks are so damaged they’re never going to sell, CNN reports, citing mortgage analyst Thomas Popik:

“About a third of all of the foreclosed properties nationwide have been so damaged, either by the previous owners or by criminal gangs coming in after the foreclosure, that they no longer qualify for standard mortgage financing,” Popik told CNN. “So there is going to be all kinds of government programs to help, but if they don’t qualify for standard mortgage financing, there’s no one to buy these properties.”

Popik says responses from thousands of real estate agents nationwide to the questionnaires he sends out quarterly indicate that badly damaged foreclosed homes — so-called “distressed” properties in real estate jargon — are a much bigger element of the national housing picture than officials in Washington have acknowledged.

Exactly what we’ve been saying. Even worse is that some of the banks with neglected Real Estate Owned properties, or REOS, have received billions of dollars in TARP money.

Either the houses won’t sell at all, in which case some banks will likely abandon them entirely, or they’ll be dumped on the market at pennies on the dollar, sold to speculators and flippers who probably don’t care much about the neighborhoods where the homes are located. The scandal isn’t just that the banks allow their foreclosed homes to deteriorate. It’s also what happens to the people who have to live next door.

Paula M. Graham | Paula is a writer and editor who works as a freelancer. She covers subjects such as banking, insurance, and digital marketing in his writing. Paula is a bookworm who also enjoys podcasts and freshly made coffee.

Related

$1.3 Million for Brown

The GOP’s candidate in the Massachusetts special election raised more than one million dollars -- double the goal -- in a 24-hour moneybomb on the Ron Paul

$1.89 billion given to states to fight HIV

The federal government Monday announced more than $1.89 billion in funding to states to fight the HIV epidemic with access to care and with more cash for the failing AIDS Drug Assistance Program. According to an HHS press release , $813 million of that money will go directly to the ADAP programming. An additional $8,386,340 will be issued as a supplement to 36 states and territories currently facing a litany of unmet needs and access issues.

1. Brian Schweitzer

As governor of Montana, Schweitzer doesn’t represent one of the most highly populated, high-profile electoral states in the country. But this

#1 in Conspiracy Theories

Andrew Young’s tell-all biography of John Edwards, hitting shelves next week, is surging in one Amazon.com category in particular. #1 in Conspiracy

$1.3 trillion in federal spending unaccounted for, report finds

Despite calls for independent bodies to keep government accountable, the Sunlight Foundation’s most recent Clearspending report has found the federal

1 Brigade and 1 Battalion

ISTANBUL – It’s 10 p.m. in the lowest level of the Istanbul airport. In 20 minutes I’ll be allowed to board my plane to Kabul, bringing me to the

Ten Loopholes That Can’t Make It Into FinReg

Dan Pfeiffer, the White House communications director, wrote a blog post that lists the loopholes lobbyists most want inserted into Sen. Chris Dodd’s (D-Conn.)

$1 Million for Toomey

Pat Toomey, the former Club for Growth president and leading Republican candidate in Pennsylvania’s 2010 Senate race, has announced a $1 million haul in the

1. Lindsey Graham

Sen. Graham (R-S.C.) is typically regarded as a reliable vote for his party, but he took the bold step of breaking with his fellow Republicans to join Kerry

Bachmann uncomfortable over earmarks ban

Republicans appear to have boxed themselves into a corner with their portrayal of earmarks as wasteful spending, as many of them have backed a moratorium on

Troubled mine holds hope for U.S. rare earth industry

China currently controls 97 percent of the world’s rare earth production. The Mountain Pass Mine could change that -- if it can overcome serious environmental concerns.

© Copyright 2022 The Washington Independent All Rights Reserved

Terms & Privacy | twi.news@washingtonindependent.com

⭐🔥 Click here to check Latest Celeb News & Celebrity Gossip in 2022! 🔥⭐