You may have already seen this… but they’ve done an update which is PRETTY interesting!
Now, I don’t normally post YouTube videos and such, but this is one that I think we all need to pay attention to since it directly affects our business.
There’s more to this story and I’ve got quite a few “thoughts” on it myself (I actually went to Indymac Bank several years ago to discuss a loan. It had a prepayment penalty on it and we just thought we’d see if they could do anything BEFORE everything spun out of control). They literally refused to even speak to us. Sure, you can say that thy didn’t have to, the person had signed the note, and agreed to it.
That they did… but when everything hit the fan, they lost their house and wound up walking away. Had Indymac WORKED with them way before there was an issue, the homeowner would still have the house and the bank wouldn’t have had another bad debt.
But then again… maybe they had different motives 😉
I’d love to know what you think about this and your thoughts… This is a GREAT discussion point and also can open a lot of doors for you to talk with homeowners and experts on the topic.
Wow! Crazy stuff. Seems maybe a little more thought and some plain old common sense should have went into that deal!
Maybe that’s why the Government needs to simply stay out and let the market take it’s natural course. No one with an ounce of business sense would give those terms! And noone with an ounce of business since would turn them dowm!
Well, it’s only the people’s money.
Hard to believe!
Who’s running this sinking ship?
If this is the case, why are the homeowners getting 1099s counting it as income?
Investors can write off the loss… And homeowners that have owned for 2 years or more are okay, but what about the people that got caught in the middle? How the heck are they every supposed to pay taxes on tens of thousands of dollars while the banks are getting paid hundreds of thousans of dollars in their pockets. Just doesn’t make sense to me.
Maybe the government should have let the banks fail. Capitalism is about working hard. Sometimes it doesn’t work out when your business practices aren’t sound. Banks should NOT have been bailed out. Truthfully, the stupid banks should have been punished for the bad loans in the first place and not rewarded.