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Reply #52: The bank doesn't "know" there's a buyer out there [View All]

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Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010)

customerserviceguy

(1000+ posts) Send PM | Profile | Ignore

Mon Nov-23-09 10:36 PM
Response to Reply #25

52. The bank doesn't "know" there's a buyer out there

at least not at a price where they can get their money back. And, yeah, they do lay out money. Money for the loan, money to pay interest on that money while they're not getting any back, and money to maintain the taxes and some nominal insurance on the place.

If foreclosures were not allowed, then nobody would ever be able to borrow money to buy a home. No home sales, and you have a small ownership class, and a very large renting class.

How's that for amoral?

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