Monkey Fisted Bankers
I understand that one way to catch a monkey is to put something the monkey wants in a milk bottle. The monkey will stick his hand into the bottle and grab what it wants then will be unable to get the hand out. The monkey will be so intent on holding onto the prize that it will not let go to get away as the trapper come to get him/her.
I do not know if the above is true, but it shows what part of the problem is with the banks crises. The banks have been bailed out, but they have little incentive to let go of the prize (debts, property, etc . .). The training is to get as much as they can out of the homeowner or the home its self. This is apparent when doing modification or short sales.
It is my understanding most modifications do not work. The bank does not give enough and the homeowner is so desperate to stay in the home they agree to something that will not work. But the bank is doing its job, hanging onto as much as they can get. The same thing is happening with short sales. Often times the banks demand something way beyond market value or what the bank could expect to receive in a foreclosure (Of course with the bank bailouts it now makes more sense for the bank to foreclose or modify. Robert Hertzog has researched and documented this very well).
This post is not about who is at fault for the problems, that is for another day and there are a lot of people that fingers can be pointed at. But the banks do not have a big enough incentive to do what they need to do to resolve the situation. They are the ones that have been bailed out; they need to now let go and help us get on with things.
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