Hey, Bank of America! Come'on, Man!

I know it's easy to blame the banks.  I mean they're big and rich and cocky and "above the law" and they foreclose on Grandma, etc.  But, COME ON, MAN!  Right when we might have been making some headway with clearing out the bottom!  For the past 60 days here in Palm Coast, Florida, our real estate closings comprised 58% "short sales" and foreclosures, while only 41% of our new inventory was distressed.

Nationally, banks have been issuing over 300,000 foreclosure notices per month for the past 18 months!  That's 5,400,000 Grandmas in the street!  As swiftly as the banks gave loans for $500,000 houses to families with household income of $35,000... Shhhhhh, you don't have to tell us what you really make... because this is a "No Doc" loan!...   They bang the gavel to take it back!  What a country!

Now we have a Bank of America (and others) moratorium on foreclosures!  They make it seem like an effort at compassion.  Hey, America, we CARE!  But what it really is... is a way to avoid law suits.  Why?  Because the bank's paperwork and admin is shoddy beyond shoddy.  It seems that some banks are taking houses... and they don't even hold the mortgage note - They can't find it!

A spin-off economic tragedy is that real banks can't make real loans on property, without said property for collateral.  Now we have a precedent that shows the system to be in jeopardy.  This could hurt commercial development and job creation - at a time when we need it most!  When banks don't lend $$, the fair market system grinds to a halt...

This is a story that is unfolding, as we speak.  The coming drama should be Bankalicious!