7932 NW Hawkins Blvd , Portland, OR 97229 |
It makes me wonder what's going on Leslie Edward's office. I suspect it's a holdover from a few years ago when the housing bubble burst. Banks were unwilling to 'mark to market' and that reluctance may still be coloring their indecision making process. They could eat the loss incurred if they sell this house at auction for half of the original loan value, but OMG, that might lead to the domino effect of a bunch of houses being sold for low prices and that could have an impact on the bank's bottom line and the president-of-said-bank's annual bonus, and we can't have that. I can just hear the scuttlebutt in bank's loan administration center: "George unloaded a house at a big loss last week, why can't I get rid of this albatross hanging around my neck? Screw it, I'm selling it for whatever. I'm tired of this bullshit."
Meanwhile, bank president's all over the country are all doing this to a lesser or greater extent, just gambling that the local prosecutor has got his hands so full with other problems that he isn't going to get around to prosecuting upstanding citizens.
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