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Craig Bassignani
"Sonoma County Santa Rosa Ca"
- 1 Answer
- 1 Listing
- 1 Question
Locations:
Web sites:
Profile Link:
Experience:
REALTOR for Keller Williams Realty
December 2007—present
Helping Create Foreclosure Housing Opportunities
Helping Create Foreclosure Housing Opportunities
REALTOR for PRUDENTIAL CALIFORNIA REALTY
June 2004—July 2005
Helping Create Housing Opportunities
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Helping Create Housing Opportunities
Specialties:
More home buyers and owners are going through the complex foreclosure process today than ever before. I can help cut through the confusion. We like to
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Certifications
& Awards:
& Awards:
Certified REALTOR in California
REO - Foreclosure - BPO Designation ... show more
REO - Foreclosure - BPO Designation ... show more
Interests:
Showing people what a great investment home ownership is.
About:
With combined experience in construction and property development I help the consumer understand the inspection process of evaluating a home or structure.
It ... show more
It ... show more
Craig Bassignani answered:
Interesting article from a Fed study on why foreclosures keep occurring:
http://seekingalpha.com/article/147604-boston-fed-we-don-t-u…
Basic points seem to be:
1. A decent chunk of the requested mods are from people who don't actually NEED a mod to avoid foreclosure, but would obviously like it. Not too hard to come up with a story why someone needs a mod, even if they can keep paying. Granting mods to these folks just costs the banks money.
2. The re-default rates on mods is massive anyhow, and it amounts to just kicking the can down the road a bit.
Given those two, speculation is foreclosing is arguably better for the bottom line of the bank. Granting a mod to folks who truly need one will likely just lead default a bit further down the road. Granting a mod to a household that doesn't truly require one is just throwing cash away.
http://seekingalpha.com/article/147604-boston-fed-we-don-t-u…
Basic points seem to be:
1. A decent chunk of the requested mods are from people who don't actually NEED a mod to avoid foreclosure, but would obviously like it. Not too hard to come up with a story why someone needs a mod, even if they can keep paying. Granting mods to these folks just costs the banks money.
2. The re-default rates on mods is massive anyhow, and it amounts to just kicking the can down the road a bit.
Given those two, speculation is foreclosing is arguably better for the bottom line of the bank. Granting a mod to folks who truly need one will likely just lead default a bit further down the road. Granting a mod to a household that doesn't truly require one is just throwing cash away.
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