Okay, ask yourself something…..
Wells Fargo just came out with an earnings report that said that their loan loss reserves and charge offs were down by 50% in the first quarter (well, they didn’t say that but it’s in the report). And now we get an article in the Wall Street Journal that says that they have lifted a moratorium on foreclosures?
Doesn’t that say to you that the reason their numbers were 50% less than expected is because they were pushing them all off until April? And we’re going to see a FLOOD of new foreclosures hit the market?
It ain’t over yet folks…..
Tom
Banks Ramp Up Foreclosures – WSJ.com
J.P. Morgan Chase & Co., Wells Fargo & Co., Fannie Mae and Freddie Mac all say they have increased foreclosure activity in recent weeks. Those companies say they have lifted internal moratoriums which temporarily halted foreclosures.
Tom,
I think your logic is sound. It seems like a lot of people weren’t aware of the moratoriums. The article also says, “But mortgage companies say they are taking steps to keep borrowers in their homes, and are only resorting to foreclosure when there are no other options.” There have been too many stories about the number of homeowners unqualified for various loan workouts and modifications to make me sanguine about the prospects of a happy workout to foreclosure ratio in these files that are once again under consideration. In other words I, too, expect a flood.
Keep up the good work!
Kathryn