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Well it is being called late.
Major paradigm shift in housing big banks are not taken a new approach underwater mortgages.
Could this -- the housing rescue that everyone's been waiting for Liz MacDonald is here with -- -- bottom line so what exactly.
-- they have up their -- -- what they're doing now is scared now allowing.
Borrowers basically to sell and basically have the bank forgive their loan right up in the beginning it's called the short sales -- also known as -- pre foreclosure sales and -- JPMorgan Chase is doing at Bank of America is doing it.
And basically other banks are tacking -- like Wells Fargo and what we're seeing is this is a big ship because ordinarily the banks saying wait a second we don't want to forgive loans up -- we don't wanna do this -- -- -- trigger strategic defaults now they're saying.
Look at for closer process is too scary too many DC regulators piling in.
-- -- you seeing banks short sales at a 25%.
A year is up 25% vs a year earlier that's a three year high and you're seeing the prices a housing prices coming down and short sales.
27 year highs this year -- rather -- -- so long was it because of the mortgage Solomon and the year all the lawsuits all the attorney generals across the country yeah asset -- so long but -- -- taken off in places like New York Colorado New Jersey and Florida got to tell -- something -- the foreclosure process is really difficult for banks so they are weighing in the -- this thing you know what we're -- is gonna forgive these loans upfront forgive a portion and to -- -- -- numbers -- striking -- sixteen.
Million -- under water.
Loans they've got four million.
The foreclosures in the pipeline delinquencies so the banks are saying you know what we got a -- different strategy here and this could turn things around.
-- McDonald adjusting report and kind of scary but -- ego and yeah.
Goodness -- -- --
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