Jul
30
2009
Banks Don’t Want to Own Homes but…
By Charles TurnerBanks may not want to be home owners but the New York Times cover story written by Peter Goodman (and reprinted on the front page of the Oregonian this morning), shows that they may be motivated to drag out the short sale process for as long as possible in order to extract fees.
Rather than picking a few quotes out of the story, I recommend reading the whole article linked above.

Anyone have 1st hand experience on how this is affecting PMI rates?
Well of course, that’s the business they are in. The banks are all about the cash and extracting fees… for sure, that’s just the way that they work and that’s probably never going to change.
Money money money.