The foreclosure crisis is finally nearing an end, at least according to Bill Emmons, an Economist and Assistant VP with the St. Louis Fed in conjunction with the St. Louis Fed’s quarterly Housing Market Conditions report.
Emmons says that while some states are still taking a longer time than others to hit pre-crisis foreclosure and delinquency levels, the end is near, perhaps as soon as the first quarter of 2017. He adds that the condition of current mortgage borrowers is once again comparable to the period just before the Great Recession and the onset of the foreclosure crisis in the fourth quarter of 2007.
The Mortgage Order Mills (MOMs) are praying to Satan that the economy will dump again and that they can get back to having millions of delinquencies and trash outs.
Some of the MOMs have leased out parts of their office space as business is so slow. Fraud, greed and corruption is at record highs. Trust no one! Field service representatives are refusing to work for the low $3 mortgage inspections and $7.50 grass cuts. The 25% discounts are outrageous … some discounts are at 50%. HUD has OIG agents in the field. Most of the work is in the high-crime neighborhoods like south Chicago and extreme rural areas … like the areas where they filmed the movie “Wrong Turn 4 – Bloody Beginnings“. There are lots of $3 mortgage inspections still in south Chicago. Some MOMs are offering a signup bonus … a super large jar of Nutella. Do I need to tell you again to AVOID the Mortgage Segment?