Citi To Hault Foreclosures & A Few Thoughts

It looks like everybody is wondering how the 50 billion dollar allocated to helping the housing market will actully help the housing market.  We like many in the real estate industry are closely watching how the Obama administration will work on the housing crisis.

New York-based Citigroup Inc. said its halt will extend until the administration has completed the details of the loan modification program or March 12, whichever is earlier. Citi’s action expands on a similar effort that it started in November.

What I’m really wondering is whether or not the government is going to force the banks into making loan modifications.  From what I understand up until now these loan modifications have been voluntary.  Perhaps that’s the reason that programs such as Hope for Homeonwers has only helped a few dozen people across the nation.

I think its becoming increasingly apparent to everyone that banks such as Bank of America and Citi will soon be nationalized.  The philosophy of being to big to fail in my mind is almost the same thing as saying nationalize anyway.  Either way things are happening really fast.  Regulations especially the ones involving lendors seem to change by the day.   Its hard to keep up.  On the plus side it looks like you can have 10 properties in your personal name again.  That is if your financials are perfect.

Portions of this article were taken directly from Business Week.

You can read the full article here.

Kansas City Homes For Sale

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