"Home Rage": Banks are now offering foreclosed homedebtors cold hard cash to not destroy their homes before they clear out

Do you have any comprehension now about how ugly it's getting out there?

Thank you realtors. Thank you mortgage brokers. Thank you housing gamblers. Thank you Alan Greenspan.

This mess is only gonna get messier now. The screwed sheeple are getting pissed.

Buyers' Revenge: Trash the House - After Foreclosure Banks Pay People Off To Deter Home Rage

The stucco subdivisions of Las Vegas are caught up in the nation's foreclosure crisis. These days, bankers and mortgage companies often find that by the time they get the keys back, embittered homeowners have stripped out appliances, punched holes in walls, dumped paint on carpets and, as a parting gift, locked their pets inside to wreak further havoc.

Real-estate agents estimate that about half of foreclosed properties to be sold by mortgage companies nationwide have "substantial" damage, according to a new survey by Campbell Communications, a marketing and research firm based in Washington, D.C.

The most practical way to ensure the houses are returned in decent shape, lenders and their agents say, is to pay homeowners hundreds or even thousands of dollars to put their anger in escrow and leave quietly.

HOLY HOUSING CRASH BATMAN!!! D.R. Horton conducting 50%-off going out of business firesale in California

Nah, there was no housing bubble. Real estate prices always go up you know. Housing is the best investment you can ever make. It's always a great time to buy.

Guess not.

Want to see housing anarchy? Head to the D.R. Horton 50% off sale this weekend and talk to the homedebtors in the neighborhood who DIDN'T get the 50% off price. Oh, man, are they gonna be pissed (and bankrupt). There goes the comps for a generation. Watch for the lawyers to come out too.

Thanks to letitsink for the link

Prices Offered Up to 50% Off During D.R. Horton's 'UnAuction' Sale - February 16 and 23 Only!

SIMI VALLEY, Calif., Feb. 8 /PRNewswire/ -- D.R. Horton has announced unheard of savings up to 50% off on a variety of homes at 23 participating neighborhoods throughout Southern California.

Unlike any Sale homebuyers have ever seen, D.R. Horton's UnAuction presents dramatic sale prices and unbeatable new home value without the auction hassle. The UnAuction's homes will go on sale promptly at 10 a.m. on Saturday, February 16 and again on Saturday, February 23 only.

Mortgage brokers: Paid to screw their customers ("suckers") as bad as they can

The worst deal with the worst interest rate they can get the client ("sucker") agree to, the more they make. Anyone see a problem with this?

Anyone?

PEOPLE OF AMERICA WISE UP. MORTGAGE BROKERS ARE PAID TO SCREW YOU AND ACT AGAINST YOUR BEST INTERESTS. THEY ARE NOT YOUR FRIENDS, THEY DO NOT HAVE A FIDUCIARY DUTY, THEY HAVE MASSIVE CONFLICTS OF INTEREST, AND THEY'RE MOTIVATED TO DECEIVE YOU.

Why doesn't congress regulate the out-of-control-and-corrupt mortgage brokers? You got it - $$$$$. From Common Cause:

Since 1999, ten of the nation's largest subprime mortgage lenders, their trade groups and their corporate parents have given more than $22 million in political contributions to federal candidates: $14 million to Republicans and more than $8 million to Democrats, according to Federal Election Commission reports.

These special interests also have spent more than $187 million lobbying Washington over the same period, according to data from the Center for Responsive Politics and the Senate Office of Public Records.

And now this from Michael Hoskinson of Foundation Realty via BusinessWeek's Hot Property:

"The YSP or "Yield Spread Premium" is nothing more than the Bank's kickback to the broker for doing the loan.

The worse the loan, in terms of interest rate, that the broker gets the borrower to agree to, the higher the YSP dollars go to the broker.

What exactly, other than honesty, is the broker's motivation for helping a borrower get the best available deal?

Combine greed, low barrier to entry and minimal mandated disclosures and you have a recipe for a lending disaster at the borrower level.

Until there are mandated disclosures that spell out, in 14-point type and plain language, what exactly a borrower is encumbering themselves to in total and how the broker or bank is compensated this system will continue to fail the public."