Foreclosures Are More Costly Than Restructuring Loans At 2%

Jillian Bandes | December 17, 2009 11:04 AM

That's down from a cool 12 or 14% in some cases. Banks are even forgiving the entirety of what a homeowner owes, and giving delinquent homeowners their homes for free. From

CNN Money:

In the case of the Servis, their house had lost perhaps 40% of its value since they purchased it five years ago. Repossessing the home would have cost Wells Fargo more than $100,000 in lost value alone, plus the legal expenses, commissions, taxes and other expenses the bank would have incurred.

Rush Limbaugh's reaction:

Now, what you have to conclude from this is that there's only one word for the poor slobs who are still paying their mortgages at their full rate, and that is "suckers." So not only are you paying health care for people who do not work, there are people getting mortgage relief and it's being paid for by you as well. Learn it, love it, live it.