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Economic Victims of Banks and Government Squatting in Bank Owned Real Estate by Nick Adama
A growing trend during the current recession is squatters moving into foreclosed homes and living in them rent and mortgage free. Although this seems astonishing, with the inflated real estate bubble not yet completely burst, banks reluctant to recognize losses on such properties, and so many empty homes available, it was a likely result of the collapse.
With home builders having built far more properties than could ever have been sold, actual homelessness does not have to be an option for foreclosed homeowners or the unemployed. Instead, they can often just move into an empty property and take further advantage of the boom in real estate construction.
Rents and selling prices in many local markets of the country will still need to come down to reflect a return to more realistic real estate values. But banks, which were too willing to lend 100% of the value of an inflated property,[link widoczny dla zalogowanych], are now unwilling to acknowledge their mistakes and allow homeowners to sell for less than the total amount owed on the mortgage.
Banks' unwillingness to allow short sales is forcing selling prices higher than the market value of properties, especially properties in default. In some areas of the country, a significant number of homes are selling for $300, 000 to $1 million, but rentals are available for $600 to $1, 200. Landlords must be losing large amounts of money month in and month out.
Lenders are also reluctant to help homeowners stay in their houses by modifying mortgages or offering other realistic solutions to help avoid foreclosure. This makes it almost inevitable that borrowers will have to sell, but then they run into the difficulty of getting a short sale approved by their mortgage company.
So real estate prices are still too high compared to the rents that properties are generating, and foreclosure rates are higher than they would otherwise be if banks willingly worked with homeowners. In a freer market than we have now, banks would have an incentive to work with homeowners to stop foreclosure if there was a realistic expectation of having the loan paid back in time.
For example, banks charging 6% interest on a mortgage may lower the rate temporarily to 4% or less to assist homeowners who demonstrate a long-term ability to keep their payments current. While this may be a temporary loss to the lender, it will not be a total loss, as is the case with many foreclosures. As well, this agreement could be worked out between the owners and bank voluntarily, with foreclosure as the last resort.
But right now, banks have every incentive not to dedicate extra resources to helping borrowers. Instead,[link widoczny dla zalogowanych], they can let homes go into foreclosure and try to keep real estate prices artificially high. When this plan fails and they are forced to recognize total losses on loans, they simply blackmail or threaten regulators into handing over billions of dollars to paper over losses.
This keeps foreclosure rates high and pushes homeowners out of properties, all the while forcing them to contribute to the bailing out of the mortgage lenders. Obviously, the banks feel entitled to looting taxpayers for trillions of dollars and Congress and the Federal Reserve acquiesce to such demands time and time again.
Thus, who can blame foreclosure victims or the unemployed for feeling as if they are entitled to share in the bank's wealth (i. e., the taxpayers' wealth) and take over bank-owned foreclosed properties? People are being forced to bail out financial institutions, so they force their own way into a piece of the bailouts by squatting and living rent free.
Either the bailouts need to stop for everyone,[link widoczny dla zalogowanych], or everyone should get a free home. Over $10 trillion has been appropriated by Congress and the Fed for solving the financial crisis so far, which amounts to over $33,[link widoczny dla zalogowanych], 000 for every person in America. That could be enough to allow people to live mortgage and conscience free inside an empty house for a long time.
Squatting in an abandoned or foreclosed home is clearly wrong (at least morally, since legal opinions mean little these days), and not an activity anyone should engage in. But banks squatting in the American economy, threatening destruction of the entire financial system, and living parasitically off of the productive is wrong on an even bigger scale. Putting an end to the latter may put an end to the former.
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