The real foreclosure picture

Ray from Seeking Alpha made great comments on the state of foreclosures in the nation. His comments dig down to some of the problems created by the credit crunch. One being, how interesting it is to see lenders limit their lending output now that they are forced to only lend out their own money. Whereas a few years ago, banks were allowed to lend other peoples money.

Being an orignator I feel that pointing to ownership is a strong and compelling argument, but it misses the mark. I originate loans and don't keep them. If we limited originating only to institutions that have funds to lend, we would drastically halt the lending community.

Another point he makes is that banks are so busy, they are having problems getting the foreclosured properties on the auction block.

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For more information on foreclosure, go to www.portlandforeclosure.com