By Simon Johnson, James Kwak
Regardless of its key function in growing the ruinous monetary concern of 2008, the yank banking has grown larger, extra ecocnomic, and extra immune to law than ever. Anchored via six megabanks whose resources quantity to greater than 60 percentage of the country’s gross household product, this oligarchy proved it could actually first carry the worldwide economic system hostage after which use its political muscle to struggle off significant reform. 13 Bankers brilliantly charts the increase to energy of the monetary quarter and forcefully argues that we needs to get a divorce the massive banks if we wish to stay away from destiny monetary catastrophes.
Updated, with new research of the government’s contemporary try to reform the banking undefined, it is a well timed and specialist account of our stricken political economic climate.
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During the redemption period, the person who purchased the property at the sale gets to insure the property and pay the property taxes, but the foreclosed-upon homeowners have the right to redeem the property. To do so, the homeowners have to come up with enough cash to pay off the mortgage in full along with any interest and penalties. Depending on the rules that govern redemption in your area, the buyer may or may not have the right to recover expenses (including property taxes and insurance) from the homeowners.
Getting Your Financial Ducks in a Row In real estate, cash is king. In foreclosure investing, cash is the grand, high-exalted mystic ruler. Investment capital enables you to step in at any stage of the foreclosure process and buy out anyone who has a claim on or an interest in the property. qxp 4/25/07 7:54 PM Page 19 Chapter 1: Wrapping Your Brain around Foreclosure Investing When I say “cash,” I’m not just talking about the money you have stuffed in your mattress. I’m talking about borrowing certified funds from a bank or other lending institution.
Yes, your longterm best interest is best served by doing what’s best for the homeowners. Sometimes that means you receive no profit from your efforts. In a huge percentage of cases, however, the homeowners’ best option is to sell the property and find more affordable housing arrangements. By being sincerely concerned with their best interests, you place yourself in a position to acquire the property if the homeowners can’t or won’t take the action necessary to keep it. Your goal during the pre-foreclosure stage is to present the distressed homeowners with all of options and enable them to make well-informed decisions.
13 Bankers: The Wall Street Takeover and the Next Financial Meltdown by Simon Johnson, James Kwak