patrick.net

I have often read that banks are holding back foreclosures because they want to prevent flooding the market with homes and crashing prices further. While researching banks for a possible addition to my retirement portfolio, I found this interesting quote from SunTrust's CEO, William Rogers:

"Rogers said a key question the bank can't answer is when foreclosures can speed up in Florida, an area where the housing bubble burst was especially messy and where judges have to approve foreclosures, which has slowed the process."

Either he is covering up the fact that they are delaying foreclosures, or he would rather finally get through the process because investors don't like uncertanty.

Quoted Article: http://www.foxbusiness.com/news/2012/01/20/suntrust-mortgage-problems-persist-bank-joins-ag-talks/

(Not so sure I am ready to sink money into SunTrust just yet. Too much uncertanty.)

#housing