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A blog about the economy and the Sacramento-area real estate market.

August 16, 2010
What's REALLY going on with banks and the government?

"The problem faced by both lenders and the government is that they can neither afford to kick homeowners out, or bail them out."  - Sean O'Toole.

 As the housing market downturn and foreclosure mess runs on and on, it's almost impossible to fathom some of the behavior that keeps occuring. You know the story: The government proposes new programs and the banks and lenders turn in disappointing results. The people, especially the people struggling with loan troubles, are baffled why they aren't getting any help.

On the surface the response to this entire mess has been extremely difficult to read. But last week ForeclosureRadar's Sean O'Toole came as close to make sense of it all as anyone I've heard recently. Here's his commentary. It's an eye-opener, worth a read. ForeclosureRadar is based in Contra Costa County. It's an information service for people who buy houses on the courthouse steps.

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