The bank could sell those suckers at a low price and finance it themselves. they are banks, right?
But banks don't think anything. Banks are collections of people, most of whom have thoughts that don't count at all, even if they are very good logical thoughts. Banks are very top down, very non creative. And the people who know the least seem to be the top management. Now the mkt is punishing them. I'd say good, except for the bad stuff it does to the rest of us.
By the way, in Fla at least in the boom, there were bidders. Fla law sez that if more is bid than the mtg, the 2nd mtg gets the difference (if there is one) and if there's more left the owner gets some money. At the height, the owners were actually getting money. Interestingly enough, a feckless former secy of mine got foreclosed out and I had some issues with the property, which I now foreget. There was a 2nd. I said, why don't you attend the hearing and maybe the court will give you some of the extra money. The 2nd didn't bother to do anything.
So the judge awarded the difference which was about 7 grand to her, and the 2nd didn't get anything. It was a lot of money for her. She hardly said thanks, and didn't offer to even give me money for an hour's worth of work.
