Arent In Foreclosure News Today : Breaking News, Live Updates & Top Stories | Vimarsana

There, banks own them. this is great for me as a person who wants to buy a home now. >> the devil is in the details. first address who is to blame. when banks walk away from a house it's only because they don't think they're going to make any money. to go a look at what's the greatest loss here and that's motivating them and confusion in the courts who actually holds title to some property and until those issues get cleared up you'll see a lot of foreclosed properties sitting. one of the effects of that, is those foreclosed properties being, 2.9 million filings doesn't mean they took place, bu...

It truly is a major issue in the housing market. >> jamie: and we'll talk about how it affects housing price and the stock market. closing above 11,000 at the end of the week and bank stocks not doing well and people should know, i would imagine, you would advise the banks could take a hit is a result and now the investigation is ongoing and they are stalling at least for bank of america, the foreclosures that they have planned, perhaps on the shoddy paperwork, why did bank of america do this, out of the good will of their heart or do they feel they have something the attorneys general and fed...

>> reporter: there are two groups. both of which are looking for a bargain. according to the senior vice president, those two groups have been waiting on the sidelines for this opportunity. here is what he had to say. >> a third all home sales in the first quarter were foreclosure properties. primarily those gobbling them up are first time home buyers and investors. they are selling for 27% less than those that aren't in foreclosure. >> reporter: some of the hardest hit places in the country, they are selling for scowfnts up to 60%. the american dream is being built on the nightmare of others....

Applied for a lease, the quid pro quo that they were expecting from the banks and less than 15% had any relief. that is what the criticism was about. that's where the inefficiency is. the banks are not moving, though they got paid off with cash, stock payments and low interest rates. time for them to make a move. >> david: what about the folks going back into foreclosure after they were so-called rescued? >> i don't want to speak about moral hazards, because i'm sure quinton thinks i'm a moral hazard myself. >> you're a great guy! >> we're creating house problem. >> just wrong. >> obama borrow...

>> david: this won't surprise folks at forbes, the congressional oversight program saying the mortgage bail-out program isn't working and it's wasting your tax dollars. only a fraction of those in need got money and many of those who got it are back in foreclosure. rich, is this more proof that the government has no business meddling in the housing market? >> yes, it's more proof that the government sets up moral hazards and creates situations where there will be fraud and waste. every time they try to do what they think is the right thing and bail-out people who, you know, bought more house t...