News release: CIT has filed for bankruptcy. OK this might not be a surprise, but has anyone figured out what they did with the $$$$ Millions they got just a few months ago. Did they too get bonuses all distributed and spent and then went into bankruptcy?
Now what about all the homeowners are caught up in this bank and where are all the mortgage loans going or are they already sold away.... and if yes - where did that money go? What role did this bank play in the foreclosure/Mortgage crisis? How many short sale requests did they deny?
These and many many more questions, we will probably never get the answers to. And now all we can do is wonder which bank will be the next to fall? And how long will it take it rise it head again?
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Patrick Williams & Associates
Mother and Daughter Realty Team
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What we really need right now is fewer CIT's....No more banks too big to fail....who take gobs and still fail.
Times that we live in are sure different and unfortunately i don't think that we have seen it all. Have a great week!
The bailouts should cease and desist. Bail out the common man. That would be money well spent.
Jim thanks, I agree. If they don't get it together --- they are going to destroy themselves (unfortunately and alot of innocent people with them).
Sonja - nope it is not over = unfortunate and confusing. Oh did I say stressful too
Robert - this is so true and to me obvious, but seems like they don't want to help the homeowners .... just the banks -- that is because of greed.