Sedona AZ (October 1, 2010) – In a Letter to the SedonaEye.com, a Tempe, Arizona reader writes:
Hi there,
I read this today and thought it was worthwhile. Please can you print it because many of my family and friends in your area are facing tough times. It’s paraphrased:
“Bank of America, the nation’s largest bank, announced that it will delay processing foreclosures in twenty-three states that have lengthy mortgage processes. Arizona is not one of those states.
When asked if they will follow suit, banks such as Wells Fargo and Chase cited internal proceedings that, according to spokespeople “are in constant review” and at this time neither Wells Fargo or Chase will delay mortgage foreclosures.”
Okay that’s not all of it, but that’s the important information for Sedona and its local big banks. Wonder what the little local banks are doing?
Love those red rocks!
Thanks,
Donna Rayellen Smith Tempe AZ
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Little banks being swallowed up by big banks. Today Washington Bank became the 129th bank to close in 2010. This does not count bank branches.
Next the Fed (which is about as Federal as Fed EX) will begin to remove the purchasing power of the dollar by increasing inflation.
Home prices are out of line (and have been out of line) with wages for years. More foreclosures are necessary to correct the imbalance of income with the cost of housing or very few people will be able to afford the American Dream in the future.
The changes are a-coming. It will be painful, but at least we have each other. Right?