71% of Las Vegas Homeowners Underwater on Mortgages

Las Vegas Homeowners UnderwaterHere in the underwater wasteland that is the Las Vegas desert, the ethics of walking away and plight of the typical Vegas homeowner dominated our conversation. A member of our party sells homes for living but hasn’t made a payment on her mortgage in three years, with little harassment from the mortgage holder.

This realtor put down twenty percent back in the boom for a $650,000 home with Indy Mac providing the rest. But now the house will fetch no more than $325,000, and the $200,000 in negative equity is a bridge too far.

The Indy Mac mortgage became the property of OneWest Bank when OneWest bought Indy’s $20.7 billion loan portfolio for $16 billion, with $9 billion of it financed by the FDIC and Federal Home Loan Bank. The haircut was not passed on to Indy Mac’s borrowers.

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Authored By Douglas French – See the Full Story at Money Morning

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