There has been some controversy and speculation that banks are holding onto foreclosed properties — rather than releasing them back into the marketplace, and are foreclosing on borrowers who have, or could have, qualified for a loan modification.

We’re still receiving comments on the story that we wrote on this exact subject back in early September. Our article titled “Making Home Affordable’s Impact on Foreclosure Sales” is concerning an interview CNBC had with a Bank of America (BofA) representative over whether or not they were purposely holding onto their foreclosed properties. Many of the comments following the story suggest that BofA came up short in their efforts to help their borrowers stay in their homes.

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What do banks do once they foreclose on a property? There has been a lot of controversy recently whether banks are holding onto foreclosed properties in order to keep home prices from dropping even lower. Diana Olick of CNBC wrote an interesting post on her blog “Realty Check” on Monday, in which she reached out to a representative from Bank of America (BofA) to get some answers.

The answers turn out to be quite interesting indeed because BofA highlights some of the exact same reasons we have detailed in past posts why the Making Home Affordable program will likely never generate the type of results the president has hoped for.

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Before and during the housing bubble Realtors were the industry’s top dogs. Business was booming; large, expensive homes were being sold by the truckload. Times were very good and there was a lot of money to be made if your job was to help people buy or sell homes.

Times have certainly changed and there is a new profession that has taken over the real estate industry — repossession or “repo”: Read the rest of this entry »