Can anyone really believe the atmosphere is capable of staying in any kind of perfect balance over a long period?

Under GAAP there are two basic aspects, of a balance sheet, assets less liabilities resulting in your position at that point in time and an income statement, revenues less expenses for net income (before taxes usually) to measure performance at a point in time.

The buyers lender has asked for a Sworn Statment with a detailed list of all contractors and vendors including contract prices with balances and or paid in full amounts.They state their intentions are to make sure that no contractor can put a lein on the house after the sale.

I used to think foreclosure was better and that it wasn't fair for the lender to modify the balance or interest rate for some homeowners and not others.

:wowie: If, in Australia, I default on a mortgage and the bank sells the property for less than the outstanding balance, the bank could (and generally would) pursue me for the remainder for years to come. eg If I default and my mortgage is $250K, but they sell my home for only $200K, I have to keep paying the bank until they get their $50K back.

Not the balance sheet.

Therefore, the Fed and the Treasury did the only thing they knew and utilized the taxpayers' balance sheet to be the lender of last resort for banks (Keynesian economics).

Once the banks balance sheets have the right values for the "assets", send Sheila Bair out to take the bad ones down.

@Silvana Elejalde Yes, the uncollected hoa balance survives, and they will collect.  

Having a balanced portfolio of assets is always a good idea IMO.