That God the recovery has started! [/s]
And the banks aren’t even foreclosing on all the houses they should because as long as they don’t they can keep on pretending a house with a $500,000 mortgage is worth that much. Foreclosing and selling it will force them to write it down to its real value.
Within the next 18 months, foreclosures will begin appearing in commercial real estate markets, and that could really spell trouble for the economy.
How’s that Hope and Change thing workin’ out for ya?
No worries — in Obamaconomics, this is a sign that the economy is improving! Really, it’s true. I heard it on CNNNBCABCCBSNYTPBS!
It’s okay. Folks will still have hope and change!
Hope that they still have enough change for a package of hotdogs.
How is that Hopey Changey working out for you? Is Mr. Hopey Changey paying for your mortgage? Apparently not. Yes, where are those green shoots?
The way the foreclosures are going to stop is when the feds forbid the banks to foreclose. That will make it all better.
Then all we’ll hear is “no foreclosures for the month of XXXX”
Is this part of that Hope And Change the American people ordered?
If so, I want an RMA to send it back.
ping
So I called the mortgage holder to see what they could do.
they said they may be able to re-adjust my payment to within 35% of my income
lessee, 60% tax, minus 15% utility bills(with their embedded taxes), leaves 25% of gross income to pay mortgage/rent, but hey thats alright with the slavery brokers
since I am down about $1000 a month, they may be able to knock $100 off the mortgage.
Now thats what you call hope and change. You ask for a life preserver and they throw you a straw and say start sucking
This is because of the summer moratoriams on foreclosures. It allowed the fringe media to pretend things were getting better all summer. All the while, a big backlog of properties in default were building up behind the dam, then a couple of months ago they re-opened the floodgates and lifted the moratoriums.
Pay me now or pay me later. It is just like Cash for clunkers. You can change the timing of what is going to happen, delay it, accelerate it — but you can’t change the outcome. Even if the US Central government succeeds in delaying the coming depression, they can’t stop it.
It will be like this flood of foreclosures after lifting the moratoriums. The depression will come and the ignorant masses will be SHOCKED, fooled into thinking uncle sugar kissed it and made it all better. Fools. Ditto the stock market. They can temporarily prop it up but they can’t prevent it from tanking forever — and this right after Joe Moron decides to finally get back in, losing another massive chunk of his 201(k).