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FHA Mortgage Default Rate Soars, Here Comes Another Tidal Wave Of Foreclosures
The Business Insider ^
| 2-2-201-
| Dina ElBoghdady and Dan Keating
Posted on 02/02/2010 7:12:46 AM PST by blam
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1
posted on
02/02/2010 7:12:47 AM PST
by
blam
To: blam
ARMs, CRE and now FHAs, it’s all beginning to sound like Y2K
2
posted on
02/02/2010 7:14:17 AM PST
by
qam1
(There's been a huge party. All plates and the bottles are empty, all that's left is the bill to pay)
To: blam
3
posted on
02/02/2010 7:14:24 AM PST
by
blam
To: blam
4
posted on
02/02/2010 7:15:10 AM PST
by
Red Badger
(Education makes people easy to lead, difficult to drive; easy to govern, but impossible to enslave.)
To: blam
Low down payment + low interest rates + low FICO scores = default
5
posted on
02/02/2010 7:16:23 AM PST
by
illiac
(If we don't change directions soon, we'll get where we're going)
To: blam
My daughter and her husband are having a terrible time buying a house. They are first time buyers and are on their second month of waiting for an answer on a short sale. There are few homes in their price range that are not short sales or foreclosures. The whole housing market is just a huge mess.
To: blam
7
posted on
02/02/2010 7:21:22 AM PST
by
scoobysnak71
(I'm light skinned with no negro dialect. Could you milk me?)
To: blam
I’m so thankful my house is paid for. If I had to move to find work, that is one less thing I’ll have to worry about.
8
posted on
02/02/2010 7:22:13 AM PST
by
DonaldC
(A nation cannot stand in the absence of religious principle.)
To: blam
Take this house and shove it!
To: blam
I’m in the real estate industry for 18 years.
bottom line - carter and the CR Act, clinton opened the flood gates on the CR Act, Fannie & Freddie and the DemocRATS forced lenders to make loans to people who weren’t qualified. bawney fwank, chris dodd, franklin raines are economic terrorists. add to that the stupid and dumb Obama not being able to fix properly and voila — prolonged real estate depression that affects EVERYONE.
To: blam
Do not forget about the coming commercial real estate collapse.
Things are about to get Helen Thomas ugly.
To: blam
The communists arm of the King Obama Administration will just get the King to bail them out again. No end until America crashes. This year we will see the market crash, more banks fail, and the housing industry gone south. Personally, I don't give a sh@@ anymore. Until 1/3 of Americans don't get their thumbs out of their butt we will be in the toilet for many years until a complete revolution and communists RATS will be put on an old freight and put out sea.
12
posted on
02/02/2010 7:34:26 AM PST
by
Logical me
(Oh, well!!!)
To: blam
There's a clever new personal finance book out there (Courtesy of Saturday Night Live)...
SnakeDoc
13
posted on
02/02/2010 7:34:56 AM PST
by
SnakeDoctor
(Life is tough; it's tougher if you're stupid. -- John Wayne)
To: Red Badger
Many of you look at this picture and think 'those poor, poor people', me I am thinking hmmm.... water, food (fishing) and a excellent defensive position from looters.
14
posted on
02/02/2010 7:46:26 AM PST
by
Kartographer
(".. we mutually pledge to each other our lives, our fortunes, and our sacred honor.")
To: All
Even if Obama the Munificent got every mortgage lender to refi everyone into a 4.5% 30 year fixed and made ARMs illegal the foreclosures would still be sky high. When you see a single mother in Southern California buying a 500k house, even at 0% you know she wont be there long. The whole home improvement channel shtick is about buying homes, renovating homes, homes, homes, get into debt, granite counter tops. Like buying a shiny new car or a pair of expensive shoes. Most people who are being foreclosed on take buying a home with that level of flippancy and impulsiveness. I bought my first home at 38 with 20% down. I resisted like all my 20 something friends buying that overpriced condo or McMansion. We rented a family owned townhouse for 600 per month, started our family, saved alot of money, didn't get into debt, took great vacations, had our kids in private school. You know had a brain.
When it comes to foreclosures I hear alot of excuses but not alot of genuine good reason why after blowing through their savings they couldn't get any job to keep the mortgage paid or short sold the house. Capitalism is wonderfully Darwinian isn't it, be a lazy, short sighted drone, sleepwalking through life with your HS Diploma at some job a 17 year could do or an illegal and you are a prisoner of the man. You know the type, the slacker druggy, hipster who sleepwalked through adolescence, the kind Democrats love..so living by their own drum beat, how cliched. Now they are 35 at some crappy 40k a year job where they spend 39 hours a week being ridden and micromanaged. They lose that said job and with the 50k in CC debt they aquired getting the wife breasts implants and the Harley, the shame spiral starts ending in substance abuse and foreclosure. Then... they vote for a doofus like Obama to help them out of their pathetic dependent lives. I am sick of paying for your stupid Brittney and Chase's health insuance through SCHIP. I am done listening to you in some Farnk Luntz focus group about how your dumb blue collar as* thinks Obama is cleaning up the mess GWB left. You are not entitled to anything dummy, your home, your donorcycle, your quad, your tribal tattoos. You're sheep and sheep get slaughtered.
15
posted on
02/02/2010 7:49:33 AM PST
by
pburgh01
To: pburgh01
I don’t think that class warfare rant is any more appropriate than what the dems launch. Those that made stupid decisions have already been booted to the curb, it is hardworking folks who now have lost their jobs being booted and I don’t think their circumstances should be considered lightly.
16
posted on
02/02/2010 7:57:31 AM PST
by
DonaldC
(A nation cannot stand in the absence of religious principle.)
To: Kartographer
This is where Obama wants us all.................
17
posted on
02/02/2010 7:58:13 AM PST
by
Red Badger
(Education makes people easy to lead, difficult to drive; easy to govern, but impossible to enslave.)
To: pburgh01
John Galt couldn’t have said it better, FRiend..............................
18
posted on
02/02/2010 8:00:52 AM PST
by
Red Badger
(Education makes people easy to lead, difficult to drive; easy to govern, but impossible to enslave.)
To: Le Chien Rouge
Things are about to get Helen Thomas ugly. And... There ain't many things left on earth that are that ugly.
To: DonaldC
I dont think that class warfare rant is any more appropriate than what the dems launch. Those that made stupid decisions have already been booted to the curb, it is hardworking folks who now have lost their jobs being booted and I dont think their circumstances should be considered lightly. Oh yea so "The rich" are consuming all the entitlements, avoiding all the taxes, asking for all the stipends for health insurance, tax credits for everything. Those poor "working class", just innocent pawns....you're naive and you sound like a Democrat refusing to be honest about who put the country on its current trajectory. It's the sub 50k a year household incomes, them paying 30k into SS and taking out 60k, getting EIC, getting 7k back when they paid 2k in FICA. But then maybe I hit a nerve., when I was making 30k a year I used to vociferously defend the blue collar types also, until I woke up and realized why a 45 year old guy is making 38k a year with 0 in the bank is his own damn fault.
20
posted on
02/03/2010 6:48:04 AM PST
by
pburgh01
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