Posted on 03/05/2009 10:22:59 PM PST by Chet 99
This is utterly disgusting. Reward the people who made the bad choices and tax the hell out of the people who were a little more prudent to pay for it.
The Revolution is coming...
Good roster of criminals NO?
I feel for those folks that have lost their jobs due to crap obama economy and subsequently are pushed on house payments. Lesson to them and all of us is to save emergency funds for these situations.
I have no feelings whatsoever for the turds that went for houses they didn’t have the wherewithall to consider. Hell with ‘em - those folks need tents - not houses.
http://www.freerepublic.com/focus/chat/2136635/posts
“Are you looking for a job?”
Note: This thread is updated on a regular basis.
Liars loans (alt-a and subprime) were the primary tools housing gamblers with little to no collateral used to obtain financing to go speculate on real estate.
Big shocker that most are in foreclosure now that the market has turned against them and these morons have no income to pay the mortgages.
These were mostly housing gamblers looking to flip for a profit. Doesn’t matter if their loans are shifted to 30 year fixed. They still don’t have the income to pay the mortgages because that was never the plan.
The only ones I feel for are those who recently lost their jobs and thats why they can’t pay.
But the majority of those involved in Alt-A and Option-ARM loans were using them to either buy more house than they could afford or refinanced into them to draw the fake equity out of their homes so they could go buy crap.
Alt-A and Option-ARMS were extremely popular in the house flipping ground zeros like LA, SD, Las Vegas, Pheonix, and Miami.
Anyone with half a brain saw this coming. The greedy and the stupid are getting their comeuppance.
I’m curious as to just how many of them really are thanks to the CRA - the handiwork of Carter, Clinton, Obama, Frank and Rangel.
Great example of how figures lie and liars figure.
So, 48% of sub prime mortgages are either late or in foreclosure? Well, since sub prime makes up about 6% of ALL mortgages, 48% of THOSE sub prime loans would equal less then 3% of ALL mortgages. Further that “less then 3%” of all mortgages in question is for BOTH those late AND those in foreclosure. If we assume even 50% of the less then 3% are actually in default, that still means that less then 1.5% of ALL mortgage loans are in foreclosure.
Of course there are other “non” sub prime loans that may be in trouble but the fact the story does not even bother to mention them indicates those numbers are inconsequential.
From the article: "A record 5.4 million American homeowners with a mortgage of any kind, or nearly 12 percent, were at least one month late or in foreclosure at the end of last year"
Add a few million people that are barely making their payments and that adds up to substancial numbers. Those are people that aren't going to be buying cars or other expensive items.
Yes, but THEY voted for O and YOU didn't. That is the big difference.
I feel sorriest for those who lost their job, due to the government meddling in the market. It is just going to get worse for them.
I don’t see how they’ll recover, at least over the next five years. The unemployed, not the chronically, but the normal unemployed make up a different and changing group over the course of months. Now, they are going to become entrenched.
You lose your home, your credit is shot - making renting hard, their best bet is starting their own home based business after moving in with friends/family, but there are so many restrictions on housing. Maybe local governments will overlook it?
I don’t know if you are joking, but indentured servitude was a very successful program for the US. Lots of skills gained and people were able to start fresh at the end of their terms. Made travel to the New World possible for the created rabble of Europe.
Debtor’s prison, on the other hand, never worked and could not. Only an aristocratic society could imagine it would.
“Stealth reparations....”
I don’t think race has a lot to do with who has a subprime mortgage.
People who were unqualified to hold a normal mortgage, have all kinds of skin colors.
The valuations of these homes was a ponzi scheme and the values have collapsed because, rightly, NOBODY believes these homes are worth what they say.
These homes need to be valued at REAL value.
whether the current occupant stays or goes is a seperate question AFTER the ponzi value is cleaned off.
From the article: "A record 5.4 million American homeowners with a mortgage of any kind, or nearly 12 percent, were at least one month late or in foreclosure at the end of last year"
How many where "at least one month late or in foreclosure" before the current problems became known? And just what is the break down between those who are in foreclosure and those who are late?
The "12%" figure includes ALL mortgages including sub prime and alt-A. But like I said, without knowing the actual breakdown of these numbers they are totally meaningless. Give me any set of numbers on any situation and I can write a story showing the situation regarding those numbers to be good or bad.
Like I said before, figures lie and liars figure.
I don’t think Obama’s concept of reparations is tied to race... it’s tied to class and ideology.
He’s keeping his promise to his ACORN troops.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.