But that's not the worst of it....
Did I see today something that the government “solution” to all this is to make all loans into two percenters?
If my loan, which is already paid off, was at two percent, I’d have quite a few grand left in my pocket.
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 numbers are horrendous. 4 to 5 times worse than the peak of the Great Depression. And the current trend is just starting to accelerate.
What a misleading headline. It sounds like the current administration is working hard talking down the economy.
How many of these people decided to stop paying since Obama promised to take care of them?
Moral hazard, anyone?
Thank you Jimmy Carter, Robert Rubin, Bill Clinton, Cris Dodd, Barney Fwank, Franklin Rains, Acorn, Obama, Democrats and whomever I’ve left out that deserves credit for creating this monster that has ruined our economy.
I wonder how many homeowners have stopped paying now to qualify for the “help” they’re expecting the government to give them.
Start stocking up on supplies, folks. This is REAL recession!
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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.
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.
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.