Five States Causing 50 Problems?

Annie

Diamond Member
Nov 22, 2003
50,848
4,828
1,790
Of course they'll be the ones bailed too, at the cost of the rest of us. Is it the poor? Not so much:

THE FORECLOSURE FIVE - New York Post

THE FORECLOSURE FIVE
By ALAN REYNOLDS

February 21, 2009 --
When President Obama discusses his $275 billion mortgage bailout, he talks as if it was a national problem, caused by a national decline in home prices. "We must stem the spread of foreclosures and falling home values for all Americans," he says. But there is no national market for homes and no national price for homes. Instead, most of the United States will pay for the folly of few.

The beneficiaries of taxpayer charity will be highly concentrated in just five states - California, Nevada, Arizona, Florida and Michigan. That is not because the subsidized homeowners are poor (Californians with $700,000 mortgages are not poor), but because they took on too much debt, often by refinancing in risky ways to "cash out" thousands more than the original loan. Nearly all subprime loans were for refinancing, not buying a home.

It turns out that the five states with by far the highest foreclosure rates have some things in common with each other, but very little in common with most other states...
 
Hmmmm...... And what are the unemployment numbers for these five states? Could they also be the tops in that category, also? However, since over 95% of the current mortgages are being paid on time, what is the great problem? It is the fact that the banks and the mortgage companies used derivatives to leverage the max money to the point where even a minor glitch in the economy would create a major crisis for them. And who de-regulated the laws that would have prevented this? Phil 'Enron' Gramm. Of course, the previous admin did nothing at all to prevent the meltdown, even when people on the factory floor saw it coming four years before it happened. "The Economy is Basically Sound" Sunday before Meltdown Monday.
 
Hmmmm...... And what are the unemployment numbers for these five states? Could they also be the tops in that category, also? However, since over 95% of the current mortgages are being paid on time, what is the great problem? It is the fact that the banks and the mortgage companies used derivatives to leverage the max money to the point where even a minor glitch in the economy would create a major crisis for them. And who de-regulated the laws that would have prevented this? Phil 'Enron' Gramm. Of course, the previous admin did nothing at all to prevent the meltdown, even when people on the factory floor saw it coming four years before it happened. "The Economy is Basically Sound" Sunday before Meltdown Monday.

Hello? Listed.
 
Were not the mortagages leveraged, that 5% would not be fatal. And we will all take it up the anus if the whole economy tanks. And it is headed in that direction.
 
Were not the mortagages leveraged, that 5% would not be fatal. And we will all take it up the anus if the whole economy tanks. And it is headed in that direction.

Once again, if people hadn't borrowed 2nd and 3rd mortgages against homes they couldn't afford, this would not be happening. No, I don't want to 'save' their homes.
 
Were not the mortagages leveraged, that 5% would not be fatal. And we will all take it up the anus if the whole economy tanks. And it is headed in that direction.

So, do you agree that 5% of the population should get their opportunity to sex you up the anus?

Do I get to pick the 5% or is that a random deal you're offering ? :lol:

The government gets to pick the 5%.
don't worry, the guvmint is always right.........ain't they?
 
Were not the mortagages leveraged, that 5% would not be fatal. And we will all take it up the anus if the whole economy tanks. And it is headed in that direction.

Once again, if people hadn't borrowed 2nd and 3rd mortgages against homes they couldn't afford, this would not be happening. No, I don't want to 'save' their homes.
You must be a serious bitch if you aren't willing to help out the poor people that were only duped by the evil bankers into buying more house than they could afford, then borrowing against their fantasy equity so they could buy more crap they didn't need, but wanted.
You are an evil, evil bitch, Annie.
 
Hmmmm...... And what are the unemployment numbers for these five states? Could they also be the tops in that category, also? However, since over 95% of the current mortgages are being paid on time, what is the great problem? It is the fact that the banks and the mortgage companies used derivatives to leverage the max money to the point where even a minor glitch in the economy would create a major crisis for them. And who de-regulated the laws that would have prevented this? Phil 'Enron' Gramm. Of course, the previous admin did nothing at all to prevent the meltdown, even when people on the factory floor saw it coming four years before it happened. "The Economy is Basically Sound" Sunday before Meltdown Monday.

Bullshit. Bush tried TWICE to get more regulation and McCain tried once, all 3 times shot down by.... the Democrats, lead by Barney Frank and Chris Dodd. You doe remember that in the spring of 2008 Frank went on National TV to INSIST that the housing market was fine and sound as could be, nothing to worry about at all. You do remember that right? Ohh and by the way from 2007 on the Democrats controlled Congress and could easily have passed legislation that Bush kept asking for and the Republicans supported.

Take your lies some where else.
 
Hmmmm...... And what are the unemployment numbers for these five states? Could they also be the tops in that category, also? However, since over 95% of the current mortgages are being paid on time, what is the great problem? It is the fact that the banks and the mortgage companies used derivatives to leverage the max money to the point where even a minor glitch in the economy would create a major crisis for them. And who de-regulated the laws that would have prevented this? Phil 'Enron' Gramm. Of course, the previous admin did nothing at all to prevent the meltdown, even when people on the factory floor saw it coming four years before it happened. "The Economy is Basically Sound" Sunday before Meltdown Monday.

Bullshit. Bush tried TWICE to get more regulation and McCain tried once, all 3 times shot down by.... the Democrats, lead by Barney Frank and Chris Dodd. You doe remember that in the spring of 2008 Frank went on National TV to INSIST that the housing market was fine and sound as could be, nothing to worry about at all. You do remember that right? Ohh and by the way from 2007 on the Democrats controlled Congress and could easily have passed legislation that Bush kept asking for and the Republicans supported.

Take your lies some where else.

You should stop posting facts, it isn't fair.
 
Were not the mortagages leveraged, that 5% would not be fatal. And we will all take it up the anus if the whole economy tanks. And it is headed in that direction.

Once again, if people hadn't borrowed 2nd and 3rd mortgages against homes they couldn't afford, this would not be happening. No, I don't want to 'save' their homes.
You must be a serious bitch if you aren't willing to help out the poor people that were only duped by the evil bankers into buying more house than they could afford, then borrowing against their fantasy equity so they could buy more crap they didn't need, but wanted.
You are an evil, evil bitch, Annie.
how DARE you deny them their 60" plasma TV
shame on you
 
have yall forgotten how people were encourage by the media and banks etc
to refiance....i even remember a show where oprah talks about how everyone can be millionaires by refinancing their homes to the hilt...

homeowners would do minor renovactions, appraise again and refinance...i know people my age with outstanding debt of 70 to 80 k on their houses....they simply accept that they will never own their homes...you should never put debt on your home for personal items...ie...tvs, atvs, cars..the debt will be there long after the item has died
 
have yall forgotten how people were encourage by the media and banks etc
to refiance....i even remember a show where oprah talks about how everyone can be millionaires by refinancing their homes to the hilt...

homeowners would do minor renovactions, appraise again and refinance...i know people my age with outstanding debt of 70 to 80 k on their houses....they simply accept that they will never own their homes...you should never put debt on your home for personal items...ie...tvs, atvs, cars..the debt will be there long after the item has died
California, Arizona and Nevada have a huge illegal alien population that was given bank loans by B of A and Wachovia and probably Wells Fargo too.
You think illegals are no problem? There just coming here to work huh? They are the main problem with those three states.
Politicians pander to the illegal alien lobby, llegals get treated like gold and look what happens.
 
And Michigan's problem is that it has been run by the socilaist left for years and has the highest unemployment in the country. The refi's weren't done because of the advertising but to pay off credit cards that had been maxed out. and then rather than tear up the credit cards they maxed em out again.

This isn't the banks fault it is the irresponsibility of a few turning into a catastrophe for all because of a housing market that has become increasingly flawed for the last forty odd years mainly through government intervention at every level of government. You can't look at just the mortgage end of the stick in isiolation you've got to address the whole housing issue.
 
Hmmmm...... And what are the unemployment numbers for these five states? Could they also be the tops in that category, also? However, since over 95% of the current mortgages are being paid on time, what is the great problem? It is the fact that the banks and the mortgage companies used derivatives to leverage the max money to the point where even a minor glitch in the economy would create a major crisis for them. And who de-regulated the laws that would have prevented this? Phil 'Enron' Gramm. Of course, the previous admin did nothing at all to prevent the meltdown, even when people on the factory floor saw it coming four years before it happened. "The Economy is Basically Sound" Sunday before Meltdown Monday.

:clap2:
 
Chris he is wrong in fact the derivatives were used to try and keep the housing market afloat and to keep it from collapsing even sooner. Same is true of the massive lowering of interest rates early in the Bush administration. These thing were done to fix a problem that was increasingly apparrent to the governing class at least at the top and one they really had no idea how to fix so in order to do something they performed the morale equivalent of slapping a bandage on a broken leg. Big surprise it didn't work. In no small part because of the Clinton cronies pillaging Freddie and Fannie but it was long over due for a fall anyway. By the way, strangely enough, it is local governments that are the primary problem causers here.
 
If the state economies of those five states are in complete ruins, do you really think the rest of the nation won't also go into recievership?

We're all in this mess together.

That's why we're called the UNITED States of America.
 

Forum List

Back
Top