More Foreclosers coming......

Discussion in 'Economy' started by AmericasBrave58, Jan 22, 2010.

  1. AmericasBrave58
    Offline

    AmericasBrave58 Retired USN Nurse(Vietnam

    Joined:
    Dec 31, 2009
    Messages:
    544
    Thanks Received:
    41
    Trophy Points:
    16
    Location:
    Seattle,Washington
    Ratings:
    +41
  2. kyzr
    Offline

    kyzr Gold Member

    Joined:
    Oct 14, 2009
    Messages:
    3,447
    Thanks Received:
    450
    Trophy Points:
    130
    Ratings:
    +630
    Neither is giving mortgages to the unqualified
    Bill Clinton's drive to increase homeownership went way too far - BusinessWeek

    Neither is using Fannie & Freddie as a cash cow while stopping all attempts at regulation. Which when all combined led to the financial meltdown.

    US citizens losing $14-trillion of wealth due to the DC whores mis-managing the government is definitely "NOT COOL".
     
    • Thank You! Thank You! x 1
  3. JenyEliza
    Offline

    JenyEliza Princess of Rhetoric

    Joined:
    Nov 1, 2009
    Messages:
    3,046
    Thanks Received:
    353
    Trophy Points:
    48
    Location:
    Atlanta, GA, USA
    Ratings:
    +353
    Not ALL foreclosures are due to unqualified homeowners/mortgagees.

    Many foreclosures are due to job loss and prolonged unemployment due to Obama's booming job market. Which leads to the inablity to make mortgage payments on unemployment benefits.

    I know of several people who were long-term homeowners (10 years or more) who once had A-1 credit ratings. Lost their jobs and have not been able to find employment or equivalent employment and could no longer make mortgage payments.

    Two of them have had their homes foreclosed and ended up scrambling to avoid being homeless. One is in that process now (btw, GA is THE fastest state to foreclose in the nation, it only takes 30 days by law start to finish and the bank can take your house).

    So don't go blaming the foreclosure mess on unqualified buyers exclusively. That's simply NOT correct.
     
    • Thank You! Thank You! x 1
  4. Zona
    Offline

    Zona A guy in ariZONA

    Joined:
    Aug 15, 2009
    Messages:
    13,874
    Thanks Received:
    941
    Trophy Points:
    48
    Location:
    Phoenix, AZ.
    Ratings:
    +942
  5. saveliberty
    Offline

    saveliberty Diamond Member

    Joined:
    Oct 12, 2009
    Messages:
    42,079
    Thanks Received:
    6,123
    Trophy Points:
    1,830
    Ratings:
    +20,014
    This doesn't even consider the industrial and commerical property foreclosures. Those take a lot longer to sell.
     

Share This Page