Discussion in 'Economy' started by AmericasBrave58, Jan 22, 2010.
More Foreclosures Coming - Care2 News Network
MAN!!!!This is not cool!!!
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".
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.
I wonder how many are due to health care costs......
This doesn't even consider the industrial and commerical property foreclosures. Those take a lot longer to sell.
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