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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.
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.
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?
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 ?
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 ?
The government gets to pick the 5%.
don't worry, the guvmint is always right.........ain't they?
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.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.
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.
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.
how DARE you deny them their 60" plasma TVYou 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.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 are an evil, evil bitch, Annie.
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.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
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.
