[bshomoic]

Janice Rutherford is a city councilwoman in Fontana. Her neighbors lost their house to foreclosure. She figures they paid about $250,000 for the house. By the time the bank repossessed it, the neighbors owed more than twice that amount: They had borrowed repeatedly against its inflated value, and when values slumped, they were "upside down" on their mortgage — with negative equity.

And we're now supposed to feel sorry for these idiots and bail them out?

[taxesareforever]

Could this have been brought on by our education system? “Hey kids, you can have it all”.

[AmericanInTokyo]

This year, the American People are going to cry out for Socialism in their foolishness and lack of application of Conservative and Biblical principles to personal finance as well as the affairs of the national budget.

And John McCain OR Hillary Clinton (actually, both of them, because one will be President and one will remain a liberal, voting Senator), will give it to them.

God Help The Great United States Of America.

[TheBattman]

Janice Rutherford is a city councilwoman in Fontana. Her neighbors lost their house to foreclosure. She figures they paid about $250,000 for the house.

By the time the bank repossessed it, the neighbors owed more than twice that amount: They had borrowed repeatedly against its inflated value, and when values slumped, they were "upside down" on their mortgage — with negative equity.

It is the folks who have borrowed irresponsibly who are at fault. This is a clear example. Buy more house than you can really afford, with a loan that you cannot afford, and continue to borrow the "equity" out of it if/when you actually see any (which there never was to begin with).

[TLOne]

Think of all the bargain homes.
Now people who couldn’t afford a home can.

That is if they can qualify for a loan.

[NoLibZone]

“...people using their property like ATM machines...”

[PeteB570]

Foreclosures in our county peaked in 2003 with a little over 1,700. Dropped steadily until 2006.

I forget the numbers but 2007 was only up 5% from 2006.

Of course a big chunk of our foreclosures have been Double Wide Manufactured homes.

[Kid Shelleen]

>>> her monthly mortgage payment soared to $3,000 from $1,700. With just her Social Security and pension income<<<<

People without a job, living on a fixed income, should probably not have mortgage or at least not an adjustable one..

[CPOSharky]

California’s usual four seasons, fire, flood, earthquake, and drought.

Now adding foreclosure as a fifth season?

[Kozak]

By the time the bank repossessed it, the neighbors owed more than twice that amount: They had borrowed repeatedly against its inflated value, and when values slumped, they were "upside down" on their mortgage — with negative equity. Stories similar to this — of people using their property like ATM machines — are plentiful in this region of Southern California, known as the Inland Empire. "I feel bad that people got themselves in over their heads. People in these houses borrowed against the future, spent money they didn't have.

And I DON'T have any sympathy at all. Nor do I feel any obligation to bail them or the banks out of this mess. Not like anyone will ask me of course.

[Joan Kerrey]

7,700 homeowners lost their homes to foreclosure — a 719 percent increase in just one year. +++++++++++++++++++++++++ It's so unfair that these people are expected to pay or get foreclosed on. There should be a government program set up to pay mortgages. Single payer system comes to mind like the proposed healthcare system. We can fund this program by raising taxes just on the rich, those making more than $10,000 per year. /sarc

[b9]

Hubby just heard on the radio of a business which helps thwart foreclosures by having folks ‘trade’ mortgages. Seems to be working ~ WITHOUT government intervention.

Good ol’ fashioned American capitalism. “;^)

[MileHi]

"I feel bad that people got themselves in over their heads. People in these houses borrowed against the future, spent money they didn't have. Our government does the same thing, so it's no surprise that people think, 'Hey, this is the way to do it,' " Rutherford says.

Um, Bushs fault?

[Deb]

Didn’t the Democrats in Congress demand that banks and mortgage companies grant loans to poor blacks and “at risk” borrowers, regardless of their ability to pay ?

[Newtoidaho]

“Betty Larkins, of Moreno Valley, Calif., is another homeowner who is feeling the pain of foreclosure. She fell victim to what she calls a “ridiculous re-fi,” and her monthly mortgage payment soared to $3,000 from $1,700. With just her Social Security and pension income, she couldn’t keep up”

I guess someone just put a gun to her head and forced her into signing those ridiculous re-fi papers.