No one is saying that the 700 billion bailout of WS is the way to go. However, there are 9000 foreclosures a day. This has to stop because it is damaging the regular homeowner.
Save it, and no, the foreclosures are now regular honest folks that are just getting the crap beat out of them from the monthly drop in housing prices and the inability to refinance and or get a HELOC.
The dirt bags that bought the houses as NINJAS (no down payment, no income bozos) ARE LONG GONEEEEE!!!!
The WS aholes would love for all of us to lose our houses, they have their buddies waiting in the wings to pick them up for 10 cents on the dollar.
Go ahead take the bait on the so called free market capitalism, the same WS aholes screaming this are the same one that want to be the ones who get to pickup the pieces from the slaughter of the MIDDLE CLASS... They cannot wait to turn us all into a bunch of two bit ‘wetbacks’...
I will be dammed before I lose my house and have to move into a trailer park because of these thieves. My goal is to see that they are in the trailer park..
You are missing one point - there are foreclosures because house values are at absolutely unsustainable levels.
Over history, median house values were 2.5-3x the median salary in an area. So if in Delaware, say, the median wage is 35k, then the median house price should be 105k. The fact of the matter is it’s not. The median house price in 2006 was 225k. So what did people do to afford these houses ? Mom got a job, they took out an Option ARM or no-doc loan, all to get in the same type house that 5-7 years before would have only cost them about 150k.
House values must return to their historical levels to be affordable. There is no escaping that reality. And until they do, the foreclosures will continue.
You are wrong about this being the result of free market capitalism. What caused this entire mess was Alan Greenspan and the Fed blowing a credit bubble, which resulted in easy money chasing a finite quantity of goods, thereby raising prices well above their level. The Fed is not free market capitalism in any sense; they’re the result of CONgress outsourcing their responsibility onto a quasi-private institution.