So, what was that 350,000,000,000 for?..
I bet not a sing DC politician or Bank CEO lost a house.... so I gues it worked a little bit.
My guess is the government will buy the homes from them and turn them into government run housing (like in England).
My guess is that 800,000 of those families shouldn’t have been in those homes to begin with. Just as Bawney...
I’d find it very interesting to see foreclosure data with “no recourse” states stripped out. In those states, most notably California, mortgagees can walk away from upside down houses, with no other consequence outside of a badly damaged credit score. With the ongoing reduction in cost of shelter, it’s rational, if somewhat dishonest, to bail on a losing proposition. Mortgagees in recourse states, on the other hand, are subject to deficiency judgment, and will be pursued for any cost remaining, between the price brought from a REO sale or at auction, and the remaining balance on the note. Wages can be garnished, tax refunds seized and etcetera, so it’s a debt that will follow you until it is paid.
This can’t be good news.
The question is; how do we make these people aware of who and how this was done to them? Acorn, Fanny, Freddy, Franklin Raines, Countrywide, Dodd, Waters, Schumer, Clinton's CRA, Obama....all had a hand in it!
These people's hopes were violated - by the people named above. The have a right to be pizzed. And what does the Republican party do....nothing to convert their anger into votes!
...yes we can be mad at those that gamed the system and bought houses they knew they couldn't afford...but there is political capital to be made here and we aren't doing it.
So that's less than 2%? That means that over 98% are not receiving foreclosure notices. Let's not forget that the majority of folks over 65 have no mortgage, their homes are paid for.
Let's also ask what percentage of foreclosures were speculative investments that the buyer walked away from after prices started dropping.
"Prices are skyrocketing. Did you see 'Flip This House' last night? We'll buy that shack there with a no interest or a 3-1 ARM, throw on a roof, plant some grass, paint and carpet and double our money in 6 months."
Glad the tax money went to the banks and congresscritters. God knows the taxpayer doesn’t know what to do with it.
No big surprises here. Nothing to see everybody, move along.
What gets me: If you draw a line and put borrowers on one side and lenders on the other, it’s all OK and gravy when 6.5% of the gross value of all mortgages crosses the line in one direction each year, but we all lose our jobs when even a little net money flows the other way.
Wonder where they were in ‘06, when dim-0s were running for control of congress promising “CHANGE?”
That's 1.85% of households!!!! That must mean "everyone".