Market up on better than expected disaster.
How many can’t pay, as opposed to people who can afford to pay, but choose not to on a house that will not be worth what they owe in the forseeable future? Many people who are upside down with no chance of selling have chosen to simply “walk away”.
Predictable ping...
Glad I live in an apt. Huge one-bedroom in a suburban neighborhood and I only pay $340 a month.
All you folks who told me that this problem was only subprime, and I told you it wasn’t... told you so.
Right on Obama's schedule.
Now he has Aerospace and health care to destroy.
Only slightly off topic:
So, are the foreclosed, empty, ‘blighted houses’ in cities to be bulldozed en masse under Waxman-Markey? Would such actions be applicable based on a percentage of empty homes in a neighborhood—if the owners cannot afford to upgrade the houses to whatever the ‘house czar’ or some such person would decide are appropriate ‘green’ standards?
See:
“June 15, 2009
It’s The Latest Thing: Indestructure Spending”
“In fact, Youngstown, Ohio has been pursuing a...plan for years, hoping to bulldoze large portions of the city in an effort to have citizens live in more efficient, government-approved neighborhoods.
This will no doubt surprise you as it did us, but apparently people are fairly unenthused about having their neighborhoods bulldozed. These people are oddly unaware of just how unhappy and blighted they are living in their lifelong homes and tight-knit, if less populated, communities.”
http://planetmoron.typepad.com/planet_moron/2009/06/its-the-latest-thing-indestructure-spending.html
Why not just forgive their entire mortgage and be done with it once and for all. Then extend that to all of us...pay off every mortgage in America. Think of the capital unleashed if we weren't saddled with mortgage payments. We could all go on massive spending sprees and really kick-start the economy.
Walking away requires you to pay the LOSS of the sale as INCOME!!!!!!
30 year mortgages were not common until the FHA of the Great Depression. Why not offer longer terms simply on the same loan balance? 40 or 50 years?
The rules for bailout were: If you were %5 percent, and no more, up-side-down, then assistance was available from the feds. The story I read earlier stated the number went up to %25 up-side-down. This will allow us to pay for the ‘real’ dummies homes,
Let me be the first to say it. Obmaa’s fault!
Hear Ye! Hear Ye! Hear Ye!
FReeper Convention Ticket Drawing!!
All NEW monthlies of $10 or more submitted by July 31 that include the words “FReeper Convention Ticket Drawing” in the comment section will be included in a drawing for a Freeper Convention ticket!! The winner can use the ticket for himself or give it away to another FReeper!!
Hope to see you in DC!!
45 posted on Wednesday, July 01, 2009 12:41:31 PM by Jim Robinson (Follow me on Twitter: http://twitter.com/jimrobfr)
Wait until Crap and Scam hits the fan. Tent cities will soon out number occupied homes by 2011. Food shortages and blackouts are coming because of this.