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Yow! One In Seven Homeowners With Mortgages Are In Trouble
The Business Insider ^ | 11/19/09 | John Carney

Posted on 11/19/2009 2:07:09 PM PST by FromLori

The Mortgage Bankers Association released a grim report today revealing that nearly one in seven households with mortgages is behind on payments or already in foreclosure.

Last year, only one in 10 were behind. Two years ago, the number was just 7.3%.

We’re now in what is clearly the second leg downward of the mortgage mess. While the early days of the mortgage crisis were driven largely by people saddled with complex mortgages they couldn’t afford to pay, now even homeowners with relatively sane mortgages are running into trouble as unemployment soars into the double digits.

In a rising housing market, joblessness doesn’t necessarily trigger defaults. In those situations, jobless homeowners can sell their homes and pay off the mortgage. But with the home market still ailing and prices still falling in many areas, jobless homeowners are forced into short-sales and defaults.

(Excerpt) Read more at businessinsider.com ...


TOPICS: Business/Economy; Government; News/Current Events
KEYWORDS: economy; forclosures; homes
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1 posted on 11/19/2009 2:07:10 PM PST by FromLori
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To: FromLori

Gee, I feel left out. I paid off my mortgage in 2006.


2 posted on 11/19/2009 2:09:00 PM PST by griswold3 (You think health care is expensive now? Just wait till it's FREE!)
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To: FromLori

This is not a casual observation...but the only way to flush the sepsis from world finance is to remove the cause of derivative instability from the world markets. The Feds need to bail out all securitizeded mortgages.


3 posted on 11/19/2009 2:09:36 PM PST by mo
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To: FromLori
That's consistent with the true unemployment numbers I've seen.
4 posted on 11/19/2009 2:10:33 PM PST by TChris ("Hello", the politician lied.)
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To: mo; perchprism; LomanBill; JDoutrider

ping and Related

http://www.businessinsider.com/henry-blodget-the-most-important-housing-chart-2009-11


5 posted on 11/19/2009 2:11:59 PM PST by FromLori (FromLori)
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To: GovernmentShrinker
I'm unsure if this article would interest you, but I'd sure be interested in your reaction to it.

Thanks. :)

6 posted on 11/19/2009 2:18:10 PM PST by hennie pennie
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To: griswold3

So do I, my mortgage is only 1/8th of my take home pay. And.. it’s almost paid off. It’s no McMansion, but I will keep it!


7 posted on 11/19/2009 2:18:20 PM PST by momincombatboots (Tom Lyons: Son in Law, Husband Father 1988-2009 KIA 090809- Hero 2 me)
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To: mo

>> The Feds need to bail out all securitizeded mortgages.

Question: do YOU have a “securitizeded mortage”?

I’ll bet you do. Just a guess.


8 posted on 11/19/2009 2:19:58 PM PST by Nervous Tick (Stop dissing drunken sailors! At least they spend their OWN money.)
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To: Nervous Tick

That’s called an “ad hominem” argument..usually frowned upon at FR.

You can do better.


9 posted on 11/19/2009 2:21:01 PM PST by mo
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To: mo

Attempting to backstop a minority of securitized mortgages is why the deficit is already exploding, the Fed’s balance sheet is a joke around the world and China is giving us lectures on fiscal responsibility.

To bail out “all” securitized mortgages would sink us.


10 posted on 11/19/2009 2:26:02 PM PST by NVDave
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To: mo

>> That’s called an “ad hominem” argument..

No, actually it’s called a “question”. You can recognize “questions” by that squiggly thing called a “question mark” at the end of the sentence.

I notice you didn’t answer the question. Do you have a “securitizeded” mortgage? Or not?

If it’s any help, regardless of how you answer, I won’t have anything more to say. I just want to know.


11 posted on 11/19/2009 2:28:14 PM PST by Nervous Tick (Stop dissing drunken sailors! At least they spend their OWN money.)
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To: griswold3
Gee, I feel left out. I paid off my mortgage in 2006.

Hah - SUCKER! See, should have waited and gotten second and third mortgages on it, at 125% of the house value! That way the Government can pay for your house when they bail everyone else out.

See, you could have taken in EVEN MORE MONEY, and had someone else pay your bills! Free money, no responsibility! You're missing out...

Now where's Obama with my free car. And my pizza delivered tonight. And my free health care. And my free college education. And my...

12 posted on 11/19/2009 2:34:10 PM PST by PugetSoundSoldier (Pray for President Obama: Psalms 109:8)
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To: FromLori
Look at the bright side.

Once the feds foreclose and own the houses, they won't have to pay vouchers for Section 8 housing. They can simply move the deadbeats right in after the "owners" move out! There should be plenty of free housing for those who need it.

In any event, the previous "owners" probably stole these houses from the rightful owners (the poor and disenfranchised) in the first place. Now they're just getting their payback for over 500 years of slavery! Let 'em go back and live in their parent's basement...

13 posted on 11/19/2009 2:34:44 PM PST by Gritty (GM's a welfare project masquerading as economic activity. Post Obama, America will be, too-Steyn)
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To: Gritty

A lot of them probably voted for him I figure anyway.


14 posted on 11/19/2009 2:37:29 PM PST by FromLori (FromLori)
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To: mo
The Feds need to bail out all securitized mortgages.

How?

With what?

15 posted on 11/19/2009 2:38:02 PM PST by Petronski (In Germany they came first for the Communists, And I didn't speak up because I wasn't a Communist...)
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To: Petronski

That was my thought.


16 posted on 11/19/2009 2:46:23 PM PST by CommieCutter ("You wanted the presidency, you got it, now FIX THE DAMN ECONOMY!!!!" ----YankeeReb)
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To: griswold3
Gee, I feel left out. I paid off my mortgage in 2006.

***************************************************

You'll still get to ride along ... just think of selling prices when we have 15% U3 unemployment, the avg. workweek falls to 31 hrs. from the current 33 and banks are finally forced to sell the REO properties they have been keeping off the market. Maybe you should sell now ,, rent and buy back in 10 years.

17 posted on 11/19/2009 2:54:21 PM PST by Neidermeyer
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To: mo
ROFLOL!!!!! remove the cause of derivative instability from the world markets

How many tanker loads of green ink and paper do you think that would take.

18 posted on 11/19/2009 3:20:23 PM PST by org.whodat (Vote: Chuck De Vore in 2012.)
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To: mo
The global financial crisis has introduced ordinary people to the extraordinary and arcane world of “derivative product” — a gigantic system of commercial bets in financial markets where the total outstanding amount of derivatives adds up to a mere $600 trillion (some 10 times the value of global production).

http://garybryan.blogspot.com/2009/10/be-afraid-year-after-aig-derivatives.html

19 posted on 11/19/2009 3:25:01 PM PST by org.whodat (Vote: Chuck De Vore in 2012.)
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To: FromLori

20 posted on 11/19/2009 3:44:50 PM PST by Proud_USA_Republican ("The problem with socialism is that you eventually run out of other people's money.")
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