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Biggest Defaulters on Mortgages Are the Rich
NY Times ^

Posted on 07/08/2010 10:25:14 PM PDT by Tempest

click here to read article


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To: packrat35

I like the freedom to be a red neck even if the folks next door think they are in a villa. When my yard and porch starts looking real purty, neighbors watch out! Because that’s when the For Sale sign is going to go up.


81 posted on 07/09/2010 1:53:27 AM PDT by HiTech RedNeck (I am in America but not of America (per bible: am in the world but not of it))
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To: packrat35

And others do live in an HOA like me.....I am happy here. To each his own. HOAs are very useful in some places


82 posted on 07/09/2010 1:58:07 AM PDT by dennisw (History does not long entrust the care of freedom to the weak or the timid - Gen Eisenhower)
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To: packrat35

read #79 and learn


83 posted on 07/09/2010 1:59:27 AM PDT by dennisw (History does not long entrust the care of freedom to the weak or the timid - Gen Eisenhower)
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To: dennisw

Until they start going HOa HOa HOa at you... and you aren’t the receiver of the Christmas presents, but the one expected to give them.


84 posted on 07/09/2010 2:01:09 AM PDT by HiTech RedNeck (I am in America but not of America (per bible: am in the world but not of it))
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To: dennisw

So you’re saying HOA’s are for racists! Very telling. Another reason, I don’t want to live in one.


85 posted on 07/09/2010 2:04:32 AM PDT by packrat35 (Planned Parenthood - Keeping healthcare costs down, one fetus at a time)
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To: Tempest
So you assume that there aren’t more stringent qualifying standards when you get into the higher priced jumbo loan style homes?

Based on the experience of the loan officers I know here in CA, the answer is NO. Even the jumbo loans did not require verification of employment or income. They were just as reckless with the approval for those loans as they were with the smaller ones.

86 posted on 07/09/2010 2:16:37 AM PDT by Tamar1973 (Germans in 1932 thought they were voting for change too.)
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To: Tempest

these people were the classic flippers.....I’ve got some near my house...bought land in the country and built their homes and now 2 yrs later they’re up for sale....


87 posted on 07/09/2010 3:01:55 AM PDT by cherry
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To: Tempest
Stupid headline. If you have $1 million cash net worth you are "rich". If you signed up for a liars loan of $1 million, you are poor.

There are so many people who finagled themselves into very big, very expensive, very poorly built houses with liars loans almost too mant to count.

88 posted on 07/09/2010 3:10:55 AM PDT by Jimmy Valentine (DemocRATS - when they speak, they lie; when they are silent, they are stealing the American Dream)
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To: Tempest

I’ll defend them: their fellow citizens view the rich as their ATM. Americans have become addicted to things purchased with other peoples money. A prime example is property taxes which are used to pay for education. Last year in Detroit, there was an auction of abandoned property. The total area being sold was about the size of central park. Houses were auctioned off starting at $500.00. They sold 20% of the real estate. Why? Because the city of Detroit and the citizens who live their look at homeowners as a source for funding those things they don’t want to pay for themselves.

Here in NH my mother-in-law was just forced to sell her house because she could not afford the property taxes. It was a nice house (she would have been considered “rich”); she outright owned it. She no longer had enough income to send her neighbors children to school, so she had to sell her house. The democrats think the solution then is an income tax. It’s kind of like an alcoholic who can no longer afford fine wine, he must switch to cheap beer.

If americans continue being addicted to other peoples money, we will not only loose our prosperity, but freedom and justice will perish as well.


89 posted on 07/09/2010 3:33:29 AM PDT by ALPAPilot
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To: Tempest

It’s Bush’s fault.


90 posted on 07/09/2010 4:04:37 AM PDT by mike-zed
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To: Myrddin
The 2nd wave stuff is very high dollar properties.i>

It is my understanding that jumbo loan market is still mostly frozen. Jumbo loans in the Chicago area are anything over $419K. If you can't get a loan for over $419K that effectively sets the value of the home. $419K was chump change in wealthy suburbs. It is a real ugly situation in those areas. A few more months and it will resemble south Florida

91 posted on 07/09/2010 4:27:10 AM PDT by EVO X
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To: Tempest
Millions of lower income people were buying homes they couldn't afford because the govt allowed and encouraged them.

Why don't you educate yourself beyond one article in the NY Times?

92 posted on 07/09/2010 4:57:57 AM PDT by CaptainK (...please make it stop. Shake a can of pennies at it.)
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To: Tempest

“The study wasn’t done by the NY Times.

I also don’t understand why so many here defend the rich. The rich most the time support the DNC and they certainly don’t support social conservatism.

When they’re not looking to sell out America piece meal. They’re looking to regulations changed to favor them in the most selfish of manners.

Moral bankruptcy should not be the aspiration of the GOP”

So true. The poor and middle class are the backbone of the Republican Party, particularly poor and middle class whites in the South, who have moral values. After all, how do you think we win states that are 20 to 35 percent black, while getting whipped every time by the wealthy nearly all-white state of Mass (until just recently).

The rich seem to be, in most part, apolitical - they don’t really care where this country is in 50 years, as long as they have THEIR 50 years of fun with the yacht. So, one might ask: What about their kids and grand kids - don’t they care? Well, not really - most of them don’t realize that they have kids (even if they live in the house) - the next plant opening is MUCH more important. And for the few that notice the additional faces asking for food in the morning - no problem, just make a lot of money, give it to the kids, and they will be just fine. LOL.


93 posted on 07/09/2010 5:04:56 AM PDT by BobL (The whole point of being human is knowing when the party's over.)
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To: Tempest

Typical Democratic Class warfare nonsense. The Oligarchy understands that if We the People get united ...they’re in deep doodoo...look for more of this divisive garbage along racial, ethnic and rich/poor issues.


94 posted on 07/09/2010 5:15:24 AM PDT by mo
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To: HiTech RedNeck

sounds like tempest found his/her way over from dailykos.


95 posted on 07/09/2010 5:23:55 AM PDT by gussiefinknottle (woof!woof!woof!)
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To: Tempest

I know someone who foreclosed, their parents bought the house dirt cheap at auction, then sold it back to them.

Some rich are because they know how to work the system.


96 posted on 07/09/2010 5:31:08 AM PDT by ctdonath2 (+)
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To: CaptainK
Why don't you educate yourself beyond one article in the NY Times?

Looks like he's already educated beyond his intelligence.

97 posted on 07/09/2010 5:51:47 AM PDT by Niteranger68 (Don't just accept freedom, DEMAND IT!!!)
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To: Hildy

>>we told him he had three hours to get his 50 ft. mobile home off the property.<<

You would have impressed me if your ultimatum was, “three business days, instead of three hours on a national holiday”. Where is he supposed to hire someone on the 4th to tow it off the property?


98 posted on 07/09/2010 6:02:17 AM PDT by B4Ranch (Remember, guys, the enemy is to the left.)
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To: Hildy

A 50 foot Recreational Vehicle is not a mobile home. That clears up the issue.


99 posted on 07/09/2010 6:10:12 AM PDT by B4Ranch (Remember, guys, the enemy is to the left.)
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To: Tempest

Who are the rich, and what do you want done with them?


100 posted on 07/09/2010 6:12:53 AM PDT by Larry Lucido (You can evade reality, but you cannot evade the consequences of evading reality. ~Ayn Rand)
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