AND the next round of foreclosures is expected to hit in May which is reported to double what is currently on the market for sale.
Yeah I heard something to the effect of the foreclosure machine is about to be cranked up again.
The robosigning dust up caused the foreclosures to be halted until the “investigation” was completed.
The speed and number of foreclosures is expected to ramp up this summer.
Seems to be just another crisis that they can take advantage of. And golly, just look at the timing of this crisis.
what is really hurting America is our expectations and dependence on bubble economic cycles instead of long periods of consistent, sustainable growth followed by short market corrections.
The coming mortgage mess is just a redux of the 2007/08 collapse that is totally avoidable but encouraged by the same people that complained the housing market was helping GWBush’s poll numbers.
They are giving sub-prime mortgages with crazy terms to people with no jobs and can’t pay even their own taxes. Once those toxic loans are bundled and sold off to Fannie and Freddie, who will eat those costs? Those of us stupid enough to actually pay our mortgages, that’s who.
I remember a protest back in 2004 when a group of minority activists (hispanics, blacks, native Americans) were calling for their own “40 acres and a mule”.. meaning reparations. Well, it looks like some are getting just that...
“next rounder of foreclosures is expected to hit in may,”
This is good news for some of us. As someone who is trying to buy a home, I sacrificed for years to save money for a time like this.
If you prepare for the future, times like this can be a gold mine. But you can’t live for the moment. Getting ahead is more about planning ahead than anything else.