This is the ONLY news that matters

[Phokus]

Originally posted by: iFX
LOL, sure, it's entirely the bankers fault that people stopped paying their mortgages. Yes, lets regulate the banks more.. hell, lets make them give the houses away for free!

Make all banks private banks, not publicly traded banks. The presidents/vp's who run the banks will have a lot of money invested in the bank (skin in the game, so to speak). Also, make it so that the banks aren't allowed to sell the mortgages.

I guarantee you banks wouldn't make huge risky bets anymore.

 

[Nemesis 1]

It is the Xgeneration screwing everthing up . As parents we failed our children . Now were paying the price of bad upbringing with very little love. My Son married into a wealthy farmers family . . These Catholics are as low as it gets . My son has 2 houses now hers his . But she threw all the bills on his plate. Her and her parents are telling him to default . He asked me about it . I told you default don't come back here . He knows me so he knows I meant it . Dam he married into lowlifes. with money . Steelers of money that is.

 

[ahurtt]

Originally posted by: Skoorb

Job recovery has not happened so people can only dip into their savings so long to pay for their first home let alone the 2nd investment home that so many middle class purchased.

I'm sure that most people unwillingly being foreclosed on never had much in the way of savings anyway. It's the American way.

Banks are to blame for a minor portion of the problem - blame the recession!

Banks are a major part. They threw money into investments that were terrible (their clients) and their easy money helped fuel the insanity. It became such that even if you were a responsible person with some money to pay down and not lying on your mortgage app you still ended up in a ridiculous house unless you planned on riding out the bubble (assuming you knew for sure it was one--remember many "experts" said it was not). So you saved for a while, made $80k/year and bought a $260k/house with 52k down that wasn't really worth that but it's what the market was demanding at the time, then two years later it's worth $160k and you're upside down by 45k. Imagine how pissed you'd be.

I woulda used it to take out an ARM and buy a second house and then take out a HELOC on that house to buy myself a fancy car.

Love it :thumbsup:

No doubt they didn't have savings. According to the statistics none of us did. At the time it all came crumbling down the savings rate in America was well in the negatives if memory serves me. It's only now starting to creep back up into positive territory isn't it?

 

[Budmantom]

Originally posted by: Vic
pfft... so many mortgage defaults are intentional right now it's not even funny. I could write a book about it. So many people who are underwater on their homes think they can just walk away. While countless others are gaming the system to live in their homes for free.

Anyway, there is a lot of confusion in this thread. First, read the OP's article. These are foreclosure filings. That means the borrower has stopped making their payments for a certain period of time (determined by state law), the lender has declared the borrower in default, and initiated foreclosure proceedings. After this, the borrower could still be in the home for a long time, a year or more even depending on state law.
Second, there is a federal moratorium on certain foreclosure auctions (or 'sheriff sales,' 'trustee sales,' or whatever they are called in your state) at this time. Essentially, lenders cannot go to sale on owner-occupied homes unless the borrowers refused to comply or failed to qualify for the lender's loss mitigation resolution, beginning with the govt's HAMP.

As to predatory lending, people should read legal documents before they sign them. But why do that when homes were appreciating in value 25% a year and you were missing out on the big money? But uh oh the music stopped and now everyone's a victim... :roll:

Speaking of predatory lenders

It makes me laugh, leftists like you preaching personal responsibility. The democratic party is comprised of victims, don't alienate the base.