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HOMEOWNER FORCLOSES ON BANK OF AMERICA
18th October 2011 -
MORTGAGE FRAUD SETTLEMENT, NY DA SAYS NO; THE...
18th October 2011 -
HUNTINGTON BEACH REAL ESTATE – BUYER’S MA...
18th October 2011
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HOMEOWNER FORCLOSES ON BANK OF AMERICA
18th October 2011 -
MORTGAGE FRAUD SETTLEMENT, NY DA SAYS NO; THE...
18th October 2011 -
HUNTINGTON BEACH REAL ESTATE – BUYER’S MA...
18th October 2011
People bought more house then they could afford, bank gave money to people who had a history of not paying back loans, now those mortgages are going into default. . . .
But still, 97. 6% of americans pay their mortgage on time. . . its not as bad as the media would have you think. . .
at one time when a home was built the money paid to the workers put money into the American society and it bought cars paid many things and provided funds that paid other workers that also bought more houses.
Now when the workers are paid the money goes south of the border so there is no money left to support the American way of life and more and more people are filing Bankruptcy and are unable to make their house payments. This problem[wolf] will sooner than you think be at your door as many Americans will loose their jobs and their houses.
There’s a really good article in Salon this week which explains the macro view of all this. You should find it useful.
Ya what they said!
It’s the result of reckless mortgage loans given to borrowers who didn’t really have the capacity to repay the loans. These loans were packaged into mortgage-backed securities that were sold around the world. That’s how the losses on the reckless mortgage loans had worldwide impact. See the webpage below for details.
What it boils down to is Greed. Greed from the builders and Greed from the lenders. They took advantage of those out there just to make a profit. Now look what has just happen, it will take years for this to correct or until all is forgotten. When this happens, you will see the restrictions on loans loosen up and the buying will start all over again.
People borrowed money at a variable interest rate during a time when homes were selling well, figuring they could sell the home for a good profit in a few years, right about the time when their mortgage rates go up. What happened was the property value went down, they can’t even sell the house for what they bought it for, and now can’t afford the monthly mortgage payments. After they miss a payment, they are just one more statistic in the foreclosures racket.