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 Home Foreclosures on the RisePosted on Mar 5, 2007As interest rates continue to spiral out of control for many high-risk borrowers, the number of home foreclosures around the country is steadily going up. There isn’t much good news for the opportunistic lenders either—more than 20 mortgage companies have already gone bankrupt.
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By brokerdown, July 9, 2007 at 6:05 pm Link to this comment
Break it down to the basics. None of this could have happened if the people taking out the loans understood what kind of loans they were getting and what the future payments would be. It’s been over a decade since federal mortgage disclosures created. Since then over 200 loans were created!!! Bottom line, if the government and banks REALLY wanted people to be financially literate and understand loans they would have made disclosures make sense so people actually understood what they were reading nad they wouldn’t have put all the housing counseling agencies in the ghetto.
Most people do not consider getting help or advice on mortgage loans because they think it’s only low-income and uneducated people that struggle with the process. WAKE UP these issues have nothing to do with income or education. That is the BIG secret they don’t want to let out. There is an interesting company that seems to have a good grasp on reaching these the rest of the population that isn’t going to the ghetto to get help. The site is offerangel.com and they do what the government has not, they get everthing you could every want or need to know about the loan you are getting and they make sense of all the jargon so the rest of us do not have to rely on lying loan officers to give us the terms.
This mess is outrageous and it never ceases to amaze me that people just think this is a few “bad actors”. Give me a break, when someone feeds their family based on how much they charge you…you are guaranteed to not know everything about that loan.
Report thisBy Christopher Robin, March 6, 2007 at 2:41 pm Link to this comment
(Unregistered commenter)
These last two years, have been marked by a sharp rise in oil prices. Hitting pocketbooks across the board. There has been no wage inflation to accompany the rising fuel costs. All these price increases are coming directly out of income and or savings.
Yet, the Fed still feels the need to add yet more burden onto this mix by raising interest rates? Can we now start giving the “Fed” some credit for causing recessions?
Report thisBy lani, March 5, 2007 at 8:13 pm Link to this comment
(Unregistered commenter)
The Asian markets are trembling from the Sub Prime loan bomb slowly exploding.The Japanese, Indians, and Chinese just don’t want to keep buying all these compromised loan packages.I am afraid of the downward spiral of the middle class and what it means about life in this country.
Report thisBy Dennis D, March 5, 2007 at 8:09 pm Link to this comment
(Unregistered commenter)
Will our Koolaid “booming economy” built on mountains of debt, inflated stock prices, easy credit and a worthless dollar finally have to start to pay the piper? I see the taxpayer getting screwed again. Can anyone say Savings & Loan bailout two.
Report thisBy Rodney, March 5, 2007 at 3:54 pm Link to this comment
(Unregistered commenter)
Well under Bush we’ll all wind up living in tents anyway.
Report thisBy house this, March 5, 2007 at 2:33 pm Link to this comment
(Unregistered commenter)
you haven’t been able to buty a house in this country since the 60’s. that was the first salvo the predatory capitalists shot versus the baby boomers.
Report thisowning a house means you don’t have to pay on it. otherwise you are sharing it with your mortal enemy, THE BANK.
not allowing people to own where they live explains why there are no rights, nor the ability to fight for them, in this country.
By Frank, March 5, 2007 at 1:02 pm Link to this comment
(Unregistered commenter)
It was just reported today that foreclosures nationally are down for the second month in a row.
According to ForeclosureS.com, a California-based publisher of foreclosure property information, foreclosures dropped nationally in February to 106,074 filings, down 3.4 percent from January and down 6.5 percent from December.
“The foreclosure numbers finally are beginning to reflect the stabilization in housing markets that we’ve been talking about for the last few months,” said Alexis McGee, president of ForeclosureS.com.
The headline of this blog is misleading if not totally inaccurate.
http://birmingham.bizjournals.com/birmingham/stories/2007/03/05/daily3.html
Report thisBy Erik McBain, March 5, 2007 at 10:06 am Link to this comment
(Unregistered commenter)
I absolutely guarantee that not a single CEO of any of the now bankrupt or going bankrupt sub prime lenders has lost a cent. Most of the owners of these scam companies sold off their now worthless stock months ago, and the poor suckers who owned the stock took the hit or are going to. Wait until Countrywide goes belly -up, their big boys are already running for the door.
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