Pickup,
This is not far from reality. While we joke about THIS the next shoe to drop will be to forgive all those people that LIED to get Mortages and now cry how they were duped ----their loans will be "forgiven" while we continue to work to pay down our loans while our property values have gone down the tubes. This is the new and fair " Progressive Agenda". Break the law --lie about income , live off the social programs and get rewarded.
Who said hard work pays off ??
Where do you dream this stuff up?
THe majority of homeowners that are losing their homes arent LIARS and CRYING. They are simply victims of the BUSH recession. Look, all the foreclosures are not from unemployment, they are ALL LANDMINES set during the BUSH ADMINISTRATIONS gamble that home ownership would be great for all citizens.
Did you forget the video I posted where BUSH says "that a person with bad credit deserves a home just as good as anyone else"...??
Todays foreclosures are driven by INTEREST ONLY LOANS that are maturing ISLAND. Once those loans mature, the owner cannot AFFORD the terms of the RESETS. THE MAJORITY of home owners have jobs that pay well, but the terms of the RESETS make it UNAFFORDABLE.
In addition, property values continue to drop because of the ticking time bombs that blew up before the others driving the prices down. That leaves the homeowner with NO OPTIONS.
The majority of home owners CANT SELL because the homes are underwater, they cant refinance because they are outside the 125% loan to value, they cant MODIFY because they earn too much money or they are current on their payments.
This has nothing to do with being duped or lying.
The BUSH homeownership society is falling apart just as quickly as it was put in place.
We as a nation have to do something to slow the rate of foreclosures ISLAND, it affects us all.. Sure, you may laugh at the guy across the street when the marshall comes and tosses him and his family out onto the street and call them degenerates, but multiply that by a couple of million and it affects us all. OUR home prices continue to sink and foreigners are coming to this country and buying the vacant homes.
You cant pay down an interest only loan ISLAND. If a person was dumb enough to think that a 900 thousand dollar home would appreciate to 1.7 million like in my neighborhood in a couple of years and then they would flip it, then yes, they were nuts, but those werent POOR PEOPLE.
Those were the smart ones that you prefer. Mostly REPUBLICANS. The problem is , both fannie and freddie were not prepared to EAT million dollars homes. BUSH did it to this country,
Listen to BUSH himself. He spoke about BARRIERS, ISLAND. The biggest BARRIER was the down payment, and he was going to reduce the need for a 20% downpayment. FIRST MISTAKE. He goes on to further his agenda that today is killing us all who owns homes.
Home Ownership and President Bush - YouTube
I have three homes, all three are underwater. My neighborhood continues to have vacant large homes because of interest only loans with zero to 1% downpayments. All the persons who have lost homes HAD JOBS, but could not afford the JUMP in the payment once the reset hit.
If you were paying $3500.00 a month interest only on a 700K home for 5 years, once the reset hits, there is a balloon payment of around 25K due AND the payment jumps to approximately $8800!
Who do you think is dumb enough to stay in that home? The homes value is now down to approx. 500K or 200K underwater. What options do these home owners have?
This was all apart of the scam that was BUSH's change in home ownership. 3,5,7,10,12,15 year interest only loans are blowing up everywhere. Starting in 2003, these ticking time bombs set by BUSH have been blowing up in our faces.
If you bought one of these ticking time bombs in 2003 interest only for 3 years, then in 2006 it blew up ( psst..start of the recession) in 2004 if you took a 5 year interest only loan, then in 2009 it blows up (pssst...biggest year for foreclosures) and then, if you bought a home in 2005 interest only for 10 years ( pssst...in 2015 we got more coming)
So , how do you place blame on OBAMA? The math doesnt work out in your favor. PIck a year, do the math. Interest only. THe majority of these loans were written between 2003 and 2006. MILLIONS of them.
San Diego has the highest number of interest only loans in the country, followed by las vegas then florida. San Diego has the largest percentage of homes sold at 1 million or more interest only. Today, San Diego has the largest number of defaults killing fannie and freddie.
"PROGRESSIVE AGENDA".... you have no clue what youre talking about.
We need a minesweeper to fix this housing mess. OBAMA is trying to fix it.
There should be a reset on ALL MORTAGAGES lowering the loan balances and putting everyone into conventional loans vs interest only loans.
The BUSH vision of home ownership through trickery is just catching up to us all while he sits in crawford drunk as a skunk laughing his ash off.
Peace
TOS
