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<blockquote data-quote="The Other Side" data-source="post: 840814" data-attributes="member: 17969">Re: Obamanomics&nbsp;again, blame bush. Homes that are foreclosing are interest only loans that were issued for 5 to 7 years (during bush) and are resetting to prime plus 2% at time of contract. With housing prices down, and most of those loans upside down by 200K plus, they have NO chance at refi.&nbsp;For those loans that are not fannie or freddie backed, there is NO chance at mods or refi.&nbsp;These foreclosing loans were nothing more than ticking time bombs ignited during the BUSH boom, and now they are going BOOM.&nbsp; People dont have any option but to walk away and file for bankruptcy.&nbsp; How do you attribute foreclosures to Obama?&nbsp;&nbsp; These loans after reset could be as high as 5500 dollars a month.&nbsp; Who can afford that?&nbsp; It was&nbsp; bad plan from the start and the blame rests solely on the creator of the problem.&nbsp;Please learn to understand the housing crisis baba, your lack of knowledge on the subject is annoying.&nbsp;Peace.</blockquote>

[QUOTE="The Other Side, post: 840814, member: 17969"] [b]Re: Obamanomics[/b] again, blame bush. Homes that are foreclosing are interest only loans that were issued for 5 to 7 years (during bush) and are resetting to prime plus 2% at time of contract. With housing prices down, and most of those loans upside down by 200K plus, they have NO chance at refi. For those loans that are not fannie or freddie backed, there is NO chance at mods or refi. These foreclosing loans were nothing more than ticking time bombs ignited during the BUSH boom, and now they are going BOOM. People dont have any option but to walk away and file for bankruptcy. How do you attribute foreclosures to Obama? These loans after reset could be as high as 5500 dollars a month. Who can afford that? It was bad plan from the start and the blame rests solely on the creator of the problem. Please learn to understand the housing crisis baba, your lack of knowledge on the subject is annoying. Peace. [/QUOTE]

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