1.8 million borrowers will lose their homes this year, up from 1.4 million last year

[ByLoSellHi]

http://www.washingtonpost.com/wp-dyn/content/article/2009/08/17/AR2009081703035.html?hpid=topnews


Unemployment Spike Compounds Foreclosure Crisis

By Renae Merle
Washington Post Staff Writer
Tuesday, August 18, 2009

The country's growing unemployment is overtaking subprime mortgages as the main driver of foreclosures, according to bankers and economists, threatening to send even higher the number of borrowers who will lose their homes and making the foreclosure crisis far more complicated to unwind....

 

[MandelbrotSet]

Quote from ByLoSellHi:


Unemployment Spike Compounds Foreclosure Crisis

By Renae Merle
Washington Post Staff Writer
Tuesday, August 18, 2009

The country's growing unemployment is overtaking subprime mortgages as the main driver of foreclosures, according to bankers and economists, threatening to send even higher the number of borrowers who will lose their homes and making the foreclosure crisis far more complicated to unwind....

Hey BLSH, sounds like capitalist hell! :eek:

 

[ByLoSellHi]

Quote from MandelbrotSet:

Hey BLSH, sounds like capitalist hell! :eek:

Indeed, mbs.

Indeed.

 

[logikos]

If Washington really wanted to issue a new bailout that would help the people and not their buddies, they would refi all mortgages of those families earning 250K or less to today's market price of the home, and at a small interest rate.. say 1 or 2%.

 

[morganist]

Quote from logikos:

If Washington really wanted to issue a new bailout that would help the people and not their buddies, they would refi all mortgages of those families earning 250K or less to today's market price of the home, and at a small interest rate.. say 1 or 2%.

in england they used to have mortgage interest relief at source they called it miras. they would write off an increase in mortgage repayments against income tax. they stopped that though.

 

[acepowerdrive]

the homes are bank owned homes,,why keep paying high mortgaga payments to the bank...they can't even afford mortgage payment even if interest rates were 0% . most just walk and rent instead or divorce.

when did the gov't get into the social housing sector. gov't can just build social housing with all the money wasted on bank bailouts etc

all this tax relief and lower property tax discussion...just pass the tax bill to another taxpayer. if people have no jobs not amount of tax relief or interest rates would do much or living in a home beyond their means.

Quote from ByLoSellHi:

http://www.washingtonpost.com/wp-dyn/content/article/2009/08/17/AR2009081703035.html?hpid=topnews


Unemployment Spike Compounds Foreclosure Crisis

By Renae Merle
Washington Post Staff Writer
Tuesday, August 18, 2009

The country's growing unemployment is overtaking subprime mortgages as the main driver of foreclosures, according to bankers and economists, threatening to send even higher the number of borrowers who will lose their homes and making the foreclosure crisis far more complicated to unwind....

 

[Clubber Lang]

Quote from logikos:

If Washington really wanted to issue a new bailout that would help the people and not their buddies, they would refi all mortgages of those families earning 250K or less to today's market price of the home, and at a small interest rate.. say 1 or 2%.

Fuck that. Tired of bailing out some people just because they make less than other people.

Either refi across the board at all income levels or don't do anything.

 

[Dr. Zhivodka]

I'm i the only one that loves all these bad headlines?

This is creating MASSIVE opportunity.

Wait...wait...I appear to be getting a hard on!

 

[trefoil]

Get a room.

 

[IanMacQuaide]

I think we'd be much better off if "Da Gubmint" had done nothing.