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#1
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Record 12% Behind on Mortgage Payments
So what are they gonna do, kick 12% of the population out of their houses?
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1985 380SE Blue/Blue - 230,000 miles 2012 Subaru Forester 5-speed 2005 Toyota Sienna 2004 Chrysler Sebring convertible 1999 Toyota Tacoma |
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By population, you mean 12% of those holding mortgages, which is substantially smaller in scope than 12% of the total population.
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I hope so; I pay mine every month, they should pay theirs.
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- Brian 1989 500SEL Euro 1966 250SE Cabriolet 1958 BMW Isetta 600 |
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1984 300SD Orient Red/ Palomino 1989 560SEC 2016 Mazda 6 6 speed manual 1995 Ford F-150 reg cab 4.9 5speed manual |
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You play to pay. You don't pay, you don't play.
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01 Ford Excursion Powerstroke 99 E300 Turbodiesel 91 Vette with 383 motor 05 Polaris Sportsman 800 EFI 06 Polaris Sportsman 500 EFI 03 SeaDoo GTX SC Red 03 SeaDoo GTX SC Yellow 04 Tailgator 21 ft Toy Hauler 11 Harley Davidson 883 SuperLow |
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Nice to see the simple answer crowd around as usual. Putting aside any compassion-based reasons to find a better solution than foreclosure and eviction, what do you think putting that many bad loans onto the banks' books will do to the banking system and economy? What do you think putting that many houses on the market will do to home values (YOUR home values)? What do you think having that many people displaced from neighborhoods will do to school systems and your taxes? What do you think having that many abandoned and boarded-up houses will do for petty crime and vandalism? Do you not think there is another way to salvage this situation without eliciting too many crybaby squeals of "It's not FAIR!!!"
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1987 W201 190D |
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No question that they SHOULD pay theirs. I'll bet all but a very tiny fraction wishes they COULD pay theirs.
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1987 W201 190D |
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1) Much of the "value" in real estate was artificially driven up by allowing unqualified buyers to enter the market, so those equity boost were as natural as Barry Bond's HR record.
2) The displaced owners, are they jobless too? If not, then the rental market will absorb as much as it can. Meanwhile, if the lenders don't want to become landlords, they will create the opportunities for those that want to. |
#9
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Quote:
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01 Ford Excursion Powerstroke 99 E300 Turbodiesel 91 Vette with 383 motor 05 Polaris Sportsman 800 EFI 06 Polaris Sportsman 500 EFI 03 SeaDoo GTX SC Red 03 SeaDoo GTX SC Yellow 04 Tailgator 21 ft Toy Hauler 11 Harley Davidson 883 SuperLow |
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I have no sympathy for those who live above their means. I live in a very nice house because I pay my bills and I am frugal with my money. My house is a 3400 sq. ft. 2 story brick on an acre lot. I owe 49,000 on it and it's worth $250,000 not bad for a Drunk. I have made a lot of money in the last 25 years and speny MOST of it wisely. I guess what i'm saying is that WTF were these people thinking? A manager at McDonalds or whatever place think they could afford a $300,000 mortgage. I think the lenders should be put on the street as well as the bumbass borrowers.
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For the Saved, this world is the worst it will ever get. For the unSaved, this world is the best it will ever get. Clk's Ebay Stuff BUY SOMETHING NOW!!! |
#11
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I'll make some simple statements of my own now: People living in homes are better for all of us than having more homeless people. Foreclosed and vacant homes are bad for the economy, bad for neighborhoods, bad for neighbors, bad for the banks. Things are not likely to improve quickly. Keeping families in their homes during this economic turmoil adds stability that is sorely needed.
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1987 W201 190D |
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For the Saved, this world is the worst it will ever get. For the unSaved, this world is the best it will ever get. Clk's Ebay Stuff BUY SOMETHING NOW!!! |
#13
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Now, neither you nor I know much about the people behind this 12% figure. Many of them, in fact possibly most of them, were probably responsible people with good jobs who paid their bills on time, lived within their means, and may have even had some money socked away for retirement. But the retirement money's gone, one or both of the earners got laid off, perhaps someone got sick and there's no more health insurance... I heard on the news that most of this wave of delinquencies is on "PRIME" mortgages, not the sub-primes we all heard about a while ago.
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1987 W201 190D |
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Job losses, health care bills, and adjustable interest rates that went up are the main causes of the high foreclosure rate. One pretty good idea that I heard about on PBS and that one community organizer in Massachusetts is helping people fight for is letting the banks foreclose and sell the house at current market value back to the original borrower, which they are reluctant to do because it rewards bad behavior they say. True, but that's rather hypocritical coming from the banks. And it would be a good solution to the foreclosure crisis. That and having govt-funded health care, which would stabilize everything.
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2004 VW Jetta TDI (manual) Past MB's: '96 E300D, '83 240D, '82 300D, '87 300D, '87 420SEL |
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Gov't funded health care - that's brilliant. They can't do Medicare, they can't do Medicaid, they can't do Social Security, they can't balance a budget, they can't do a defense or construction contract without going horrifically overbudget. Why in the world should they be given the chance to run health care????????????? It's getting closer and closer to the day when I finally move away.
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- Brian 1989 500SEL Euro 1966 250SE Cabriolet 1958 BMW Isetta 600 |
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