Beebs52 wrote:ontellen wrote:As someone who has no say in the U.S. election I just can't help but answer this!
He's handling the Georgia-Russia thing well? He also said America has no problems. Tell that to the foreclosure gang.
I don't think George had a whole lotta input on the foreclosure thing. That was a whole lotta creeps who raped the idiots/stupid/greedy dickheads that exist everywhere.
The 'foreclosure crisis' has been played up, over reported, and incorrectly reported.
The people who are getting screwed are the folks who are making their mortgage payment and keeping their homes.
Most people getting foreclosed on paid little or no money down, had below market interest rates for the past 5 years, and have not made a mortgage payment for at least 6 months.
The news media would have you think that the poor bastards are losing their homes. They are not. The homes are not theirs. They did not pay for them.
The reality is the 'poor basards' have lived cheaply, paying below market 'rent' for 5 years and are now being evicted because they aren't paying for what they are using.
It is not like they overpaid for anything. They underpaid and simply can't or more likely are unwilling to catch-up on what they owe.
The crisis is in the home building and in the lessoning of property values for those homeowners who did not get sub-prime loans.
Example: PB ('poor bastard') "buys" a $150,000 home in 2003. He pays nothing down and gets a 3.5% 5 year ARM with a 30 year term. His payments for the past 5 years are $673. His rate balloons to 7.75% in January making his payments $1,074. Oops! Can't make the payment. So he doesn't pay Jan, Feb, Mar, Apr, May, Jun payments. He is forclosed on and kicked out.
His equity? Well, thanks to him and the others, the market value of the home is still $150,000. He paid nothing down and a below market interest rate, so he has no equity. He rented the home for 5 years, then lived in it free for 6 months.
Sorry for me to feel sorry for him.
Meanwhile, his neighbor, who understood what nothing down, and ARM meant, is making his payment. He put 20% down and has been paying down the loan. His home, is now worth $150,000 instead of the $200,000 it should have been through normal appreciation.
