Foreclosures to rise whoever wins White House »
Posted by: STONERS 2 months agoHome foreclosures will keep rising next year no matter who is elected president in November.
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STONERS2 months ago
"Even the optimism that surrounds a new president taking office cannot resurrect home values overnight, and presidents have no direct ability to reduce rising mortgage rates. Nevertheless, Democrat Barack Obama and Republican John McCain both promise help for homeowners facing foreclosure."
Guess we will have to wait and see "who" will help.
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browntiger2 months ago
Exactly!
Bush and repukes moved this country 100 years into the past. Where financial system is failing, corporations rule, food is unsafe, gas prices are ridiculously high, and no jobs created. Retirement system is broke, as every company dumps they retirement plan on the goverment, declining stock market combined with absurdly low treasury rates during time of excessive inflation. Not to forget we are in the middle of the war at cost of 250/bil per qtr.
Yeah - it would take decades to fix this mess.
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bubba22 months ago
It sure will take many years.
Foreclosures are on a record pace in the Memphis area, especially rental property. Renters are being evicted, with little to no advance notice, because the owners of the rental properties have defaulted on their mortgages.
The vast majority of the American people continue to suffer because of the horrid mess and evil that has been perpetrated for the last 7 years by the Bush administration.
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Amazing12 months ago
As the dollar continues to circle the drain, the Fed will eventually be forced to raise interest rates. This will worsen the foreclosure mess. If they lower interest rates, everything else will rise in price. The Fed is between a rock and a hard spot. And they only make matters worse when they pump more fiat currency into the economy. Recession? Hah! I figure it's going to be a depression before all is said and done.
A new president cannot stop it. There are some things they can do to prevent further damage in the future. Like making sure lenders and borrowers alike are really looking at the viability of any home loan.
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quackpot2 months ago
It will be hard to lower interest rates below zero, although the Bush "economists" might find a way.
The true problem for Bush is that with the intrest rates so low, one keystone of his economic "policy", PRINT MORE MONEY to support SPEND SPEND SPEND, is becoming harder to do.
Perhaps the Bush legacy of Print Money, devalue the dollar and give the profit to the ultra-rich is near an end.
OH, what is a Bushie to do without a printing press when the only option left is to borrow from our kids?
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bubba22 months ago
I heard on the news yesterday how American real estate and corporations are being bought up by Russians and people from the Middle East.
The value of the dollar is in the toilet, and the price of oil is so high that the Russians and the Middle East folks are spending their profits on American properties.
It has been said that America would be taken over without firing a shot. If the economic situation keeps going in its current direction, that could come true sooner than we think.
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nostalgia2 months ago
This mess goes back to the Financial Services Competition Act of 1999
CONGRESSIONAL RECORD: Extensions of Remarks HON. SHEILA JACKSON-LEE
Today I rise in support of H.R. 10, the Financial Services Competition Act of 1999
Today's vote represents groundbreaking financial services legislation that would dismantle many of the depression era laws currently hindering the financial services industry from engaging in a modern global marketplace.
CRA is a success story. Between 1993 and 1997, the number of home purchase loans to African Americans soared 62%; Hispanics saw an increase of 58 percent, Asian Americans nearly 30%; and loans to Native Americans increased by 25%
In Congress, we have spent more than twenty years debating how to update the Nation's antiquated banking laws that prohibit banks, securities firms and insurance companies from entering into another's businesses.
http://64.233.167.104/search?q=cache:BbjQwpXE_U...
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bigG2 months ago
That is what I have been telling friends of mine since 2005 - stay liquid and there will be buying opportunities in the near future. A couple of friends actually heeded the advice and waited to purchase homes instead of buying near the peak - now they stand to buy a much nicer home for a good deal less than they could have in 2005.
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texangelwings2 months ago
A lot of homes were sold over the past 5 years, to people who have lost good paying manufacturing jobs, were un-educated in process of purchasing a home and taken advantage of, so there are still a lot more foreclosures as more jobs are lost! And what are our Representatives doing to stem the tide of foreclosures?....nothing! Another cleanup after Jr. job!
Good article, thanks STONERS!
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nostalgia2 months ago
They will get more than a dime from you - you will be funding the bailout of the mortgage industry with your Federal tax dollars
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mompro2 months ago
Mortgage companies don't want to admit it is in their best interest to help homeowners stay current or get caught up. But, maybe not. People want to make their payments and keep their homes. I remember years ago when they would allow people deferring a missed payment to the end of the loan as a deferred payment once per year if they were at risk of going over 30 days late on a payment. Someone I knew, in the middle of a divorce was able to do that a few years ago, but no longer. She said the program was removed. Not that it's great, but it would be a solution to some of the homeowner's problems without bailing anyone out.
But i thought the earlier comment about renters losing their apartments put a whole new twist on displaced families. That was a view i hadn't thought of. How horrible to pay rent, which sucks, and then to be thrown out when the landlord gets foreclosed on, especially in buildings with more than one tenant. What a mess.
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nostalgia2 months ago
The article indicates that "Differences have to be worked out between Dodd's plan, in the Senate, and a similar House proposal by Rep. Frank, D-Mass."
Read what was written about these bills before you take a position
Frank bill:
The Frank bill in the House isn't getting good reviews and may even be worse than the Senate bill
http://worldnetdaily.com/index.php?fa=PAGE.view...
Dodd bill:
A Pro-Foreclosure Bill
The Senate's housing relief needs repair
We know that legislation can involve a certain amount of moral and intellectual corner-cutting. But is it too much to ask that a bill called the "Foreclosure Prevention Act of 2008" not contain a provision that might, at the margin, encourage home foreclosures? Apparently so, because the bipartisan Senate housing relief package includes just such a measure.
http://www.washingtonpost.com/wp-dyn/content/ar...
This was written BEFORE Dood's sweetheart mortgage came to light
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jordan112 months ago
The fate of those facing foreclosure lies with the Congress, not who will be President. If people want real change, that's where the real hope lies. I doubt Obama will be able to a lot about anything, given the dysfunctional Congress we currently have.
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Cityslicker2 months ago
Sad , people are losing their homes , but some do because they were told the ARM could get them into a home out of their budget , they bought , now can't afford , and some just plain can't afford because of rising energy and food prices or have lost job because of high energy prices .
The smart S&L , and Energy Racketeers know people are in trouble and yet they make the cost of living go up to prop up the S&L market which causes a fall in Housing and rise in Energy , brilliant .
Saw that the U.S. did a secret mission just yesterday to remove Uranium from Iraq , wait a minute , thought Iraq had no WMDs ?
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emailkyloe2 months ago
The inherent value of the dollar lies not with "Congress" or the "President", but lands squarely on our own shoulders.
As such, inefficiency of this 'value' may lead one to abscond to the lowest levels of the economic abyss, into intellectual slavery, the very heart of Capitalism, Imperialism and totalitarianism.
Since the apparent demise of the barter system for a vindictively contrived implementation of anew, namely Capitalism, economics became a tool more-ever than an necessity for conglomerates. The expanding liberty of economics dissipates the very entity of liberty for the masses.
What does this mean?
Billion dollar profits(and rising) for the excrescent corporations. Total control of oligarchies, tense economic dictatorship and vehement policing.
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emailkyloe2 months ago
and so...
It's easy to understand that 'money' has no 'value' outside your actions.
The 'real' value of money comes off your own back; your labour; your intellect; your lives; your children; your willing.
So the question leads to...
What 'value' are you worth to this system...?
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