Unemployment Generates Foreclosures and Collapsing The Mortgage Industry »
Posted By altnrg 1 year, 1 month ago in News
Foreclosures that were previously caused by bad loans and poor payment management have shifted gear and are now driven by unemployment or lost of income.
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+ Add CommentShowing 97 of 106 Comments (view all)
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boots72_Comment removed: Hard Banned
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vmoptions-web-directoryComment removed: Hard Banned9 Replies
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lovemorgulComment removed: Spammer, Hard Banned
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mackiemesserComment removed: Retracted by user6 Replies
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jimdoze1 year, 1 month ago
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Gee! Might one suppose that the egg from which this chicken was hatched just might be foreclosures in the first place? The virtuous circle, on which Barney Frank, Chris Dodd (and all the rest feeding at the trough) had rested their no-risk spread-the-wealth scheme, has now turned into a descending spiral threatening to take the U.S. and the World economy with it.
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Go figure.
The wonder of it all is that these folks have managed to pull another rabbit out of the hat and, if polling data reflects common perceptions, have managed to blame the Bush Administration and "greedy Wall Street (utilizing the misperception that Wall Street is all Republican)" for the mess.
Will wonders never cease?!-
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blowback1 year, 1 month ago
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> The virtuous circle, on which Barney Frank, Chris Dodd (and all the rest feeding at the trough) had rested their no-risk spread-the-wealth scheme, has now turned into a descending spiral threatening to take the U.S. and the World economy with it.
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To blame Barney Frank and Chris Dodd
for our impending economic collapse is myopic.
The writing for this was already on the wall for decades
and most clearly 5-6 years ago.
Contributing factors include:
- the long term dollar devaluation
- the Trade Deficit
- the National Debt
- artificially low interest rates
- a banking system without sufficient reserves
- a fiat economy
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Charlson1 year, 1 month ago
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nostalgia1 year, 1 month ago
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"new energy initiative"
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Be careful what you asked for
After all Congress decided ethanol was a winner
Have you been following the news??
Gateway Ethanol LLC has sought Chapter 11 protection, the latest in ... Pratt, Kan., ethanol company seeks Chapter 11 bankruptcy designation
Shares of VeraSun Energy Corp. fell Wednesday after a report surfaced saying the ethanol producer is looking into Chapter 11 bankruptcy protection
Jobs in producing ethanol haven't fared very well have they?
What do you think that will do to the farmers who plowed under other crops to grow corn??
And how about wind:
We pointed out Sunday night that investor and wind crusader T. Boone Pickens admitted on 60 Minutes that he and his fund are down a staggering $2 billion from the drop in oil and natural gas prices this year. For someone who’s touting an energy plan to get the U.S. off foreign oil by using natural gas-powered vehicles and wind, it doesn’t look so good to have bet so wrong on the drop in prices. But here’s even worse news: The Wall Street Journal says about half of the investors in Picken’s energy fund are heading for the exit faster than victims of a spontaneous Carrot Top show.
New York Times, in its story Alternative Energy Suddenly Faces Headwinds; and in the Wall Street Journal's blog, Environmental Capital: Green Meltdown: Credit Crunch Whacks Renewable Energy, Too. Even the American Wind Energy Association issued a bleak forecast. -
BlueAutumn_1989Comment removed: Retracted by user
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debnphil51 year, 1 month ago
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beavith11 year, 1 month ago
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if someone put a bell on your a$$ could you find it with either hand?
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free trade makes wealth. go read up on comparative advantage. the dems either don''t understand that or will say destructive things to get themselves elected. i think its the latter...
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goth0981 year, 1 month ago
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the company I worked for fired me because the manager we called out i was making almost 3000. a mo. plus buonce so i could make my payments. not ammm on unemployement and can't make car payment ,rent, utilty, ans car insurance. lost my health insurance, so since i can not afford my med health is getting bad again . can not get food stamps because i draw 55 dollars to much they dont take what you owe just what you are bring in. everything with the econmice needs to be reworked. all these bailout need to help the little person too, not just on houses but also on cars, med.health insurance, we have to REMEMBER THAT WE ALL ARE IN THIS TOGETHER. WE NEED TO STOP BLAMING OTHERS AND WORK TOGETHER TO FIND A WAY TO MAKE THE ECONOMIC PLANS WORK
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BlueAutumn_1989Comment removed: Retracted by user
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jordan111 year, 1 month ago
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Yes, we are bailing out the greedy and when we go into that depression, they'll have theirs (or ours, actually). This bail out is doing nothing to help small business. It's only making the big boys richer while businesses are failing and jobs are lost. I'm just stunned at the stupidity of our government. Just stunned.
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American International Group Inc. spent $440,000 on a conference at a California resort less than a week after the $85-billion government bailout was announced. WE will be paying for that!
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coolrayfruge1 year, 1 month ago
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History repeats its self.
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Another recession.
Go figure.
A society built on Money to fuel a indivuals selfish ambitions ,greed, and lack of concideration for their fellowman.
A society thats prey's on its fellowman's needs and hardship's to provide a lavish life style for themselves.
And not care about they hardship they afflict on others.
What do your exspect.
You cannot solve the world's problems by leaving it up to those that are causing it.
Quit exsecting money to solve the problem.
Cause it is the problem.
Its gonna take the unselfish act of the people coming together and helping one another like we do in most crisis to solve the problem.
To build a society not dependent on money, but on one another working together.
We lost our Freedom to money and the selfishness of individuals.
we became to dependent on them and they used it to control and take advantage of us.
Now look where we are at.
left empty handed in debt to them at their mercy.
This is not the American Dream. -
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teddy5321 year, 1 month ago
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If we keep on, the service industries will be finished, also manufacturing will also be finished, we have too many illegals taking Americans jobs, if we do not stop this, immediately, this once great nation, will be even further on it`s knees!!!
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teddy5321 year, 1 month ago
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If we keep on like this, the service & manufacturing industries, will be finished, there are far too many illegals taking Americans jobs, if we keep on like this, this once great nation, will be even farther down on it`s knees!!!!!!
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Harbeas1 year, 1 month ago
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I agree that jobs has to take a high priority in the new administrations agenda. Without creating and maintaining jobs we cannot pull our selves out of this morass. Every day the news is full of companies laying off more people. If you lose your job you won't be buying any new cars or a new home or a new refrigerator. All you efforts will be on holding onto what you currently have and trying to keep food on the table. So jobs must be priority one.
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canadianrancher571 year, 1 month ago
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This whole mess is caused by one thing, that is the standard of living that people expect in your country. This is not the first time that the economy has slowed down but this time it is more severe because of government intervention. Every time there is a slow down the government increases the money supply which lowers interest rates and makes money available for things like houses and many other goodies, As demand for the goodies picks up so does the price which leads to higher wages which makes your goods expensive to the world market so then things turn around and head lower.
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Everyone has gotten so they expect the government to come to their aid and they have, which means no one learns anything and your standard of living may not increase much but it is still well above the standard of living in your competetors.
The reality of the world today is we all have to compete against the whole world which will take us to lower standard of living, if you doubt me ask anyone who is in agriculture since most of us do compete with the world. -
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Eagle_Eye1 year, 1 month ago
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I hear a lot about Franie and Fredie and bad loans being forced on them, etc. But, I think if we look at the WHOLE picture here meaning the county and state government that saw the potential for a huge tax revenue by allowing the "urban spraw" that ok'd a lot of huge tract home developments to be built.
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Now the greedy developers came along and in the case of Florida bought a bunch of swamp land and filled it in then proceeded to build enormous neighborhoods. Now in order to sell all those houses they built they offered really ridiculous mortgages just to get people into those houses they built.
So, I can't blame the mortgage companies, congress or the others for all of this. It goes way back to the greedy developers, county and state governments that over built the market to create such a ghastly mess. When you over build the market of course your going to crash and these developers pressured the lenders to give the loans to people that didn't really qualify because the lenders wanted to get the money the developers borrowed to build.
Vicious circle of greed and look where it has gotten us. Of course all those people in those over built homes had to have big SUV in the garages too. -
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djrasmussen1 year, 1 month ago
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This a history repeating itself around the late 80's when housing costs soared and then just a few years ago In San Diego you could pay up to $500,000 for a lousy 1954 built 2-3bdm house. I couldn't believe people were paying it. They couldn't sell it to break even so what else, foreclose. I'm just a renter and I have lived in two foreclosed homes, bank took over, we had to move and they are still empty...well if you don't consider rats, pests, fleas, mosquitos, shady vandals who excrete on the floors and bash holes in the walls tenants. Why not just let the people who lived in the home and took care of it,either owner or renter, stay at a reasonable rate...hey, it's better than nothing boys.
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mompro1 year, 1 month ago
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It's more fun to punish for some reason. We just keep blaming those who shouldn't have gotten loans until now. Suddenly unemployment has come to the front of the line as a good reason for home foreclosure and not just those who shouldn't get one in the first place. It could be anyone for any number of reasons including medical bills, etc. It's about time the mortgage industry got spanked. I'm sick of some hard working soul, who is trying to get a tax deduction for mortgage interest paid and some asset value in something, instead of pouring money into the pockets of jerk landlords, getting the rap for the collapse.
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freedomofspeech1 year, 1 month ago
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I believe that there is more then enough blame to go around for this economic crisis. It's roots lie in; excessive deregulation, the lack of oversight by congress, the excessive lowering of interest rates by the Federal Reserve, the greed on Wall Street, corruption within the administration, the Republicans, the Democrats, predatory lending and irresponsible consumption. That which is further fueling the crisis; such as unemployment, has nothing to do with the causes mentioned above. Many people now, are becoming the victims of the inevitable fall-out. The vast majority have done what is right; but they are, none-the-less, paying the price for all those who didn't.
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coolrayfruge1 year, 1 month ago
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How about Freedom!
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Something capitalism,communism,socialism or Fascism doesn't allow.
A Free society of free people working freely to preserve our Freedom from those that want to control it!
It doesn;t take money to be organized.
It doesn't take money for people to work together for a common purpose.
A better way of life for all and
to be free.
To provide things Freely without someone controling us with it.
Why do we need someone to have power over our lives and the things we need to live in this world.
Are we a gutton for hardship?
Are we such sheep that we can't think for ourselves.
Life is already hard without some prick on a god trip telling us how we need to meet their standurds, rules and regulations for a right to live in this world.
**** tests,background checks,questioniare's,resumes.
We let our country be taken over by anal and paraniod people.
Do we really need all this crap!
If I were a crook I wouldn't bother applying for a job.
I'd just walk in,shoot you and take your frickin money!
Why put up with your crap!
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