KXTV News10 report on foreclosures in California and interest-only adjustable rate mortgage loans. Alexis McGee of ForeclosureS.com comments on buying within your limit.
MORTGAGE RATES, HOME IMPROVEMENT & HOW TO BUY A HOME. EVERYTHING YOU WANT TO KNOW!
{ 25 comments… read them below or add one }
Why blame the president when you should blame yourselves? YOU got a mortgage, YOU tried to buy a house YOU couldn’t afford, YOU didn’t buy it with cash, instead YOU used credit.
“This sub prime mortgage mess would have never happened if We the People who do not have high paying jobs would have been granted the right to borrow a low interest home mortgage loan based on income directly from the Federal Reserve Bank” No, no, no. This wouldn’t have happened if we had the Federal Reserve in the first place. We wouldn’t have had this happen if we handed over the countries right to print their own money to a NON Gvt entity.
“financial aristocrats of Wall Street & the bank’s”- You meant NEW WORLD Order. Once people realize their plan they will get the whole scope of what is to come. “People don’t get it they market is not coming back for a very long time” – You are right on! In fact, 2010, and 2012 this is going to happen all over. Combine that with a stock market crash because of the dollar crashing and the bird flu, things are going to look really bad. You CANNOT sell your house when everyone else is too.
Let no one fool you. President Barack Obama is a representative of the financial corporate aristocracy of our nation whose policies are designed to defend the wealth of the ruling corporate elite. Unfortunately, organized advocacy group’s like ACORN or Move On should get together and organize a huge monster demonstration against their beloved President on the same spot where they shouted with glee when he was sworn into office in Washington D.C.
The Presidents senior advisor & assistant Valerie Jarrett made her million’s in the real estate market . Most of his inner-circle up on the Hill is made up of former CEO’s of Wall Street & the Bank’s and the reason why he has done nothing to save the million’s of primary home’s that have gone & continue to go into foreclosure since he took office.
I blame the “man of change we could believe in” President Barack Obama for not doing anything to help these American families from being evicted from their primary home’s. In my opinion. This phoney-baloney will be a one term President. This is the message we all should (like I do) send to the White House day after day and remind this turn-coat that he is nothing more than a puppet for the financial aristocrats of Wall Street & the bank’s.
Why do you need it to recover? Why can’t we live for FREE in these houses? We could get together and do a run on these banks and put them under our heels! Click on my link for my video idea.
We don’t have to pay these rotten banks a cent. If we all got together and did a Rip-Roaring RUN on these banks, we could stay in these houses and screw the banks million-dollar interests they are making. Click on my name for the video.
Equity? whats that? My neighborhood was affected by this. Lost equity when prices came down and foreclosures put a scar on the value of my property and others. Will it recover? Maybe.
people were watching to many episodes of “flip this house”
People don’t get it they market is not coming back for a very long time. Demographics are working against the market. Unless the US lets millions of immigrants in. These people are broke.
CS2008: between 500,000 to one million cats and dogs are at risk of becoming homeless & become the victim’s of abuse, killed on the street’s of America, euthanized by stranger’s because of over-crowding shelter’s) etc. Most of these pet’s (who in my opinion are like innocent children) will die horrible death’s in a strange place. Just think of the fear that these beautiful and intelligent animal’s will face (coming from a loving secure home that was foreclosed) when that time arrive’s.
CS2008: If you think we have problems now. Wait until over 100,000 of our troops and over 100,000 private contractor’s return home by late summer of next year from Iraq all looking for work, not to mention the possible flooding of refugee’s into our southern borders (Arizona, Texas, California etc) as the situation worsens for the govt. of Mexico (even after billions of our tax dollars were given to them) that is on the verge of collapse.
CS2008:This sub prime mortgage mess would have never happened if We the People who do not have high paying jobs would have been granted the right to borrow a low interest home mortgage loan based on income directly from the Federal Reserve Bank which should be nationalized for the moderate income working class people of our nation who for too long have been enslaved by banks and lending institutions by high interest rates on money that they receive at a low interest rate from the Fed.
CS2008:These homes couls be saved by getting the bailed-out bank’s to reduce the interest to 4%, extend the terms for 40/50 year’s at a fixed-rate and it wouldn’t cost the taxpayer a single dime.
Freddie & Fannie would only be used as a back-up to plug up any gaps. Most of these loans would be fully- paid off way before 40 year’s due to death, relocation of familie’s, divorce etc. These American families with children, the elderly
disabled etc., need help to stay in their home’s.
CS20This predatory capitalist system created more Frankenstein’s (i.e. loan modification experts, lawyer’s etc) who continue to pound these people who face foreclosure day after day from ads on TV, Cable, Radio & I even saw one in a public bathroom! This should be the bank’s job to do! Why do these people who are already broke & only looking to save their primary-home from foreclosure need to pay for outside help to save their home’s? This is what they got for voting for the man of CHANGE! 08:
CS2008: government endorsed plans to prevent foreclosure have continue to fail. 55% of borrowers whose mortgage (and the bank will only lower the interest rate for one-year-only) that have been modified were already deliquent within 6 months. Simply put. It dosen’t work. These (bail-out) bank’s cannot be trusted. I’ve said this since my high-school days that one day our draconian economic (predatory Capitalism System towards the working class) will be exposed and that day has arrived.
The stock market would not have crashed under McCain….and the home values would be going back up…..
did Pelosi say that???? she is getting kickbacks from the bailout through her husbands investments at Starkist Tuna..wake up!
0 percent loans were started under Clinton. Any time the government does ANYTHING it’s pretty bad… get in aline at the DMV and tell me it isn’t so…
The financial industry is going to be heavily regulated, and it should be. The Bush Regime’s obsession with deregulation caused this problem. You can’t trust anybody to self-regulate. The individual citizen must follow regulations (laws) every day, or the cops show up and your door. So why are businesses given this magical exemption on following laws?
Its the failed libertarian concept that the market will self-regulate.
“The Change We Need” must come from the Federal government.This sub prime mortgage mess would have never happened if “We the People” who do not have high paying jobs would have been granted the right to borrow a low interest home mortgage loan based on income directly from the Federal Reserve Bank which should be nationalized for the moderate income working class people of our nation.
The party is over.
The newly elected President Barack Obama could enact(once he takes office)to federally mandate long term loan modification’s (interest) on behalf of all Americans with ARM Negative (sub-prime/ deferred interest) mortgage loans (the main reason for foreclosures) at a low interest rate (fixed by the Federal Reserve Bank) for 40 & 50 year’s, depending on income. Leaving it up to the bank’s to do this is akin to putting the fox in the hen house to protect them.
NOOOOOOOOOOOO Brenda. You SIGNED on the dotted line for an adjustable rate mortgage. You Ma’am are a moron. You were fat dumb and happy when your home value kept rising. Go cry to someone else.