Obama and Demorats Use Foreclosure as Cruel Political Tool
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It is a hairy situation. A lot of people throw the blame on the lenders that gave the money to folks that really couldn't afford it. BUT, on the same hand, you know what you can afford and if you can afford a $80K house and take a mortgage on a $300K house, you get what you deserve. Gotta take accountability for your own actions.
Sorry but as someone who has worked in real estate for the past 15 years I can ASSURE you that Obama did not create this foreclosure mess but the lax Under writing standards at many mortgage lenders who would give a anybody with a pulse a mortgage!
Sorry but as someone who has worked in real estate for the past 15 years I can ASSURE you that Obama did not create this foreclosure mess but the lax Under writing standards at many mortgage lenders who would give a anybody with a pulse a mortgage!
I don't think anyone is blaming Obama for starting the foreclosure mess. But... it is his job to help fix it. especially when billions of taxpayer funds have already been taken. you can't steal our money
banks and Obama need to be held accountable
But......obama seems to think foreclosures should go forward.
White House doubts need to halt all foreclosures - Yahoo! News (http://news.yahoo.com/s/ap/20101010/ap_on_bi_ge/us_foreclosures_white_house - broken link)
And how does this dispute Tempset's point??
Obama's veto wasn't about ending all foreclosures. His veto was about recent concerns about people being foreclosed upon who actually owned their home free and clear or questions over whether or not the mortgage company or bank foreclosing actually legally held the mortgage or the note on the home and things of that nature. This has in part happened due to the complex dealings of buying and selling mortgages and Mortgage Backed Securities, something that has exploded in growth over the past 5-7 years.
Errors may have happened as a result of the rather complex nature of these trades, especially since these type of trades have exploded in nature. Homeowners who might be victim to these errors may have little recourse, hence the veto.
Sorry but as someone who has worked in real estate for the past 15 years I can ASSURE you that Obama did not create this foreclosure mess but the lax Under writing standards at many mortgage lenders who would give a anybody with a pulse a mortgage!
So where does the accountability lie with the people who accepted a mortgage that they knew they could not handle? A lot of this is from greed. People see developers buy houses, rehab them, flip them and make a profit. Then they say, Hey, I can do this. Just like a land developer purchasing raw property, turning it into a community by bringing in infrastructure and someone saying, Well look at the money they are making, I can do that.
There are people getting involved in things they have no business getting involved in and are now paying the price for it. I feel bad people are losing their houses, but you make your bed, you got to lay in it.
While President Obama and Democratically-controlled Congress have done everything they can to stop housing foreclosures, instead of champions for the so-called "working man," they are only forestalling the inevitable, killing the current real estate market and assuring a much deeper housing crisis in the near future
Dems did a necessary move, not just for homeowners, but for America as well. The amount of distress a sudden massive homeless population would put on American society would be the beginning of the end of the fabric of society when you put so many American families out on the streets.
Also, you are forgetting, this may turn out to be one big fraudulent foreclosure and eviction mess by the banking system, if they can never produce all those notes Then there will be RICO against the bankers, civil lawsuits by the evicted , who knows maybe even punitive damages against the banks will be allowed too etc. Forget the housing market, this may be the worst banking collapse in history yet to come, because NOONE will bail them out again.
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Then there will be RICO against the bankers, civil lawsuits by the evicted , who knows maybe even punitive damages against the banks will be allowed too etc. Forget the housing market, this may be the worst banking collapse in history yet to come, because NOONE will bail them out again.
