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Moral hazard: I signed up for the bailout and I didn't even need it. I merely fell into the category that allowed me to claim it. Plenty of hidden assets but not much cash savings so I appear very poor and with low income as a research assistant, formerly an intern at a Fortune 500 making much more money. So, I qualify and have leveraged "the system".
That's what is going on here. The foreclosures are occurring because of long-term loan practices (completed before the economic crash) and the continued economic disaster begun by conservative's policies. We tried to put a more robust recovery plan, but the GOP and other idiots fought it. Now that it's not working as fast as it could have, they are making fools of themselves by complaining.
Complete fabrication. Obama had in place a program to help struggling homeowners. It has failed miserably. Those long-term loan practices of giving mortgages to people who did not qualify, protected and nurtured by the democrats in congress through Fannie&Freddie.
Nice analogy. You should talk to the moderate Obama supporters who think this is a noble and righteous war. Oh, and it takes 45,000 troops to clean up after someone? WOW!
Foreclosures are many times brought on by people who have lost their jobs but most are on homes where the loan was made to people who could not repay even in the best of times.
I am sorry while that may have been true for a number of foreclosures it can no longer be that it is people who bought more house than they could pay for....
To add,the plans put in place did not seem geared towards helping people that much with all the rules and restrictions in place...we tried for months to take advantage of this but in the end it could not help us.
Foreclosures are going to get worse,especially when commercial real estate tanks.
Sept. 23 (Bloomberg) -- The crash in U.S. home prices will probably resume because about 7 million properties that are likely to be seized by lenders have yet to hit the market, Amherst Securities Group LP analysts said.
The “huge shadow inventory,” reflecting mortgages already being foreclosed upon or now delinquent and likely to be, compares with 1.27 million in 2005, the analysts led by Laurie Goodman wrote today in a report. Assuming no other homes are on the market, it would take 1.35 years to sell the properties based on the current pace of existing-home sales, they said.
it aint barack fault if not 4 him it would be at 98% now its onl half that i htink so stop bashing him jjust cuz he the prez and u aint
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