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Blame this on the Dems? GFY
The lenders refuse to help the taxpayers who saved their still-bankrupt asses. Repug policies wouldn't haven't changed that.
Weren't Dems really concerned about all the poor innocent people losing their homes last election cycle. They must have stopped caring since they never seem to mention the foreclosure rate anymore.LOS ANGELES -- Lenders took back more homes in August than in any month since the start of the U.S. mortgage crisis.
The increase in home repossessions came even as the number of properties entering the foreclosure process slowed for the seventh month in a row, foreclosure listing firm RealtyTrac Inc. said Thursday.
In all, banks repossessed 95,364 properties last month, up 3 percent from July and an increase of 25 percent from August 2009, RealtyTrac said.
August makes the ninth month in a row that the pace of homes lost to foreclosure has increased on an annual basis. The previous high was in May....
http://www.foxnews.com/us/2010/09/16...osure-percent/
Blame this on the Dems? GFY
The lenders refuse to help the taxpayers who saved their still-bankrupt asses. Repug policies wouldn't haven't changed that.
There are no republican policies, only democrat ones.
I didn't say there were. I said Repug policies WOULDN'T have made any difference in the lenders' non-assistance.
Yes, republican policies would make a difference.
They would have never mandated the health care legislation. They wouldn't let the Bush tax cuts expire. They wouldn't scare employers with talk of more and more taxes, fees, and regulations.
As long as the democrats policies keep businesses from hiring people, and continue them to downsize, there is little to no motive to make new loans, or let past due loans continue on.
It boils down to the cost of employing people. Democrat polices hurt this nation. With the added burden of health care legislation and taxes increasing in January, Things will stay as they are or get worse. Very few businesses are in a position to increase their employee base. Many are scared of losing their businesses as it is.
"republican policies would make a difference."
not to the foreclosure/underwater crisis.
In you unbiased opinion, what would the Repugs, God bless 'em, have done about the foreclosure/underwater crisis.
Hey, I'm all for more foreclosures. It's really the only way to deflate the ridiculously inflated housing market. And it means a Joe Schmoe like me might actually be able to afford a house one day.
Banks are still trying to prop up housing prices by keeping homes they own off the market.
I'll see Wh'sand raise you a
.
Doesn't seem like a viable exercise for very long.....
house prices are not now so inflated as they were in 2007, esp on the high end.
a huge fraud by the banks is that they are valuing/booking their mortgages as prices they will never receive.
the entire financial sector is one big fraud, a rip-off, predatory.
BaselIII is a joke.
There's no way to fix the financial sector because the govt is owned by it.
I'm with you there. It's a hard medicine to make people swallow, but housing prices are still way too high. One reason the bubble popped was because it came to a point where people contracted to build nicer houses for less than the market rates shot up to.
As well as postponing foreclosures on delinquent borrowers. All of which adds up to Obama is ed.
If that's what matters to you, sweet baby.
There's some like nearly 10 YEARS of unsold housing inventory, and that's only if the they start selling at average historical rates,which they aren't and won't, even with mortgage rates at 4%.
I don't understand why it's so hard to buy right now. I would think that if a buyer went to the bank that the seller is being in danger of foreclosure with, that this same bank would be happy to chance a loan with a new buyer.
Granted, I'm not one looking to buy, but in a form to put a current loan in the hands of a more likely candidate to pay the money back seems like a win-win for both the bank and the buyer.
The lender has booked mortgage as his asset/cash flow at its original bubbled price, even though the lender will never get that bubble price for it, and the lender doesn't want to devalue his booked value by selling to a new buyer at many percent off.
If the homeowner has one or more home equity loans, then those lenders have to agree to the sale and get their money. VERY complex.
Then the lenders are holding out to get paid off by insurers FHA/Fannie/Freddie.
It's a real mess of a crisis the lenders have plunged the country into.
But keep telling me how wonderful the free market is and how honest and good-faith the conservative-unregulated corps are.
Last edited by boutons_deux; 09-16-2010 at 02:37 PM.
I don't think it's necessarily hard to buy right now; just that there's no reason to, with the market prices still dropping. (If I were out of the military and living in a single area, I'd probably buy soon.)
Yes, if the housing market has already bottomed out. That's a big if.
What are banks requiring for down payments now? Could be part of the problem...
http://www.dsnews.com/articles/poll-...ome-2010-06-02
But a 20% dawn payment is traditional. Maybe not requiring that much was a large part of the disaster we now have.
Screw maybe. I'll say it is.
I'd say that was a huge part of it...but the reduction of down payments could've been driven by the increase of housing prices...almost a chicken-egg thing. There were plenty of sketchy mortages written by builders who fudged the outta credit apps. I know. I almost built a house a couple of years ago. We didn't even need the help, but the builder was suggesting several questionable tactics. Glad I passed on it now.
Oh yeah, I agree. I didn't mean requiring a down payment was "a problem". Just that when half of people haven't saved anything it might make it hard for them to buy the house they can't afford, like the good ol days.
The flip side of that argument using supply and demand logic, housing prices wouldn't have ever skyrocketed if they were harder to buy.
I don't doubt that at all. People like that should be reported.
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