Homes in foreclosure top 1 million

Those foreclosures... I don't think it's their actual homes they lost. Most of it are the "investment" estates. Am I correct?
 
Deaf Mortgage said:
You are focusing on one group of Bush administration. Its not their fault that economy slummber. Fannie Mae and Freddie Mac has created guideline that became too loose in lender practices. That welcomed 0% down payment. That group of borrowers that put down 0% down payment are the group that have the highest risk of foreclosure or short sales. That what we are seeing now. A lot people foreclosure because they put down 0% down payment on the house.

BUSH did not decide this, or the admininstration of Bush decided this. Fannie Mae and Freddie Mac's fault. More we should blame Alan Greenspan for the guideline. He make the mistakes and has great influence on Economy. Greenspan is well known human indicator of economy. If he say economy is good, the economy is good. If he say economy will be bad, its bad. His word is more powerful than Bush in economy.

Bush is more visual to USA than Alan Greenspan. Alan only appears in investor section that most people do not read. So blame Bush because he is the leader, that what people want to. They want to have someone take on the blame. Its Alan Greenspan that should take the blame and which he is taking on the blame.

Recently CEO of Banks in USA have come together to discuss on Fannie Mae and Freddie Mac's guidelines. A lot revisions to slow down the fall of economy. This economy is not bad compared to 1980's economy. That economy in 1980's were horrible. Interest rates were in 15% or higher. 1,000 banks were in hot water and probability do not exist anymore. Today interest rates are 6.5% and only 90 banks are in hot water. Major difference.

There is a bigger picture of economy than just blame on one man. Its the buyer's responsible of what they do. Reckless behavior causes economy to go up and down.

And one more thing... Stocks rises and fall based on the confidence of people. If people not confident with stocks, they will sell the stocks when they can and cause stocks to fall value. If people buy so many stocks, it rises. So it based on confidence of people. Its not the confidence of Bush's ability to control the economy. If it was controlled by Bush, then we will be considered communism.

We live in one of the greatest country with capitalism. Of course we need to expect rises and fall of economy. Always. Also this is 4th recession since World War 2. We survived many recessions. We have can survive this recession with mortgage by clean up the bank's guidelines.
Click to expand...

And it all goes straight back to the current administration's economic policies.

People are not confident because of the state of the economy. The state of the economy is dependent upon political decisions.
 
jiro123 said:
Those foreclosures... I don't think it's their actual homes they lost. Most of it are the "investment" estates. Am I correct?
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You are incorrect. American middle class are going into foreclosure at an alarming rate. It is their primary residence that is being lost.
 
jillio said:
You are incorrect. American middle class are going into foreclosure at an alarming rate. It is their primary residence that is being lost.
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goddamn.... what can I say.....
 
jiro123 said:
Those foreclosures... I don't think it's their actual homes they lost. Most of it are the "investment" estates. Am I correct?
Click to expand...

Both - Most primary residential home owner lost their homes. In other word, first time house buyers.

Right now it is more investor market, they can buy cheaper property and substance income reasonable than buy 0% down on a home with high price. Rent cannot break even and cover all expenses.

Most investor are surviving the market. Its the home ownership that are hit the hardest.
 
jillio said:
And it all goes straight back to the current administration's economic policies.

People are not confident because of the state of the economy. The state of the economy is dependent upon political decisions.
Click to expand...

Not entirely. It does not fall entirely on Bush's Administrator.

Read wiki on Alan Greenspan. He admitted the housing bubble would have happen after he left his position in 2006. Alan Greenspan - Wikipedia, the free encyclopedia

Scroll down on Wiki to Controversy section and House market bubble. It explain more about what Alan Greenspan has done.

In fact, he is the greatest influences on economy in America.
 
Deaf Mortgage said:
FHA Secured loans - That if you have a ARM mortgage and you never missed payment until the interest rates increased. It has become burden to the mortgage on time and caused you to be behind... you can refinance through FHA.

This is what FHA secured loan is for. They created and want to help people who are faced with foreclosure because of interest rate increased.

So if you know someone who slipping into foreclosure, they can contact me for more information where to go and refinance or defend their mortgage.

You can call your lender and ask them to modify your loan. You do have a lot options if interest rates increased on your mortgage. So many options...

Its sad to see 1 million foreclosure going on but they do not know about FHA secured loans or other options.
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I agree that it's wise to talk to your lender if you have a problem. But not all lenders are authorized to do FHA work so if your lender is not authorized, look for a lender who is authorized.
 
I am not sure that it was similar to very spoiled Donald Trump. He is very involved in the enterprise buildings. His dirty work was to shut down some of his own buildings and threw employees on the street with no checks in order to avoid the IRS legally. Don't you think?
 
webexplorer said:
I am not sure that it was similar to very spoiled Donald Trump. He is very involved in the enterprise buildings. His dirty work was to shut down some of his own buildings and threw employees on the street with no checks in order to avoid the IRS legally. Don't you think?
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I am not familiar with that story. Do you have article about this?
 
webexplorer said:
You will hear some news on the internet or TV news once a while.

Here is one of the examples: News is a Conversation: A sad day...layoffs announced

Note: I googled it, and I didn't finished reading this article.


Trump Entertainment Resorts: Information and Much More from Answers.com (It is another one, but it does not mean that he is broke. He never broke...)
Click to expand...

True - he is broke in one of many companies he owned. If one failed to work, he has 100 other companies that are successful. Business rises and fall quickly within 5 years of launch. Only handful make it past 5 year milestone. I am sure Donald scoff at the loss he had at one company for he own so many companies. Think this way similar as mutual funds. If one stock fail to perform, there are another 10 stocks will do better job overall performance and still give you profit.

I have heard Trump went broke few months ago. Oh well.
 
Deaf Mortgage said:
You are focusing on one group of Bush administration. Its not their fault that economy slummber. Fannie Mae and Freddie Mac has created guideline that became too loose in lender practices. That welcomed 0% down payment. That group of borrowers that put down 0% down payment are the group that have the highest risk of foreclosure or short sales. That what we are seeing now. A lot people foreclosure because they put down 0% down payment on the house.

BUSH did not decide this, or the admininstration of Bush decided this. Fannie Mae and Freddie Mac's fault. More we should blame Alan Greenspan for the guideline. He make the mistakes and has great influence on Economy. Greenspan is well known human indicator of economy. If he say economy is good, the economy is good. If he say economy will be bad, its bad. His word is more powerful than Bush in economy.

Bush is more visual to USA than Alan Greenspan. Alan only appears in investor section that most people do not read. So blame Bush because he is the leader, that what people want to. They want to have someone take on the blame. Its Alan Greenspan that should take the blame and which he is taking on the blame.

Recently CEO of Banks in USA have come together to discuss on Fannie Mae and Freddie Mac's guidelines. A lot revisions to slow down the fall of economy. This economy is not bad compared to 1980's economy. That economy in 1980's were horrible. Interest rates were in 15% or higher. 1,000 banks were in hot water and probability do not exist anymore. Today interest rates are 6.5% and only 90 banks are in hot water. Major difference.

There is a bigger picture of economy than just blame on one man. Its the buyer's responsible of what they do. Reckless behavior causes economy to go up and down.

And one more thing... Stocks rises and fall based on the confidence of people. If people not confident with stocks, they will sell the stocks when they can and cause stocks to fall value. If people buy so many stocks, it rises. So it based on confidence of people. Its not the confidence of Bush's ability to control the economy. If it was controlled by Bush, then we will be considered communism.

We live in one of the greatest country with capitalism. Of course we need to expect rises and fall of economy. Always. Also this is 4th recession since World War 2. We survived many recessions. We have can survive this recession with mortgage by clean up the bank's guidelines.
Click to expand...

:gpost: One of the best in AD! You're absolutely right about everything you said. Even the part about Alan Greenspan. He was practically the MAN for so many years. I don't know how Mr. Bernake manges to relieve his own stress.
 
I've read somewhere that some policies get set in PRIOR administrations--which is one more reason why I said it's not all BUSH. That's why the posting by Deaf Mortgage truly says it all.

Trump broke? No way! HIM? He went bankrupt years ago but he just brushed off the old debts and started all over again with what he had at the time. Businesses do fail, just not all of them at any given time. Don't forget the tv show the Apprenitice brought in a lot of $$ for him as well.

The mortgage crisis is now reaching the PRIME mortgages if not already there. Key is in being current with your mortgage and you're fine, no matter who lent you the money, where you live, what you got and how. Along with Alan Greenspan, even my Mom saw it coming. She doesn't invest too much in land, but mostly in the stock market. She told me "Don't hurry into buying a house if you can". THANK GOD. I would not be able to BOTH carry a mortgage AND keep building up our business. It would be so HARD to pay all of the bills every month. It is tough for most of us already with the bills alone. And it's not the President's fault. The tabs has him boozing big time. What if that is really true, and if it is, then it speaks volumes about the stress he is dealing with. I bet he can't wait to be done with the presidency. Too much to handle, even though he ran in the first place. I do not want to be in his shoes.

Sorry for the long post. Just my .o2 as usual.
 
ok this is an email a I got today that will add to all the other politic post that are going up. but its interesting

****This I got from my local family ATV group today!!!******IslandBreeze


Hey guys...facts are facts!!
This has to make you think a little bit, if not then keep your blinders on!

George Bush has been in office for 7 1/2 years. The first six the economy was fine.
A little over one year ago:
1) Consumer confidence stood at a 2 1/2 year high;
2) Regular gasoline sold for $2.19 a gallon;
3) the unemployment rate was 4.5%.
4) the DOW JONES hit a record high--14,000 +
5) American's were buying new cars, taking cruises, vacations o'seas, living large!...

But American's wanted 'CHANGE'! So, in 2006 they voted in a Democratic Congress & yep--we got 'CHANGE' all right. In the PAST YEAR:
1) Consumer confidence has plummeted ;
2) Gasoline is now over $4 a gallon & climbing!;
3) Unemployment is up to 5% (a 10% increase);
4) Americans have seen their home equity drop by $12 TRILLION
DOLLARS & prices still dropping;
5) 1% of American homes are in foreclosure.
6) as I write, THE DOW is probing another low~~11,100--
$2.5 TRILLION DOLLARS HAS EVAPORATED FROM THEIR
STOCKS, BONDS & MUTUAL FUNDS INVESTMENT
PORTFOLIOS!


YEP , IN 2006 AMERICA VOTED FOR CHANGE!...AND WE SURE AS HELL GOT IT!!!....NOW OBAMA, the DEM'S CANDIDATE FOR PRESIDENT--AND THE POLLS SAY HE'S GONNA BE 'THE MAN'--CLAIMS HE'S GONNA REALLY GIVE US CHANGE!!....JUST HOW MUCH MORE 'CHANGE' DO YA THINK YOU CAN STAND???.....
 
IslandBreeze07 said:
ok this is an email a I got today that will add to all the other politic post that are going up. but its interesting

****This I got from my local family ATV group today!!!******IslandBreeze


Hey guys...facts are facts!!
This has to make you think a little bit, if not then keep your blinders on!

George Bush has been in office for 7 1/2 years. The first six the economy was fine.
A little over one year ago:
1) Consumer confidence stood at a 2 1/2 year high;
2) Regular gasoline sold for $2.19 a gallon;
3) the unemployment rate was 4.5%.
4) the DOW JONES hit a record high--14,000 +
5) American's were buying new cars, taking cruises, vacations o'seas, living large!...

But American's wanted 'CHANGE'! So, in 2006 they voted in a Democratic Congress & yep--we got 'CHANGE' all right. In the PAST YEAR:
1) Consumer confidence has plummeted ;
2) Gasoline is now over $4 a gallon & climbing!;
3) Unemployment is up to 5% (a 10% increase);
4) Americans have seen their home equity drop by $12 TRILLION
DOLLARS & prices still dropping;
5) 1% of American homes are in foreclosure.
6) as I write, THE DOW is probing another low~~11,100--
$2.5 TRILLION DOLLARS HAS EVAPORATED FROM THEIR
STOCKS, BONDS & MUTUAL FUNDS INVESTMENT
PORTFOLIOS!


YEP , IN 2006 AMERICA VOTED FOR CHANGE!...AND WE SURE AS HELL GOT IT!!!....NOW OBAMA, the DEM'S CANDIDATE FOR PRESIDENT--AND THE POLLS SAY HE'S GONNA BE 'THE MAN'--CLAIMS HE'S GONNA REALLY GIVE US CHANGE!!....JUST HOW MUCH MORE 'CHANGE' DO YA THINK YOU CAN STAND???.....
Click to expand...

What happened to your previous claim that economic problems are the result of decisions by the previous administration? In this case, the "previous adminsitration" would be Bush. And the adminsitration prior to that would be his daddy.

Can't have it both ways. If the state of the economy is the result of the previous adminsitration, then it still goes straight back to Bush.
 
I'm on Jillio's side. I will explain why it's something do with enomoncy later. I will have a few questions for you, Deaf Mortgage later.
 
IslandBreeze07 said:
ok this is an email a I got today that will add to all the other politic post that are going up. but its interesting

****This I got from my local family ATV group today!!!******IslandBreeze


Hey guys...facts are facts!!
This has to make you think a little bit, if not then keep your blinders on!

George Bush has been in office for 7 1/2 years. The first six the economy was fine.A little over one year ago:
1) Consumer confidence stood at a 2 1/2 year high;
2) Regular gasoline sold for $2.19 a gallon;
3) the unemployment rate was 4.5%.
4) the DOW JONES hit a record high--14,000 +
5) American's were buying new cars, taking cruises, vacations o'seas, living large!...

But American's wanted 'CHANGE'! So, in 2006 they voted in a Democratic Congress & yep--we got 'CHANGE' all right. In the PAST YEAR:
1) Consumer confidence has plummeted ;
2) Gasoline is now over $4 a gallon & climbing!;
3) Unemployment is up to 5% (a 10% increase);
4) Americans have seen their home equity drop by $12 TRILLION
DOLLARS & prices still dropping;
5) 1% of American homes are in foreclosure.
6) as I write, THE DOW is probing another low~~11,100--
$2.5 TRILLION DOLLARS HAS EVAPORATED FROM THEIR
STOCKS, BONDS & MUTUAL FUNDS INVESTMENT
PORTFOLIOS!


YEP , IN 2006 AMERICA VOTED FOR CHANGE!...AND WE SURE AS HELL GOT IT!!!....NOW OBAMA, the DEM'S CANDIDATE FOR PRESIDENT--AND THE POLLS SAY HE'S GONNA BE 'THE MAN'--CLAIMS HE'S GONNA REALLY GIVE US CHANGE!!....JUST HOW MUCH MORE 'CHANGE' DO YA THINK YOU CAN STAND???.....
Click to expand...

The first 6 years of Bush administration--the economy wasn't fine. Have you forgotten the recession in 2001-2002? :roll:

Secondly the mortgage industry has no one to blame but itself for the housing woes. Afterall--they were the ones that lend money to people to buy homes when people have no down payment on a house. That is not good economics--it's stupid economics! And now it's coming back and biting them in the ass! Unfortunately it will be the US taxpayers that is going to have to bail out the mortgage industry.
 
Byrdie714 said:
The first 6 years of Bush administration--the economy wasn't fine. Have you forgotten the recession in 2001-2002? :roll:
Click to expand...

Exactly. If we are going on the "previous administration theory", all roads lead straight back to Bush, either elder or junior.
 
jillio said:
Exactly. If we are going on the "previous administration theory", all roads lead straight back to Bush, either elder or junior.
Click to expand...

One has to look at how the mortgage industry is regulated as I added that onto my post.... :)
 
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