Doomsday Approaches for Homeowners: U.S. Home Foreclosures Sky-Rocket in August! Somervell County Salon-Glen Rose, Rainbow, Nemo, Glass....Texas


Doomsday Approaches for Homeowners: U.S. Home Foreclosures Sky-Rocket in August!

18 September 2007 at 5:00:58 PM

To all those doubters (especially in Texas) who didn't want to believe my articles forewarning on the pending home foreclosures surge, hang-on to your homes!!!

To read about it:  click here.

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1 - salon   18 Sep 2007 @ 9:10:40 PM  I, for one, always believed you. Now I want to know exactly what the legislation that the Senate just passed actually means for taxpayers. If we are picking up federal mortgages to save homeowners, on what basis, who benefits and what's the ultimate price to us? Frankly, if there are speculators who went around buying homes on these subprime mortgages, why should I be bailing them out? I'm far more sympathetic to first time naive homeowners, but even then why shouldn't it be these predatory, unregulated mortgage companies that pick up the slack?
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2 - pstern   19 Sep 2007 @ 10:21:34 AM 

What many people "don't get" is that there have been years of "easy" credit.  Under the Bush administration finance companies and banks have been able to give folks almost "endless" credit opportunities so more people have been sucked into applying for more credit than they can afford.

Credit card debt is rampant but you don't hear much about it.

In addition, there are many finance companies going into or approaching bankruptcy because the easy credit they provide is back-firing on them.

As more people go into high debt and foreclose on their homes and mortgages, these companies can't sustain the impact.

Companies that have been offering "no closing cost" refinancing, e.g., CountryWide, are hurting big time!

As we continue to go into the last quarter of the fiscal business cycle, we will hear much more about these companies and homeowners going into higher debt, foreclosure and/or bankruptcy.

It's a more shaky road ahead of us before it can get better.


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3 - salon   1 Oct 2007 @ 4:14:40 PM  And, mentioning Bush, this was all part of his snake-oil "Ownership Society" in which he was specifically targeting minorities for home ownership (and future Republican votes). Who knew he was peddling no-money-down mortgages?
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