One Million Americans To Lose Their Homes. Where Will They Go And How Will They Live?
(Scene from Michael Moore's "Capitalism: A Love Story.)
A new report predicts more than 1 million American households will lose their homes due to foreclosure:
Nearly 528,000 homes were foreclosed in the first six months of 2010. As lenders work through a huge backlog of borrowers behind on their mortgages, even more home repossessions could occur before the end of the year.
According to RealtyTrac, Inc., a foreclosure listing service, the number of households facing foreclosure in the first half of the year climbed 8 percent when compared to the same time frame last year. In June, 1 in every 411 households received a foreclosure filing.
The fastest growing group of foreclosures involved homeowners with good credit who took out conventional fixed-rate loans. Many of these borrowers have fallen behind in their mortgages due to unemployment or reduced income.
It takes about 15 months for a home loan to go from being 30 days late to the property being seized and sold. Between January and June of this year, about 1.7 million homeowners received a foreclosure-related warning. At the time of this writing, more than 7.3 million home loans are in some stage of delinquency. The states experiencing the highest foreclosure rates are California, Florida, Michigan, Illinois, Arizona and Nevada.
As Atrios points out, the HAMP program has been worse than a failure, because it prolonged the agony for homeowners and most of them lost their homes, anyway. "All carrot and no stick," as this blogger calls it. (Which seems to sum up the adminstration's attitude toward bankers in general.)
I was in the neighborhood pizza restaurant last night, and several of the diners were talking about unemployment extensions. Like most people, they're confused about the difference between next week's vote on unemployment extension, and Tier 5 benefits -- which Congress won't touch. They're hoping "someone will do something," because the alternative is too unthinkable.
The staff is worried, too. The pizza cook is an accountant with three kids who can't find anything above minimum wage. "When I've gotten an interview, I'm going up against people with ten years' experience and MBAs -- for jobs that pay $10 an hour," he told me. "I just don't know what I'm going to do."
And the delivery guy, a former IT programmer, is worried sick about his wife, who has COPD and internal bleeding they can't locate. They've been going to the local federally-funded public health center. "The doctors there are good, but they get a little antsy when you need a specialist," he said. "My unemployment runs out in September, and she's the only steady paycheck coming into the house."
He told me he has this idea for an invention, that when he was working, he invested $1000 in getting designs made. But now? "I need another ten thousand to move forward, and there's no way in hell I can ever afford that without a job," he said.
He paused. "Let alone a house. I just don't know what we're gonna do."
And in stark contrast to the burdens carried by these decent, hard-working people, Americans who got the education and prepared themselves to be self-sufficient, stand the just plain mean denizens of Beck Nation. A friend of mine was looking in a store yesterday and told the owner she wouldn't be buying anything just yet because she was unemployed. The woman snapped, started wagging a finger in her face and told her she "shouldn't be here, you should be out looking for a job!"
"Practically snarling at me," my friend told me. "Can you imagine?" Yes, I can.
How are we ever going to bridge this divide? You just can't leave this many people without help, but the politicans are mostly spineless. What is going to happen to us?
Let's just keep blindly voting for Democrats! They'll fix it.
bush did a great job??? let me seeeee, how much are we in the hole after his shit for 8 years.
I'm not positive, but I think his post may have been critical of the democrats for not being... democrats, not that he's touting that Republicans are awesome and will fix everything.
And also an insult towards the Obama apologists who think that Obama is the best we'll ever have, so we'd better shut up and love him.
But I might be wrong. I'm sorta new here and don't know names yet.
You should go to the thread on the nomination of Liz Fowler. That will give you an eyeful. Be prepared to feel you're in the Twilight Zone.
"When profit comes up against morality, it's rare that profit loses."~Shirley Chisholm
unlike all the other industry insiders appointed
by Obama, Liz Fowler will certainly be the
progressive populist regulator of health care
reform we've all been waiting for ..
unlike:
Geithner in Treasury
sHillary at State
Gates at Defense
Rahm as chief of staff
etc etc
.. just wait and see!
Democracy is too important to be entrusted to politicians.
Rise Up!
Protest!
Were you when the real destroyers (Bush/Cheney) the previous administration was creating all this handy work.
There has never in our history been such a group of criminals in the White House.
They mush have made a mint with their inside trading there..
None
That is what I meant.
I'm calling into question blind party loyalty, not suggesting Bush was good. Use your noodle, will you?
Anyone really took interest in the democrat primary election in 2010??
Are we still stuck with Emanuel's pro war & corporate democrat candidate.
We need to go out side of the DNC and Emanuel's political strangle hold on the democrat party to select real democrats.
We have become like the republican voters following behind the wishes or demands of this right wing democrats controlling our party..
Emanuel's selection of democrat candidates smell to high heaven..
None
!
“The greatest evildoers are those who don’t remember because they have never given thought to the matter, and, without remembrance, nothing can hold them back,”
Mr. Perfect. It was changed with a spell checker. I have eye problems and use it.
None
I threw away the fake "survey" the DNC sent me looking for a donation. Does that count?
I give my money to candidates from here on out.
LUMBERGH!!!!!!!!!!!!!!!!
So the Republicans who created this mess and who are now doing nothing but obstructing and sabotaging the government and this country will fix it ? You're a real genius pal .
You really should read replies to a thread before posting stuff like that.
only the reps? so the dems had nothing to do with it? get your head straight
It wasn't just the Republicans who created this mess. Lots of Democrats (or I should say "Democrats") signed off on "this mess," too. Simplistic reasoning like yours is what's really at fault. Just because someone has (D) after their name doesn't mean they aren't Wall Street whores. Diane Feinstein, Blanche Lincoln, Evan Bayh, Mary Landrieu, and Bart Stupak come to mind.
>Just because someone has (D)
The same can be said for (R)
I think you mean the ideology and not the party... you can have a racist bigot running for the Dems and a liberal or progressive running or that have ran for the Reps.
Jesus, dude. What the hell do you think I'm trying to say? Faulty reading much? Read the fucking thread before you accuse me of faulty logic. The Dems are just as responsible for the fix we're in as are the Republicans. In fact, in a way, the Dems are even worse. At least the Republicans are up front about their Wall Street whoring.
Was your voice when the s... was hitting the fan in the Bush/Cheney administration.
Are republicans that stupid or do they just have a low IQ.
Bush I could run this country with no problem if it was a dictatorship and I was the dictator.
Bush the constitution is nothing but a piece of paper and I can do as I please.
Bush did and our country was destroy while the republican voters were no where in sight.
Now like roaches they appear out of the wood work and are having a pi..ing contest.
None
Maybe losing their homes will make the poor sober up, and stop their luxury unemployment benefits and big screen TVs and Mercedes Benzes, and get a real job.
Do not really believe that do you..
The corporate news media is controlling this election against the democrats and the democrats are losing their a....
Obama , Emanuel and the right wing democrats are doing a better job of destroying the democrat party then the republicans could ever dream of.
Look at the arrogant policy & actions of Emanuel on his (behind the door with health and drug deals) health care bill even when the Mass. Senator election and others were won by republicans which should have sent him a message..
But Emanuel just keep pushing his policies down Americans throats while Americans were saying NO. NO.
Wait till Emanuel has Obama and the democrats pass legislation to let Corporations and the intelligent agency to control the Internet traffic of what we can see or hear..
I have read where Israel's companies are paid with our tax money to spy on American 24/7 in 50 states and Washington D.C.
None
No, sorry, I should probably cut down on sarcasm until I'm better known on the C&L board.
I'm a progressive's progressive.
well, I got it!
Democracy is too important to be entrusted to politicians.
Rise Up!
Protest!
I thought it was obvious too...
"Hooverville" ring a bell with anyone?
I don't think I have to tell you, Susie, that "it's" already happening to us, to whit:
...wealth disparity is the highest it has ever been
...less than 400 people on this planet own and control more than 45% of the planet's resources
...unemployment insurance is in limbo for more than a million people
...massive amounts of our GDP still devoted to the illegal invasion of Iraq and the ongoing debacle in Afghanistan
...homes in foreclosure or threat of foreclosure across the nation
...the Gulf oil disaster has jeopardized or terminated thousands of jobs
...the power elite and their media lapdogs are vilifying those who are unemployed, as well as the significant number of undocumented workers in the US today, and the hoi polloi are happily lapping up these ridiculous bipartisan red herrings
sigh... I am 54 years old, and I have undertaken a major career change during the worse economy our world has ever experienced. I cannot get a job. After this phase of the census is over, I will have no viable income. I am one of the millions of US citizens who will be unable to feed myself, or afford even modest housing.
Homeless and in the streets...yep, that's where I envisioned myself when I finished graduate school.
as "superior" Americans? Republicans have been pushing that American Exceptionalism for decades. All you need to do is win the gene pool and be born of a rich family; lie, cheat and steal to get ahead in business; and vote Republican.
Yeah, that's the ticket!
“The greatest evildoers are those who don’t remember because they have never given thought to the matter, and, without remembrance, nothing can hold them back,”
same result
Over and over I wonder how long it's going to be before the other
SIX BILLION of us rise up against the 400, let each of them keep
one house and a modest $100,000 per year, and simply take the
rest of what they own and declare it common property.
The disgust with the uber-rich is worldwide.
Democracy is too important to be entrusted to politicians.
Rise Up!
Protest!
Since the super-rich control the media, the economic system and the government (including the military), it's unlikely anything short of revolution will get things straightened out.
The fight is literally coming, and it's going to be very ugly.
I have to say, I'm finally ready. Ready to hit the streets and get my ass kicked if necessary. I will not be a sheep, nor will I tolerate the people that are comfortable being sheep.
I saw the writing on the wall 30 years ago when Reagan
was elected. It was clear to me then that the American
economic bubble would pop about now (2010-2015).
We had a choice around 1975-80: either radically change
our energy consumption and our unsustainable way of life
or suffer the consequences.
Sadly America chose to go on consuming beyond our means,
making collapse all but inevitable.
Democracy is too important to be entrusted to politicians.
Rise Up!
Protest!
MountainMan23. You and I have had similar experiences and arrived at similar conclusions.
I was a branch manager for the largest thrift in Texas during the reign of St. Ronnie. I remember telling most of my friends and colleagues that we were experiencing major economic disasters during his tenure, and virtually no one would listen. In fact, I was told to move to Russia if I didn't like it here.
Six months before the S&L debacle, I resigned and moved on. For months after the debacle, former colleagues called me and said they wished they had listened to me (in regards to my advice that they read everything they could find, so that they could be aware of what was happening).
Here is what I learned from that experience: anti-intellectualism conflated with control issues floating on a shaky foundation of low self-esteem makes many of us afraid, and vainglorious in our fear. Aside from the blogging I do currently, and an article I'm writing, I no longer put my intellect out there. It's just too frustrating.
"anything short of revolution will get things straightened out."
When people who forced into homelessness and bread-winners have to watch their families suffer through no fault of their own, that's when things will start to get ugly. Maybe that is real reason behind all those detention facilities built by Halliburton at the behest of the Bush Administration?
Government + the Federal Reserve = organized crime
Nothing short of a revolution will stop this now but when half the population are so stupid and ignorant that they support the ones who are against them and are against us ... good luck , it would have to be a civil war . Face it , we are SOL , not that I have a death wish but I am glad I'm older I'll tell you that , as for the future it's going to get real ugly I do believe . I don't know about the rest of you but I'm feeling pretty helpless and powerless ... because I am helpless and powerless , completely ! I can imagine how those Germans who were against Hitler and the Nazi party felt , many left the country , most could not , they could only watch them take over their country ... and the rest is history .
I dunno what to tell you. I wish I could reassure you, but I'm honestly not that optimistic that things will be fixed in the current context of our country.
And believe me, I've looked. They (the status quo) have pretty much covered all their bases, making sure that absolutely no one can rock the boat.
I am optimistic, however, that we may see something huge within our lifetime. It's two parts scary, one part exciting, actually. Their out of control profit-based hyper-capitalism is likely going to fall soon. They've done nothing to stifle the problems that caused the recession, and they've been brash enough to come out and say, "Yeah, we're going to do the same thing again. And even more, and even faster, now that we know the government is our bitch, and will bail our 'too big to fail' asses out."
Kinda sounds funny/conspiratorial, but I'm actually looking into such post-collapse organizations/plans. It's not some sci-fi GlennBeckian fiction when you see your friends and neighbors out of a job, and Citigroup sending out a memo calling the USA a "Plutocracy."
"Limits To Growth" (1976?) made it clear the human race
had two options for the 21st century.
Either immediately (34 years ago) dramatically limit
population growth and industrial output, resulting in
a mid-21st century population of 8-10 billion
Or experience a massive dieoff by mid-21st century,
returning world population to 3-4 billion.
Clearly "our masters" have chosen the 2nd option, and
are accumulating all the resources to ensure that they
and their offspring are in that 3-4 billion remaining.
One of their major points was that as the situation
becomes more dire, the "haves" will grab more and more,
making matters much worse than they need be. And of
course we've already seen countless examples of that,
from the Wars For Oil & Natural Gas in the Middle East
to the financial manipulations here at home.
Democracy is too important to be entrusted to politicians.
Rise Up!
Protest!
This came to me a few days ago with my own blog...after reading Andy Cobb's piece on Detroit.
In my small town, we used to have a thriving downtown. The center piece was a three story department store with a grand staircase. It was the place to go if one wanted quality clothes, shoes, furnishings, etc.
Then a mall was built in the late 60s. Several of the downtown stores went there, including Woolworth's, Penney's, and the children's toy store.
The mall had opened up to great fanfare and we all felt so happy that our little town was *cough* progressing. The department store held on for, oh, another ten years or so, but the handwriting was on the wall.
Now the mall is a skeleton of its former self, with half of its stores empty.
The more affluent now shop in Indianapolis. The less affluent shop at the Walmart across the street.
This, to me, is a glaring example of the divide.
Yeah, I hear you sister. BA in Liberal Arts. "You want fries with that?"
"When profit comes up against morality, it's rare that profit loses."~Shirley Chisholm
a virtual hug, dolphin.
Someone herein below suggested that we start a tent city on the Mall. I would like to think we could initiate and expand a peaceful movement to eliminate the radical income inequity that is oppressing us and destroying our world. However, the uber wealthy are so enamoured of their filthy lucre, I have no doubt that significant numbers of us will die during this movement, regardless of how peaceful or how violent we become.
I think we should name tent cities "Constituent Cities" or "Congressvilles" or some other such names.
Or how about having a naming contest for tent cities? The snarkier the better.
Hope you find good fortune soon.
"When profit comes up against morality, it's rare that profit loses."~Shirley Chisholm
I'm hoping an Alan Grayson will challenge Obama run for Democratic
Presidential nomination in 2012.
.. or perhaps more shrewdly position himself for 2016.
It's gonna get real nasty and real tough in the coming years.
Argentina went through this (in 2000?) when most of the middle
class lost their homes and went to live under bridges.
Ten years later Argentina has a vibrant economy.
We can do it here too.
Democracy is too important to be entrusted to politicians.
Rise Up!
Protest!
I would LOVE that, but uh... if you look at trends, I'd say there's still about an 80% chance that most high donors such as the DNC will back an "establishment" candidate such as Obama, as opposed to any newcomers.
There's also other variables involved which stack the odds against that of a progressive democrat, such as who controls the debates and media during an election season. I suggest you read the book "Censored 2010" for a good story about how a once independent, unbiased democratic debate system turned in a corporate facade.
By 2016 so many Americans WILL be living on the streets,
eating at soup kitchens, dying in the alleys .. in short
the tragedy will be so bad and so widespread that we will
most certainly have radical change in our politics, either
through violent insurrection or a huge electoral change.
Democracy is too important to be entrusted to politicians.
Rise Up!
Protest!
By then both parties will have unanimously passed a bill that makes it illegal to vote unless you have a permanent address and 3 pieces of photo ID.
I have every confidence that We the People can reclaim our nation and do the hard work necessary to get us back on track. But, first, we have to figure out how to 'un-brainwash' the significant number of our families and friends who routinely swallow the manipulative, hate mongering, fear mongering pap spewing out of FOX 25 hours a day, eight days a week.
Nobody gives a flying fuck!
Our, politicians, bought and paid for, don't care. As long as they can keep getting corporate money, they'll get re-elected, no matter how much they spend on hookers, blow or diapers.
Corporations and businesses don't care. They have tons of cheap labor clammoring for a job just to be able to keep eating, or to keep themselves and their families from living under an overpass.
HELL! It's THEIR American Dream!!!
Not ours.
It's OUR nightmare.
And nobody gives a flying fuck!!!!!!!!!!!!!!!!!!!!!!!
going to run y'all off and let the Chinese with cold cash move in. No money no funny.
That's "one million American households," which might translate to as many as FOUR million Americans to lose their homes. You know...CHILLdrun are included, too.
"Trust no one, Mr. Mulder." - Well-Manicured Man
New Website Allows You To Report Illegal Immigrants
& The People Who Employ Them
Rat out your neighbors!
Squeal on your enemies!
Wreak havoc in hard times!
Democracy is too important to be entrusted to politicians.
Rise Up!
Protest!
Like Halliburton & KBR & Bechtel...
The Two Minute Hate
The Truth Ministry
They are all sure to be coming soon.....After all,
We have always been at war with Eastasia.
“The greatest evildoers are those who don’t remember because they have never given thought to the matter, and, without remembrance, nothing can hold them back,”
I thought it was Eurasia we were fighting.?
I found this slightly questionable, simply because of the fact that Republicans may not like illegal immigrants, but they do love their benefactors/bosses/contributors that DO hire them.
However, I would not be surprised if CERTAIN GROUPS of illegal immigrant workers were not followed-up on. Such as those in giant business.
... even without reporting them.
Courtesy of UFW
http://takeourjobs.org/
That link is bullshit. "We" are not a nation in denial, "we" either just don't care (GOPers), or are fighting to do something about it.
Conservatard/wingnut/asshole-Americans aren't in denial about the slave wages of those in the industries that serve them their slop, they LIKE it that way. Of course they don't care about legal or illegal immigrant farm workers, they don't care about the cashier at Walmart or the Server at Applebee's either.
In the "fuck you, I've got mine" attitude of the narcissistic wingnut, the "fuck you" means everyone who isn't their spouse or kids.
Caring neighbors is a fallacy. You are nine meals from anarchy.
This post hits so close to home that it moves me to tears.
I would use another word besides "spineless".
"When profit comes up against morality, it's rare that profit loses."~Shirley Chisholm
greedy bastards?
“The greatest evildoers are those who don’t remember because they have never given thought to the matter, and, without remembrance, nothing can hold them back,”
Employees of corporations.
The people of privilege will always risk their complete destruction rather than surrender any material part of their advantage." J.K. Galbraith
The Beck Nation has to keep telling themselves, and Beck has to keep feeding them, the lie that the unemployed deserve their fate. Otherwise, they'd have to confront the terrifying possibility that it could happen to them.
And that's a full body, heart stopping, panic attack. Much better to blame the victim. You can pretend you're safe then. These people are so crammed with fear, it's wonder they haven't started chocking yet.
Fox's schpiel is that the economy IS, in fact, failing, and that you SHOULD be scared, buuuut...
Obviously, this is the fault of regulation, and taxes on the wealthy. If only the government allowed companies to regulate themselves, they wouldn't need to get oil rigs inspected in the Marshall Islands.
This breeds a group of willing slaves, who think their master's well-being is the most important thing to their lives.
It's not only Faux. It's MSNBC (Andrea Mitchell); and Bloomberg News where the talking heads were practically knocking one another over trying to be the most persuasive with their we-can't-tax-the-rich-or-financial-calamity-will-occur schtick.
"When profit comes up against morality, it's rare that profit loses."~Shirley Chisholm
There should never have a TARP bailout that started at the top of the financial Ivory Tower. Bernake, Paulson, and the worst executive administration in America's history loaned money under the TARP program to just about anybody and everybody-big banks, credit card companies, robber baron equity firms,and insurance companies.
The banks were supposed to unfreeze the credit markets but they did not do so-making our economic situation much worse.
The Fed and Treasury should have injected the money at the bottom of the economic food chain by buying approximately 25% of the principal of the home owners that were under water. That could have been accomplished for appx. the same dollar amount of the $700 billion TARP.
By doing this the homeowner would have been able to stimulate the economy with the money saved by the reduction of the principal. The money would have went up the food chain to the top of the Ivory Tower.
By buying 25% of the principal a floor would have been established to keep home prices from falling.
The Fed/Treasury were and still are loaning money to the banks at 15/100 of 1% interest but our economy hasn't gotten much better.
The government could have held that 25% of the principal for the life of the mortgage and may not have lost as much as from the bailout to the top. They would not have given, basically, free money to those who still have not learned their lesson.
It is not too late for the government to step in and buy a certain amount of the principal and hold it.
For all that I agree with you 100% the problem is this:
NONE of the "chosen few" who are running things gives a
rat's ass about us the common folk.
If they did, they would have done something exactly like
what you propose.
They are NOT concerned about us the common folk. Each of
them is looking out for Number One - themselves.
"How do I ensure that I get re-elected?"
"Whose ass do I have to lick to get campaign funds?"
Democracy is too important to be entrusted to politicians.
Rise Up!
Protest!
Like in the Middle Ages. It's us the peasants againts them, the aristrocrats. They get it yet, and neither do we. Jobs are coming back. They are blocking Obama.
Passively they want and expect him to fail so that
can take over. Again.
the American People.
It was a careful planned bank robbery. Like Kennedy
"A coup d'etat" and nobody noticed!
I lucked out and sold my house. Somehow by the grace of whatever I bought a house cash in a short sale with the proceeds. It was for a former investment property so no one lost their home in the transaction. If something's not done to stop the hemorrhaging of these properties, no one's home will be worth anything- including those like mine that are fully paid for.
This dumb ass store owner should be ashamed except their probably a right wing moron so they have no moral or values so they know no shame.
I have started an attempt at stand up comedy and I have tried to write political jokes, however all of my stuff comes out so one sided because whether it's the repugs or the dems the only people worth a damn in our government are the truely left wingers like Kucinich (for example) but the rest of the right wing and all the right-wing dems (blue dogs) seem to be sending so frimly against the American people it's hard to right stuff that doesn't sound like I'm a raging liberal.
I fucking hate these right wing assholes because they are killing the American dream in favor of a corporate nightmare. and if the people of this nation were as great as we claim to be we would have stopped this by now...or at least a large majority of us would be working to reverse it. but America has not been that great nation for too long now. most people are more concerned with sports and their cars then anything being done to them or in their names.
Its okay, they can move into moms basement just like I did. Of course I never moved out because of those greedy tea-baggers hoarding all of their gold and money, but its a good idea anyway.
You can sit around all day and play WoW or get on Chat Roulette, plus mom makes the best SpagettiO's ever. I love it when she sprinkles parmesan cheese on it and brings me a juice box to wash it down with.
I can't decide whether to laugh at your post, or put you on ignore.
If you're going to be facetious, you should probably make your point more obvious for the slow folk like me.
this article is nothing to make fun of.....it affects the lives of too many working Americans who are getting screwed over by those "economic royalists" that Franklin Roosevelt talked about. We little people are just cogs in the machine for them.
“The greatest evildoers are those who don’t remember because they have never given thought to the matter, and, without remembrance, nothing can hold them back,”
If you have selfish, ignorant citizens, you're gonna get selfish, ignorant leaders.
George Carlin
I live in Florida,,,, don't have a basement to go to.
Sorry for the semi-OT post but I lost my internet access at home last night and can't log on at my leisure to wait for an open thread.
Mrs. JP got laid off last night and, with my UI benefits expiring and the Senate not doing shit last week re: an extension, we are truly, truly fucked and facing eviction. Anything anyone could do would be greatly appreciated. There aren't even any homeless shelters here.
JP
http://giveusthisdayourdailtydread.blogspot.com
Just like everybody who hates the government should go camp out on the Mall in Washington.
Everybody complains about the government but nobody does anything about it.
Dr. King would NEVER have let all these people sit in their basements writing insane post cards and sending them off.
Dr. King MARCHED on Washington.
There should be a Tent City on the Mall in Washington to protest mortgage abuse.
There should be a Tent City on the Mall to protest Health Care.
There should be a Tent City on the Mall to protest everything that you people hate about the Govnernment of the United States of America.
Get off your butts!
NOW!!!
I'm a lot like Ricky Gervais and the Golden Globes: Why?
While I mostly agree, I also have to say that I think that the media would lie/ignore/misreport it if we did, and that we'd probably have to pack lots of bandages.
Protests are going to be necessary, but we really need to get the money-corrupted scumbags out of office if we're going to change anything.
It's going to have to happen one bluedog at a time.
If you are not humain about it; then we'll come and take it. Bank don't want to lend money to entrepreneurs, and the simple reason or plan for that matter is to sabotage Obama's plans for job creation. On the other hand. What jobs? They went overseas where manufacturing cost are ridiculous. Ask Wall Mart. They four or five factories in China. But Americans continue buying at Wall Mart. So...what's next?
... but the statistics has to be filtered. The first thing that occurred to me is, how many mortgages are under water? This site says "Over 11.3 million mortgages are under water."
Depending on the laws and the state, and how severely under water the home is, it may make sense to let the home go into foreclosure.
Investors also are a component to the foreclosure numbers, meaning one who didn't intend to occupy the property.
Between these two components, I think the numbers are a little skewed. This article says about PPM loans, "In basic terms, as long as you have a PMM and you live in California, then the lender cannot come after you for any deficiency balance remaining once the house is sold in a foreclosure sale."
If the borrower is severely under water, and this PPM situation is applicable, then continuing to pay the mortgage is throwing good money after bad, even if the borrower has the ability to pay. Other situations would be if a bankruptcy would work. Let the house go into foreclosure, punch up the credit cards and go bankrupt.
So, some of the foreclosures are probably due to other factors than reduced incomes and unemployment.
... to the people being kicked to the curb.
CTHULHU 2012 "Why vote for a lesser evil?"
And our elected officials do not have the balls to fix it.
No, they are perfectly ok with the way things are going right now.
Here’s my read. Although the Democrats have historically been the less greedy, and the party to look out after the common man, both parties are now firmly in the pockets of big money corporations. I think that the economy, unemployment, bankruptcy, and home foreclosures will continue to worsen until citizens, out of desperation, take to the streets to demonstrate or riot. If we have continued to move in the direction of becoming a police state such as we currently are, such demonstrations will simply be forcefully quelled. If not, there might be a chance of dialogue and change in a more positive direction.
To the extent that the Democrats are in control, my predicted demise of political, economic, and living conditions will occur more slowly. If the Republicans are in control, being mainly concerned for providing privileges for the wealthy at the expense of the common person, the demise will occur more rapidly.
Therefore, while I have always been more-or-less liberal minded, and have never supported the Republican party, I am inclined to start voting Republican in order to speed the deterioration and bring about the inevitable confrontation more rapidly.
If you ask conservatives, they should report to the nearest company and offer their labor for the least amount of compensation possible, while promising to work whatever hours, under what ever conditions are provided without complaint or request for increased pay, until they die on the production line.
If there's no work, they should promptly die before costing a conservative a penny.
Love it.
My mothers one of these people - bless her.
Go pump gas. Wait tables. Clean houses. First off, no one is hiring. NO ONE. For every job available and I mean blue collar job, there are 8 seeking employment. If your out of work when you apply, forget it, they won't take you. If your over 40 or have kids - forget it.
Anyway, what get's me about the GOP is that they languish in this 'good old days' thinking. Do for yourself you lazy so and so taxpayer dollars aren't going to help you, no sir, not gonna help.
Um...It's called uneployment insurance and I've been paying into it and it's owed me. Or...Give a bailout and I'll create jobs for myself and others. Ever try to get an SBA loan? - fugetaboutit.
Anyway enough fools will continue to support them. I don't believe that voting for a Democrat is better than nothing but re-electing or putting those who created this mess back into office is suicidal on a national level.
You can always come to where we disaprove of fencing out our neighbours.Come To Canada, it's just like heaven, we're above HELL!!!!
the disease spreads fast.
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