Originally Posted by Guest

at one time was a less than 5% entity of the total mortgage market. I don't know what the current numbers are but I would bet they are still less than (I'll be generous) 10% of the total mortgage market.
So there has to be something else to blame.
The so called foreclosure rate being up 50% over last year, last week, when ever isn't the appropriate measure....for those who understand numbers. You know there could have been 10 last week and now there are 20 and the media would run a headline yelling OMG it has doubled.
Foreclosures 6 months ago were less tha 5% of all mortgages...who cares how much it is up....that means 95% are still good.
What is not separated out of the number are the housing speculators, taking out mortgages the knew they could not cover for multiple dwellings with the intent of flipping them and getting rich....and then have the money to pay off the loans....when things went bust hey walked away from the loans for multiple dwellings.
One has to dig to find these kinds of numbers as they certainly will never be presented by the politicians nor the media.
Banks just got to the point where the unlucky and dumb ones....also looking to ride the unending upside wave, allowed the loans. When people walked away from these loan there were insufficient asstes to secure the debt.
Banks of old just did not do stupid things like this.
Minority or not if you didn't pass the credit/loan worthiness investigation...you simply did not get the loan.
Did you know automotive companies had no problem lending folks with bad credit money to buy the cars at a significantly higher interest rate.
They knew many would not be able to make the payments. How about an answer like this from a very big Ford dealer in KY.....we make money when we sell the car....we make money on the high interest...and we make even more money when we repossess the car.
Now apply that to the housing industry....but you will never find this stuff in the analysis of the problem by the media or the politicians.

GREED! Plus the credit risk folks with their hand out demanding where's mine...the permissive society that allows everybody should have what you have....and on and on.....
If this bothers anybody and it should....just wait for the plethora of wealth re distribution that is ahead in our future.

Hard work....money in the bank....good credit....reliable consumers....all past concepts going the way of the dinosoars!!!!

The only folks who are not able to participate in all the free $$$$$ being given away are those who have good credit...make their payments every month.....you know....THE SILENT MAJORITY!!!!!!!!!!!!!!!!!!
Look this stuff up.....you won't see it in the news....or hear it from the politicians....and they don't expect to hear from we the people.....AND THEY DON'T!!!!!

BTK