I found this an interesting read.

http://www.newsweek.com/id/162789

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

Part of the reason you won't see this is because no one keeps track of how many sub-prime loans are held by speculators. And then there are the standard loans on properties where the homeowner is now upside down on the mortgage -- no problem as long as you don't have to move. What happens if you house is now worth $40,000 less than the mortgage and you've been transferred to another city?

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

Good points BTK.....especially ...."just wait for the plethora of wealth re distribution that is ahead in our future." It will come in bunches !!!

What is this wealth redistribution? Haven't you heard the middle class has taken it in the shorts for the last eight years. So now we may get a tax cut and you call it wealth redistribution.

I would say.....ITS ABOUT D**N TIME.

Originally Posted by cologal

What is this wealth redistribution? Haven't you heard the middle class has taken it in the shorts for the last eight years. So now we may get a tax cut and you call it wealth redistribution.

I would say.....ITS ABOUT D**N TIME.

Look up what wealth distribution amounts to will you ?????

Seems that the american dream is fine with Sen Obama as long as you are not TOO successful then you gotta share !!!

Originally Posted by Bucco

Good points BTK.....especially ...."just wait for the plethora of wealth re distribution that is ahead in our future." It will come in bunches !!!

Originally Posted by Bucco

Look up what wealth distribution amounts to will you ?????

Seems that the American dream is fine with Sen Obama as long as you are not TOO successful then you gotta share !!!

Bucco...The current President subscribed to Reaganonmics..or Trickle Down economics. Bush Sr. called it Voodoo economics. Bush cut taxes on the weathly saying that this would in turn spur the economy and the effect of that would trickle down to the middle class. Look around 9 months of job losses. Stagnent wages, layoff, healthcare cuts....it goes on and on. McCain wants more of the same.

Obama says instead of trickle down we should go bottom up. The middle class really is the engine of our economy.


Seems that the American dream is fine with Sen Obama as long as you are not TOO successful then you gotta share I would rephrase this statement....to then you have to pay your fair share of the tax bill.

I remember a famous saying- There are 2 things you can't avoid.. Death and Taxes.

While in the Villages recently on a Lifestyle Preview, we drove by several of the foreclosures in the Villages. One foreclosure service claims that there are 51 of them in the Villages. The problem is apparently not limited to inner city poor people who were allowed to over extend on their mortgages.

I think the saying goes, "Fool me once, shame on you; fool me twice, shame on me."

We've all heard the promise of middle class tax cuts before - back in 1992. It helped get Bill Clinton elected. The trouble is that this was nothing but a hollow promise to the naive in order to buy their vote - there was never a real intent to lower taxes for the middle class. Rather than a tax cut, he increased taxes. I suspect Obama has borrowed a page from the Clinton playbook and unfortunately a lot of naive people are buying it. Anyone who makes less than $250K and thinks they are in for a tax reduction by Obama may as well take their money and invest in the Brooklyn Bridge - they both will net the same payback.

Originally Posted by NJblue

I think the saying goes, "Fool me once, shame on you; fool me twice, shame on me."

We've all heard the promise of middle class tax cuts before - back in 1992. It helped get Bill Clinton elected. The trouble is that this was nothing but a hollow promise to the naive in order to buy their vote - there was never a real intent to lower taxes for the middle class. Rather than a tax cut, he increased taxes. I suspect Obama has borrowed a page from the Clinton playbook and unfortunately a lot of naive people are buying it. Anyone who makes less than $250K and thinks they are in for a tax reduction by Obama may as well take their money and invest in the Brooklyn Bridge - they both will net the same payback.

So let me understand something....Obama is lying about the middle class tax cuts so I should vote for McCain who openly says he will raise my taxes.

That makes sense.....NOT.

Where on earth are you getting the notion that McCain has said that he wants to raise your taxes??? It sounds to me like you need to check the veracity of your sources for information. Afterall, an enlightened voter is a responsible voter.

Originally Posted by cologal

So let me understand something....Obama is lying about the middle class tax cuts so I should vote for McCain who openly says he will raise my taxes.

That makes sense.....NOT.

Never heard the one about McCain saying he would raise taxes !!!!!

Sen Obama feels we should all be on the same playing field. If you are too successful, you gotta share. Thus if I were young, I would not care one iota about succeeding....someone else will pay until nobody cares anymore...that is what sinks socialist countires !

Originally Posted by NJblue

Where on earth are you getting the notion that McCain has said that he wants to raise your taxes??? It sounds to me like you need to check the veracity of your sources for information. Afterall, an enlightened voter is a responsible voter.

I know my tax bracket and I am better off with Obama.

Originally Posted by cologal

I know my tax bracket and I am better off with Obama.

AH, the Robin Hood effect! Maybe it worked in Medieval times, but has no place in a free society. Wealthy people are not the land barons of old, keeping people in peasantry to support their grand lifestyle.

What happens with all the wealth the 1% at the top have? MY GOSH, some stays in the banking system! Available to all the people in the lower percentages to borrow at a decent rate. Some start businesses that purchase good and services and higher employees who earn wages! Some goes into the stock and bond market so that other businesses can create JOBS!

Some people think that having a lot of money is evil and that it should be taken (taxed) away from them and given to others to make life "fair". The contrary is true. The money that runs our country comes FROM people with money, and taxing it away from them doesn't help lower income workers, it hurts them buy not having upper peoples wealth to borrow, or their employers to purchase supplies or businesses to create jobs.

Wealth redistribution is not he way to a wealthy society.