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Consumers have stopped paying mortgages so that they can cover other bills, says Meredith...

Consumers have stopped paying mortgages so that they can cover other bills, says Meredith Whitney on CNBC, leaving banks with rotting assets and a mounting foreclosure problem. A double dip is coming in housing, "no doubt about it."
Comments (8)
  • wysiwyfind
    , contributor
    Comments (22) | Send Message
     
    I never saw the peak around this area. Just straight down with a few flat spots.
    There are so many foreclosures in my neighborhood, it makes me sick.
    My customers are bankrupting right and left.
    I think we are in for the big D....we'll call the 30's the little d.
    21 Jun 2010, 09:07 AM Reply Like
  • zorrow
    , contributor
    Comments (848) | Send Message
     
    Well, all these people with bad credit will have to live somewhere. Are there any companies or partnerships that profitably convert bank owned housing to rental units? You can't get blood from a rock and you can't keep pretending that non performing assets have value forever. How about a tax credit for returning veterans that can be only be used torward the purchase of approved bank owned foreclosures? That way we could reward our veterans and get rid of some of the shadow inventory. It would be easier to sell a veteran benefit, (even to the nay saying Republicans) than almost any other kind of government intervention.
    21 Jun 2010, 09:09 AM Reply Like
  • mowjo
    , contributor
    Comments (96) | Send Message
     
    read about fannie and freddie. A big concern that some of the houses are being sold to investors for rental property. Some real estate agents are cleaning up selling fnm/fre foreclosures.www.nytimes.com/2010/0...

     

    here's the link.
    21 Jun 2010, 09:26 AM Reply Like
  • zorrow
    , contributor
    Comments (848) | Send Message
     
    Thanks for the link
    21 Jun 2010, 09:53 AM Reply Like
  • JackNYSE
    , contributor
    Comment (1) | Send Message
     
    Households will pay for their car lease/financing before their mortgage. Their home can not be towed away any time in the near future.
    21 Jun 2010, 09:09 AM Reply Like
  • Tack
    , contributor
    Comments (12844) | Send Message
     
    Meredith should change her name to Cassandra.
    21 Jun 2010, 09:12 AM Reply Like
  • buybuybear
    , contributor
    Comments (389) | Send Message
     
    Loved the Cassandra comment.... but then again, I am short since 2 weeks and it's hurting a lot...
    21 Jun 2010, 09:49 AM Reply Like
  • Speakeasy
    , contributor
    Comments (414) | Send Message
     
    Main problem is that we have become a dishonest, shallow society all the way around from Main St. to WS! People know what they can afford or not, and if they allowed themselves to be talked into homes that were way beyond their means - they did so because of the stupid American mentality that you have to keep up with the Jones in order to feel self worth!

     

    I remember years ago standing at the check out counter of my local grocery store and having a woman wearing designer jeans, talking on her cell phone ( this was when cell time was still expensive and cells were not common), her nails were professionally manicured and then she hands out the food stamps to pay for her food! Let the tax payer pay for their necessities while they squander their money!

     

    What we are seeing is the logical conclusion of a society that somehow thinks they are entitled to every thing just because they live in USA and has worshipped at the alter of materialism!
    21 Jun 2010, 10:22 AM Reply Like
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