apeman

Number of U.S. Homes With Negative Equity Is Stunning

I saw this coming when I sold GPM loans.
I saw it coming when values were up 20% a year.
I saw it coming when I drove by $80,000 homes with hummers &
mercedes benz & bmws in the driveway.
I saw it coming when they started building 10,000 sq ft homes to
justify the price of a 2 million dollar lot.
Then the market dried up.
Too much easy money
too many greedy people
All Mortgage brokers should be licenced and regulated
Sub prime should be FHA FNMA enterprize only.
Let the banks sell A paper
If you want the people bailed out then the contracts should be
owned by the treasury. give the interest to the treasury.
If you go belly up then the treasury sells the house.
get the banks out of all this.
Blame all the dopes that blocked regulation over the last 5-10
years. They supported and bullied the banking system to support
these loan products. Now the real estate market is correcting 30%
or more as I predicted.
Now I go give estimates on contracting work. People don't want
to repair their homes....no money, why bother, etc....people view
a home as a burden not a investment. Ask your parents that lived in the same house for 40 years and paid off the mortgage. Its a roof over your
head be thankful you have it.
If these people want to go bankrupt go ahead its 7-10 years of no credit. Blame the bank? did you blame the bank when you got that 3% down GPM loan.....no you thought you were getting something for nothing.
Now you want them to pay for it. Did you read the good faith estimate? did you have a closing attorney read over the contract? its your fault.
GO ASK YOUR PARENTS OR GRANDPARENTS THAT WENT THROUGH WW2 AND THE DEPPRESSION WHAT THEY WENT THROUGH ; GROW UP; PAY YOUR BILLS AND LEARN TO READ IDIOT.