Doesn't matter what you're against. The facts are, we are in a depression, this one caused by fraud, deceit, and cold blooded disregard for the human condition - all by the beltway crowd. http://en.wikipedia.org/wiki/File:Maslow's_Hierarchy_of_Needs.svg Check out where property is on the scale. The powers that be know that they screwed the pooch, and if this doesn't abate, and soon, they'll be crowds in the street. I'm actually glad summer is gone, because I was thinking '65 and '67. Oh, it's coming, because there is no getting out of this without a lot of pain. And now, Xmas is coming, and the kiddies ain't gettin' no toys. The government knows it has to support housing. there is no question in my mind, that 33 months into this morass, it's getting worse. Read your history. Reference the French revolution......... they come after the ruling "class", and I use the term "class" loosely. As an Obama detractor from day one, I am not surprised about his incompetence, his disregard for the little man, his petty nature. But, I am surprised how quickly the public caught on. Just like a war, where technology goes at warp speed, the mood of the public changed in a heart beat. Some of the things I hear people say about Obama, and I mean business folks, intelligent people, are shocking. This is truly the lost decade. There is nothing on the horizon to turn it around.
I agree but imagine the inventory of foreclosed homes. I think USA immigration should extending the 6 month stay for foreign home owners. I have many retired friends from Canada, UK, Germany, France, well maybe not France. They would buy a retirement home in Florida if they could stay for an accumulative duration of more than 6 months. These foreign home owers pay higher taxes, they do not qualify for homestead exception or any social programs. They are some what wealthier than average Joe. They will buy cars, furnishings, insurance and services etc. It could be a part of big complex solution. Other countries attract active foreign retirees with many incentive programs, not USA. Actually, I know a few Amercians that retired in Thailand and Malaysia who live confortably on less than $1000 a month, all inclusive of housing, food and healthcare.
-------------------------------------------------------------------------------- http://www.myfloridalegal.com/newsrel.nsf/newsreleases/2BAC1AF2A61BBA398525777B0051BB30
I don't understand why borrowers don't sue the lender and appraisal company for fraud if the value of the house is not the appraised amount. The contract is contingent on the value determined by the appraisal independent of any market conditions. If the house at the time of the loan was appraised for $500K and a current appraisal is $300K then the loan should be reduced by $200K + interest.
Is there an obvious answer to this question? The borrowers are so distressed financially and emotionally that spending money on a lawyer isn't an option. I think there may be a basic fault in your idea and that is that the borrowers can achieve justice through the legal system. The legal system in the US is a self serving game. The person who can afford the best lawyer wins, and I suspect that the lender always can.
I understand that but the legal system and its slow pace is to the advantage of the borrower. Once the issue of fraud is raised the borrower stops paying and tie up the proceeding for at least 2 -3 years. Value fraud occurs when a home buyer is led to believe the property is worth considerably more than it really is through fraudulent concealment or intentional misrepresentation, such as giving the buyer a forged appraisal or fraudulent âcomparables.â Title insurance provides compensation for losses suffered from title issues even if they are not discovered until years after the sale is completed. Title insurance protects home buyers against unpredictable or undetectable problems related to your homeâs title. Risks covered by title insurance include unpredictable or undetectable issues such as forgery, fraud, missing heirs, unregistered rights-of-way and other issues that can affect rights of ownership. If a problem arises with title that only becomes known after closing, title insurance can often compensate the home-buyer for the problem. Obviously the deeper pockets will win but living rent and mortgage free as long as possible is the only equity these borrowers will be able to squeeze out.
Greed, Greco said "greed is good..." I disagree, trade accordingly.. I'm sure home owners were over sold, but they knew they were getting in over their heads. As long as home prices rise, they can keep their heads above water. They do not realize markets rise and fall like everything else. Home buyers must be educated, should be madatory before home purchase. Realestate agents must be blamed. They are first to face joe public home buyer. They seem to pass the buck to appraisers and mortgage brokers, and they pass the buck to banks. And the frugal public like us (some of us) are left holding the bag. Rather than the bank bailout. Govmt could hand out big chunks of money to public homeowner equally. The money must be spent on housing, paying down mortgages, buying new homes etc. The banks end up with money anyway. And joe public keeps home and thinks govmt is taking care of them. Frugal people payoff mortgage. Same amount of money shuffled differantly... Just my 2 cents worth...
================== N T3; Well ,thats true as you wrote; but many people can walk[without a car]BUT only a'' box turtle'' carries its home on its back generally speaking.[tHE ORIGINAL MOTOR HOME-lol ttHINKING OUTSIDE THE ''BOX''