led by a sharp increase in seriously overdue home loans held by the most credit-worthy borrowers http://www.reuters.com/article/idUS...ters/businessNews+(News+/+US+/+Business+News) Administration to expand mortgage-altering effort http://www.marketwatch.com/story/administration-to-expand-mortgage-altering-effort-2010-03-25
this has been expected for a while. it will be over the next year or so as the mortgage rates reset. it will get worse. this is what will push the economy into the depression.
Doubt it. With this news it all but guarantees more government intervention. I wouldn't be surprised to see a moratorium placed on mortgage resets.
The economy will be back on its knees if there's another financial crisis, and it appears to be unavoidable. The banks are bankrupt and living in a delusional state with the new Madoff accounting rules keeping the sheeple feeding peacefully on the hillside. Within a year Obama will need to go radical and nationalize the banking system to prevent bank runs.
helping the unemployed to pay less for their mortgages is a nice gesture but does it solve anything in the long run? if the guy is out job of course he could pay the mortgage longer if the payments are cut. but at some point he will run out of cash anyways. of course IF one year down the road there is a job for him, the future will brighten up for him. but during the unemployed year he will have gotten in quite a bit of debt. will they raise his premium once he finds a job? he will get completely screwed right there and then. the only way to really help the guy is to forgive the mortgage completely.
Not a surprise, GOV owns 80% of the Home loans...so go figuer. Bye Bye to all those who bought their houses after the 90s in 90% of this country. Boy, I bet you are pissed.
jprad, I have to agree. After Sunday's vote, anything is possible now. Question is, will NOV make a difference? I have woke up and the whole idea of Class Warfare is real now. If you wana learn something, read "Rules for Radicals" by Saul A. That will wake you the fuck up. For those of you who are capitalist...MAKE MORE MONEY NOW and prepare yourselves for what is coming down the road. And if NOV turns out to be positive, as in the Progressives getting thrown out, then you will have made more money, go spend it. For the rest of you..I could care less. Ask the GOV. to take care of you.
So the gov't is going to make it easier for people to keep their houses? How does this fit in with the conspiracy nuts who say that the economic meltdown was engineered by powerful banking interests and a puppet gov't in order to take our real property?