No offense... but if this is an example of your depth of knowledge of financial matters, why bother posting at all?
Actually, I'm not in that position. I have two houses in Phoenix. I'm getting tired of watching foreclosures go up as housing prices go down. And since I've owned them for 12 years (pre-bubble) and since I didn't skim all the equity off my houses during the bubble, the current housing meltdown isn't affecting me directlyâjust friends and family around me. Are you able to grasp that concept?
well then explain gifted one and stead of acting smart and avoiding questions, explain I'm hear to learn from all the knowledge you hold. that's what forums are for is it not you and trader666 like talk tough and berate, but when ask to defend or explain. so you don't you give a fuck off answer to get the last word in. do you feel better now that you posted this. Why did you waste time with this comment if it is a waste of you r time
The reason I posted as I did is because you saw it as "little guy gets fucked, big businessman [probably Republican, right?] gets away with it" (just like a Liberal, DemoCrap, want-something-for-nothing NObamabot).... and that wasn't even remotely close to the issue.
Talk about playing games... you insult me then whine when I throw it back at you. I ask you questions and you evade them, then you lie about it, then you whine because I won't answer your questions until after you answer mine. I did explain my position... you're just too stupid and to understand it.
more rhetoric and less hard facts please could you provide one supportive fact or theory. I know I'm not on the same level as you, blaming every thing on democrats is a bold and daring statement I think you are the first to enter that realm. what % of this bad loans where bankers forced to take do you have a link to these numbers. I know you have them because a gifted person like you're self would research then make claims rather then make baseless claims
Friends and family? You don't have any of that or just can't emphasize? Read the WSJ article I posted earlier in this thread. I know probably a dozen different families that live there. They are screwed. Unless something happens, they foreclose, go bankrupt and quit paying all their debt. Multiply that by a couple million and guess what happens to this country over the next year and over the next decade. I still have equity in both houses and I'd like to keep it. Do you live in the area? Do you want to stop by my house? You prefer tea or coffee?
"More and more people own their homes in America today. Two thirds of all Americans own their homes, yet we have a problem here in America cause fewer than half of the Hispanics and half of the African Americans own their home. It's a home ownership gap. It's a gap that we've got to work together to close. And by the end of this decade, we'll increase the number of minority homeowners by at least five and a half million families. And of course one of the larger obstacles to minority home ownership is financing. Fannie Mae and Freddie Mac have committed to provide more money for lenders, have committed to help meet the shortage of capital available for minority homebuyers. Freddie Mac recently began 25 initiatives around the country to dismantle barriers and create greater opportunities for home ownership. One of the programs is designed to help deserving families who have bad credit histories to qualify for home ownership loans. You don't have to have a lousy home for first time home buyers. You put your mind to it, the first time home buyer, the low income home buyer can have just as nice a house as anybody else." --George W. Bush 2002
People who got themselves into this mess through fraud or irresponsibility have nobody to blame but themselves and are having to live with the consequences of their actions for once. The home equity ATM machine has run out of money. Why should anyone feel sorry for these people? I certainly don't.