Here is the link.
That doesn't look good. If the economy doesn't come back soon there will probably be a lot more people walking away from the mortgage. The President and congress seem to be working overtime to keep the economy from coming back. At least everything they do seems to have hurting the economy as the goal.
Are they merely demonstrating monumental ignorance and incompetence or is this action on purpose?
It looks to me like the goal is to have as many big businesses fail as possible. That would lead to more nationalization opportunities and more people dependent on the government for their livelihood.
Before we all get too weepy about these people that are upside down I'd like to see the numbers on how many of that 21.9% were zero down loans, interest only loans, or 60 year mortgages, which are almost the same as interest only.
I'll bet it's a high percentage. People took those loans voluntarily. We're all going to pay for that.
We seem to have a huge number of people in this country that will take a loan on any terms without thinking about the terms and what they mean. I guess their parents and grandparents never taught them to think. They were probably never taught not to gamble with money you can't afford to lose.
We're going to pay. We'll pay for the mortgages now so these people can stay in the homes they paid too much for. Later we'll pay more for the next bad decisions these people make. Enabling people to make bad decisions will bring more of the same. We'll pay when we apply for our next mortgage - higher interest rates probably, more hassle and more paperwork for sure. More government intrusion into the process is a given.
My farms are paid for. My cars are paid for. My house will be paid for soon.
Then I can start paying for someone else's house.
Don't Go There
21 hours ago