BeeR Posted March 5, 2008 Share Posted March 5, 2008 I know, it's Cleveland......still.....houses selling for a buck? http://blog.cleveland.com/metro/2008/01/th...is_what_it.html Quote Link to comment Share on other sites More sharing options...
Rebellab Posted March 5, 2008 Share Posted March 5, 2008 Very unbelievable and very sad! Quote Link to comment Share on other sites More sharing options...
isleseeya Posted March 5, 2008 Share Posted March 5, 2008 I know, it's Cleveland......still.....houses selling for a buck? http://blog.cleveland.com/metro/2008/01/th...is_what_it.html Thank you George Bush and friends Quote Link to comment Share on other sites More sharing options...
loaf Posted March 5, 2008 Share Posted March 5, 2008 yeah, it's superbad...there was an auction that attracted national attention and houses sold for nothing. My one buddy bought a house in Atlanta then sat on his house here for over a year. Paying two mortgages. He eventually sold and lost his ass. Quote Link to comment Share on other sites More sharing options...
twiley Posted March 5, 2008 Share Posted March 5, 2008 Thank you George Bush and friends Link please Quote Link to comment Share on other sites More sharing options...
TimC Posted March 5, 2008 Share Posted March 5, 2008 It's called free market. The market sets the price. Try it, you may like it. Quote Link to comment Share on other sites More sharing options...
The Irish Doggy Posted March 5, 2008 Share Posted March 5, 2008 My BIL/SIL lost 30Gs on a house they couldn't unload after moving. Felt really bad for them. Quote Link to comment Share on other sites More sharing options...
SEC=UGA Posted March 5, 2008 Share Posted March 5, 2008 (edited) Thank you George Bush and friends "Subprime-mortgage lending became possible with the passage of the Depository Institutions Deregulation and Monetary Control Act of 1980. This act eliminated interest rate ceilings and enabled lenders to charge high rates and fees to borrowers. The Alternative Mortgage Transaction Parity Act of 1982 also permitted the use of variable interest rates and balloon payments" http://www.pal-item.com/apps/pbcs.dll/arti.../802240323/1008 ETA: Yeah, it's Bush's fault. Should have repealed all of those laws allowing people with bad credit and minorities to have the opportunity at homeownership. Democrats would have loved that. Edited March 5, 2008 by SEC=UGA Quote Link to comment Share on other sites More sharing options...
PSULions Posted March 5, 2008 Share Posted March 5, 2008 Problem is that many different things are at fault in this case. Wall Street with trying to push CMOs, the market for buying them, the mortgage brokers for pushing a mortgage product to collect the commission check and not watching out for their client, the Bank's that loosen their underwriting guidelines to approve people that shouldn't have qualified, the builders that over-built the area, causing a glut of homes on the market. Now, thiefs are looting empty homes for plumbing, appliances, wiring, etc. to make a buck and causing it to be more difficult to sell the property and having the homes boarded up to become a plight to the community and driving their market values down the toilet too. It is bad cycle and it will take years for a place like Cleveland (net people leaving the area due to economy issues and crappy weather). We have some very good friends that lived in Medina, OH, just west of Cleveland and he worked for Whirpool as a sales person, covering a territory. He lost his job about 18 months ago and he had a very hard time finding a good job to help keep up with the mortgage payments. He worked at Home Depot part-time and did 100% commission with insurance, but they fell behind and were forced to sell. They had a beautiful home in a very nice area with good schools, etc, but the house sat there for months. Ultimately, I think they sold it, but he lost all his equity and I think the Bank let him out of the rest of his mortgage as it was pretty close to his balance, but it was a very stressful time for he and his family. It is just a shame that it is happening, but unless the area can come up with some incentives or incentments to bring in new businesses and jobs, it could be bad there for several years. Quote Link to comment Share on other sites More sharing options...
SEC=UGA Posted March 5, 2008 Share Posted March 5, 2008 Problem is that many different things are at fault in this case. Wall Street with trying to push CMOs, the market for buying them, the mortgage brokers for pushing a mortgage product to collect the commission check and not watching out for their client, the Bank's that loosen their underwriting guidelines to approve people that shouldn't have qualified, the builders that over-built the area, causing a glut of homes on the market. Now, thiefs are looting empty homes for plumbing, appliances, wiring, etc. to make a buck and causing it to be more difficult to sell the property and having the homes boarded up to become a plight to the community and driving their market values down the toilet too. It is bad cycle and it will take years for a place like Cleveland (net people leaving the area due to economy issues and crappy weather). We have some very good friends that lived in Medina, OH, just west of Cleveland and he worked for Whirpool as a sales person, covering a territory. He lost his job about 18 months ago and he had a very hard time finding a good job to help keep up with the mortgage payments. He worked at Home Depot part-time and did 100% commission with insurance, but they fell behind and were forced to sell. They had a beautiful home in a very nice area with good schools, etc, but the house sat there for months. Ultimately, I think they sold it, but he lost all his equity and I think the Bank let him out of the rest of his mortgage as it was pretty close to his balance, but it was a very stressful time for he and his family. It is just a shame that it is happening, but unless the area can come up with some incentives or incentments to bring in new businesses and jobs, it could be bad there for several years. Indeed it is sad. Unions forcing labor over seas and into the SE United States. The rust belt is going to continue to decline and the jobs will not come back unless there is a concerted effort to change the industrial base in those areas. Quote Link to comment Share on other sites More sharing options...
BeeR Posted March 5, 2008 Author Share Posted March 5, 2008 Thank you George Bush and friends Yeah it sucks how he forced people to take out loans they couldn't afford. "Subprime-mortgage lending became possible with the passage of the Depository Institutions Deregulation and Monetary Control Act of 1980. This act eliminated interest rate ceilings and enabled lenders to charge high rates and fees to borrowers.Of course - it's Carter's fault! *slap* Should have repealed all of those laws allowing people with bad credit and minorities to have the opportunity at homeownership. Democrats would have loved that.gasp racist. Quote Link to comment Share on other sites More sharing options...
SEC=UGA Posted March 5, 2008 Share Posted March 5, 2008 Yeah it sucks how he forced people to take out loans they couldn't afford. Of course - it's Carter's fault! *slap* gasp racist. I also forgot to include those with lower incomes, now I'm an elitist also. Quote Link to comment Share on other sites More sharing options...
yo mama Posted March 5, 2008 Share Posted March 5, 2008 A minor acquaintance recently committed suicide when he lost his house, and had $100,000k in CC debt. Left his wife and kids with nothing. It doesn't really matter whose fault it is. This situation sucks, and I think its criminal that certain players have profited from it. Can't exactly close the barn door now that the horse is out, but its patently obvious that greedy lenders knowingly lent to people who weren't credit-worthy, and ignorant borrows bit off more than they could chew because they were too stoopid to read the loan documents before signing. Now we're all suffering because of it. Some, like the family of my minor acquaintance, more than others. Quote Link to comment Share on other sites More sharing options...
driveby Posted March 5, 2008 Share Posted March 5, 2008 A minor acquaintance recently committed suicide when he lost his house, and had $100,000k in CC debt. Left his wife and kids with nothing. It doesn't really matter whose fault it is. This situation sucks, and I think its criminal that certain players have profited from it. Can't exactly close the barn door now that the horse is out, but its patently obvious that greedy lenders knowingly lent to people who weren't credit-worthy, and ignorant borrows bit off more than they could chew because they were too stoopid to read the loan documents before signing. Now we're all suffering because of it. Some, like the family of my minor acquaintance, more than others. Quote Link to comment Share on other sites More sharing options...
Savage Beatings Posted March 5, 2008 Share Posted March 5, 2008 Isn't it kind of univerally believed that Greenspan and his economic philosophy (which continues to this day under Bernanke) is chiefly to blame for the housing crunch? Quote Link to comment Share on other sites More sharing options...
yo mama Posted March 5, 2008 Share Posted March 5, 2008 Isn't it kind of univerally believed that Greenspan and his economic philosophy (which continues to this day under Bernanke) is chiefly to blame for the housing crunch? Must not be *that* universal, because your comment is the first I've heard of that theory. Quote Link to comment Share on other sites More sharing options...
Savage Beatings Posted March 5, 2008 Share Posted March 5, 2008 Must not be *that* universal, because your comment is the first I've heard of that theory. Huh. Well nevermind then. Quote Link to comment Share on other sites More sharing options...
Sturphy Posted March 5, 2008 Share Posted March 5, 2008 A minor acquaintance recently committed suicide when he lost his house, and had $100,000k in CC debt. Left his wife and kids with nothing. I think my heart stopped when I read this. That is truly awful. I can't imagine being in such a state that I'd take myself away from my wife and kids that way. Debt or no debt, life goes on if you let it. Losing your Dad that way is much worse. Oh man.... that's tragic. There must be more to the story than that. Quote Link to comment Share on other sites More sharing options...
yo mama Posted March 5, 2008 Share Posted March 5, 2008 (edited) I think my heart stopped when I read this. That is truly awful. I can't imagine being in such a state that I'd take myself away from my wife and kids that way. Debt or no debt, life goes on if you let it. Losing your Dad that way is much worse. Oh man.... that's tragic. There must be more to the story than that. Nope. Just a guy who made a lot of bad consumer spending decisions, then made the worst decision possible. A lot of folks out here in California were spending the appreciation in their houses as if it would always go up. It never occurred to people their home values could actually go *down.* Plus, the cost of living is so high most normal people have to reach pretty hard, and use creative financing, just to own a crappy starter home in the first place. I've wondered if the guy would have been happier if he just continued to rent (though, rents aren't cheap, either). Who knows. Edited March 5, 2008 by yo mama Quote Link to comment Share on other sites More sharing options...
Sturphy Posted March 5, 2008 Share Posted March 5, 2008 Nope. Just a guy who made a lot of bad consumer spending decisions, then made the worst decision possible. A lot of folks out here in California were spending the appreciation in their houses as if it would always go up. It never occurred to people their home values could actually go *down.* Plus, the cost of living is so high most normal people have to reach pretty hard, and use creative financing, just to own a crappy starter home in the first place. I've wondered if the guy would have been happier if he just continued to rent (though, rents aren't cheap, either). Who knows. I'm in SoCal. I know exactly what you mean. Quote Link to comment Share on other sites More sharing options...
yo mama Posted March 5, 2008 Share Posted March 5, 2008 (edited) I'm in SoCal. I know exactly what you mean. I saw the L.A. in your profile and just assumed your were from Louisiana. Not that you come off like an illiterate coon-ass, or anything... Edited March 5, 2008 by yo mama Quote Link to comment Share on other sites More sharing options...
Bill Swerski Posted March 5, 2008 Share Posted March 5, 2008 A minor acquaintance recently committed suicide when he lost his house, and had $100,000k in CC debt. Left his wife and kids with nothing. It doesn't really matter whose fault it is. This situation sucks, and I think its criminal that certain players have profited from it. Can't exactly close the barn door now that the horse is out, but its patently obvious that greedy lenders knowingly lent to people who weren't credit-worthy, and ignorant borrows bit off more than they could chew because they were too stoopid to read the loan documents before signing. Now we're all suffering because of it. Some, like the family of my minor acquaintance, more than others. I'm really sorry to hear that. Quote Link to comment Share on other sites More sharing options...
Sturphy Posted March 5, 2008 Share Posted March 5, 2008 I saw the L.A. in your profile and just assumed your were from Louisiana. Not that you come off like an illiterate coon-ass, or anything... I think I'll go make that more obvious... the L.A. thing that is... Quote Link to comment Share on other sites More sharing options...
The Holy Roller Posted March 6, 2008 Share Posted March 6, 2008 My BIL/SIL lost 30Gs on a house they couldn't unload after moving. Felt really bad for them. Are you related to either of them? Quote Link to comment Share on other sites More sharing options...
fanofnobody Posted March 6, 2008 Share Posted March 6, 2008 Isn't it kind of univerally believed that Greenspan and his economic philosophy (which continues to this day under Bernanke) is chiefly to blame for the housing crunch? Did you hear what that jackhole is proposing now? To offset the rise in mortgage delinquency rate, he proposed that lenders give a one time reduction on principal on past due loans. What a frickin joke. I tell you, 20 years from now we're going to look back and gasp at the lending practices of the past 5 years. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.