Mom forced to live in car with dogs - CNN.com

Everyday in United States all the CEO of all the Mortgage companies in United States are making records amounts of money with people misfortune...

I am very surprise people in United States do not care even as this problem continues to grow.. Middle class women, families living in their cars after they loose their homes to the greedy banks.. The banks claim they are innocent but they are the ones that creates the adjustable mortgage knowing that hundreds of thousands of people in United States will fail...

I guess this is the American way....

I am very surprise no one is going after the CEO of these banks and stringing them up on trees....

Sad stories like this makes me angry...

As I walk down the street minding my own business.... If I ever see a Mortgage banker CEO I may fuk him up or at the very least give him a nasty black eye...

I am very surprise everyone in United States is allowing these Mortgage bankers CEO to walk around like they are god's.

Do you know how many children in United States are currently starving in direct result of these Mortgage bankers CEO? The number can be close to a million....

Starvation claiming Ethiopia's tiniest - CNN.com

As mortgage bankers in United States making records amounts of money on other people misery; people all around the world are affected directly and indirectly by these greedy people action and inactions. It’s a sick sad world as the super rich and powerful sit back and do nothing to create jobs so these people will not starved to death.

If you sign a contract with a company and you default, you should be tossed out on your ass. Period.

Making record amounts of money? Do you call going bankrupt making a record amount of money? I don't hear you sniveling about them losing money. You should be. Because you and I are going to be paying to prop them up. Why? Because Congress decided you should pay for their dumbassed judgements.

Again, you can thank a fucking Demo President for starting all that crap. Just like you can blame a fucking Demo President for this religious war we are fighting against these insane assed jihadists. Just like you can thank the fucking dumbassed Demos and their leftist hordes for these insane energy prices we are paying.

The people who are losing their homes due to the mortgage crisis are in that situation due to their own financial choices, the CEO's have nothing to do with it. They overpaid at the top of the market, and agreed to loans terms that they could not meet. Their situation is due to their own greed and lack of financial planning.

You nailed it, Misanthro.

Every time I went to closing, the closer fully explained everything. What burns my ass is that Congress used this opportunity to further leverage themselves (socialize) into the private sector. I love how they always act like they are charging to rescue us...with our own money.

Another thing that burns may ass if flames three feet high.

Yeah, basically this is what happens when someone tries to grow the economy for way too long at any cost. It sucks because growth doesn't have a massive amount of benefit to the average Joe that they couldn't live with it, but the slump that follows fucks us all over.

Yes, people are largely responsible for their own financial situation, but there has been irresponsible selling of financial products. Obviously it's always your choice whether you take out a loan or whatever, but banks should at least make some attempt to sell responsibly, just as we expect a bartender to tell a drunk guy that maybe he's had enough, ideally while he's still sober enough to make it home. My building society tried to foist a credit card onto me a couple of times while I was a student, and I told them that I didn't have any source of income, and they still kept on trying. To me, that is irresponsible, and student lending is an example of banks not merely selling indiscriminately, but actively targeting people who, in terms of income AND financial experience, should not be given vast amounts of credit.

So basically I'm not unsympathetic, even though I do think that people shouldn't be subbed out of the gutter as a matter of routine.

Maybe you don't look naive. Maybe you're more assertive than most. Maybe you just got lucky. The sale's the important thing, so if you don't seem like the type who can be fobbed off, they won't fob you off. Doesn't mean they won't do it to, say, a first time buyer.

The real crisis in the housing market now is that most first time buyers are shut out of the market due to the massive inflation from the housing boom. Home ownership is the cornerstone for building capital and wealth. This is what will do real damage to our economy, not foreclosures.

Yes, foreclosures are at a high, but during the boom so were new mortgages. So this does cancel itself out in the end when the storm settles. But the damage of higher appraisals is long lasting. Appraisals don't rise and fall like mortgage rates. Your average single family home is based on sales comparison. The sales price of comparable homes in the neighborhood is weighed against amenities and upgrades. But if the last sales were overinflated and the market has now crashed leaving few new sales, and sellers not willing to take a loss because they bought at the top of the market, well then we are fucked. For a while. The boom was too big and salaries have not increased.

So in a nutshell, the housing crisis is a good thing in the end. Prices need to be brought back down to compare with salaries, and then the market will become strong again. The reason the market fell is because everybody got greedy and tried too hard to polish that turd of a property into a 6 figure profit.

It was the same way when I bought my first home when I was 21. The closer fully explained everything. I asked one or two questions because I was flying on faith that he was a good man. Back then it was hard as hell to get a loan because of the requirements you had to meet.

Now it's, okay let's get this over with. I already know the type loan negotiated and check the summary sheet to make sure it matches. The summary sheet is the meat and potatoes of the contract, is very easy to understand, and only a moron would not understand it, say nothing, and sign it.

Many of these loans that defaulted were loans made to illegal aliens who never had any intention on fulfilling their end of the bargain if it got too difficult. One illegal who used to work for me, until I found out he was illegal, did just that. He bought a home, the recession in this county hit, he couldn't find work, so he went back to Mexico.

This county has been in a recession for about nine months now. Illegals have been leaving in droves. I know one illegal contractor who bought four homes here and walked away from them. He setup ops in Mexico and said he'd be back when things picked up again. Meanwhile, we get to pay for his screwup, and I thanked him for it.

It was because of government meddling that this crap happened in the first place. Now they meddle even deeper, because the bolshevik press is running around like a teenager with its hair on fire screaming, "Somebody do something!", while they parade out so-called victims of predatory lenders.

It's a bunch of crap. I feel no pity for them at all.

Agreed. For all the crap this nation has been through since 9/11, I am amazed this nation has not gone into recession. It should have, but didn't. That speaks a lot to the strength of our economic engine powered by our workforce.

This housing bubble was government caused. They should have stayed out of it. And when the market bubble finally popped, government rushes in to prop it up. All that is doing is postponing an even greater fall.

Here's an example: Out here in lala land, the tree huggers refuse to let us cut the dead brush out. Plus, we keep running around putting out every damned fire. Allow nature to do what it does. Fires happen on their own all the time. But they are small fires. They consume the crap quickly and poof they are gone. Stay home with your hose and stop it if it hits your property.

But no. Government always knows better. The crap piles up and up until it is 20 feet thick. Once that catches, there is no stopping it. Then you have a friggin 80 foot wall of flames coming at your ass from all sides. That is what will happen to our economy if government keeps poking its root in it.

You would think people would know that from history. I guarantee not one student in this fine thing called our public education system has been taught this. They have been taught that FDR was the greatest thing to come along since sliced bread. He was good at prosecuting the war but as for the economy, he was horrendous. We actually had two depressions back to back. We had the first depression and as soon as we started to come out of it he injected his socialist bullshit in it with the New Deal and made it even worse! He ran it down deeper than it was the first time and extended it by two years.

The Demos are doing the same damned thing again. And the press says nothing. Our media is corrupt. Plain and simple. So is our government.

Yes, greed was a factor. But government got it started with their meddling, forcing the financial institutions to relax their requirements. It took 10 years for it to build up to a feeding frenzy, and then up to about about a year ago it got insane.

We'll just keep working like maniacs, and we'll pull through this.

Have to say, I'm a bit baffled by the illegal aliens thing. It's not a theory I've ever heard, and before you blame that on the liberal media being too scared to tell the truth please be aware that the least bolshevik press in our country is the one that's most concerned with house prices right now. As Misanthropic Whatsit said, the people being most hit by the situation are first time buyers. Some of them may well be illegal aliens. But I'd hardly see that as relevant.

Not that I can claim to know one way or the other, but your experience doesn't count for much. You were a first-time buyer in a different market. I know that sucks for you, but it does mean you experience isn't entirely relevant. But to be honest, even if you were 100% in control in exactly the same situation, I find it pretty gross that you can't even extend any sympathy to those who weren't. I'm not someone who particularly wants to sub people out for their mistakes, but I'm not incapable of admitting that I could ever have made one, and so I'm not unsympathetic to those who will lose their homes, because, you know, it's a shit thing to happen to anyone, and no-one really deserves it.

In reference to your response to Misanthropic thingy though, I do think you're putting words into his/her mouth. You're saying the housing bubble was government made. Well, maybe it was, but the public were complicit with it, they allowed it to happen; if they hadn't been so greedy, the government could not have made them so. I know you like blaming as many people as possible completely for everything, but really, you can only damn the government if you absolve people of responsibility for their own actions, which you quite clearly haven't. And when you say "government got it started with their meddling, forcing the financial institutions to relax their requirements", that's pretty dumb. The government probably allowed it - for some reason the electorate is dumb enough to think that infinite growth = totally possible ever time they're told - but if you honestly think that your financial institutions were disgusted and appalled and resisted said measures to the last, as implied by the above, then you're giving them way too much credit (no pun intended).

I was with a few constumer service reps on the phone and one said she knew 5 people that lost there houses due to shady lenders. The time is now for some legislation. At least the Muslims dont believe in interest. The government never tells us that.

I think we're officially blaming Mexicans instead. They're like the back-up Muslims.

Ophiel, Mexicans only make up 60% of the illegal aliens in this country. But, of course, since I'm to the right of Karl Marx, I'm already a racist for even mentioning the term illegal alien. Should I have said unverified worker migrants? Or just worker migrants? Ah, we have your knee down to just a mere twitch with that one. Oh goody. Let's proceed.

With Bill Clinton's incessant tax hikes, it was getting too difficult for people to buy homes and home ownership numbers were sucking big time. An election was coming up and he wanted some help getting those wascally wepublicans out of the way.

So he instructed Freddie Mac and Freddy Mae to relax their requirements. All the other lenders were told to either lower their standards or face the full weight of the federal government for discrimination. That in itself tells you to whom this was initially targeted. Oops! There goes that knee again. sorry

More and more pressure was put on the lending institutions by the Federal government. When Bush came in he really pushed it hard. Homes were being bought left and right. When trading skyrockets, the prices reciprocate. San Diego was going nuts. The value of this home went up six-fold. At that point, I could have sold this house in 2 weeks, bought 20 acres, built a 3000 ft sq home in the middle, and still have money left over.

Then it turns out that a good ten percent of those loans were bad loans. But I have seen worse than this so-called crisis. We have had 8 out of 900 banks go under this round. Twenty years ago we had 90 banks out of 800 go under. Back then the government did nothing and the market took care of itself. Now, with these leftists in Congress, and a hyperventilating corrupt media screaming "Somebody do something!", they leaped at the opportunity to grab control and start a socialist bailout. Now we are stuck with the bill and they managed to get their dirty stinking paws on some of the levers of our private banking industry, which they will never let go.

The government caused this.

And radiofriendly, if you were about to lose your house, don't you think you would scream foul if you thought it would get you a bailout with my money? I'd like to see if those 5 people screaming foul are only working one job. How many people live in their homes? Was it refi's? If so, what did they refi? Credit card debt? A new car? Plasmas and computers? Were they legal citizens? Did they have green cards? Did they even give social security numbers? There is more to it than just 5 people saying they got screwed. Did they go with a fixed or an ARM? What was their credit rating? Did they go with a stated income (aka lying), or did they verify their income? Saying 5 people claim to have been screwed is really saying, well, nothing.

But if they get a loan here, in this capitalist pig society, they'll pay interest whether they believe in it or not if they borrow from one