Pulson pulls the plug on buying mortgage debts

[TheScout]

How?

 

Income inequality was less before 1913 than now.

[Basementdweller]

The Bulk of the American Public are either very smart, got a nice house to live in for a little while for free, or really stupid. I think it is the later in most cases. I had a couple of aquantences who are $15 an hour kinda guys with wives working the cash register at Krogers, they bought a quarter million dollar home.

 

I lost sleep wondering how they did it. My wife and I bring home twice what they do and I simply could not make the numbers work. I finally relented and went to his mortgage company more out of curiosity than anything. Hmmmm, I prequalified for $350k, what the heck???? Crazy. No way. High pressure in a subtle kinda way. I could have the house I deserved, I laughed in his face and walked out.

 

Long story short, three and a half later they having a short sale on the house. The listing is 35k less than what they owe on it. Sad.

 

I like having money for other things.......Taking the kids to the circus, Scouts, Brownies, vacations. Ya, I drive a ten year old truck, but it is paid for and reliable. how about college funds and retirement???

 

Should I shed a tear for those people, nope got what was coming to them.

 

 

[packsaddle]

The next thing that needs to happen to them is for the unseen hand to select against their offspring to remove those defectives' reproductive capacity from the population before they can proliferate further.(This message has been edited by packsaddle)

[scoutingagain]

Well, it seems they didn't do anything many of the so called financial geniuses on Wall Street did over the last several years. They simply signed a credit instrument they couldn't afford and didn't understand. No different than the geniuses at Lehman Bros., AIG, and hundreds of other institutions now being bailed out by the Govt.

 

Their only mistake was not being friends with people that could get them taxpayer money to bail them out.

 

SA

[vol_scouter]

Rythos,

 

Those are intersting numbers but what do they mean? I have no idea of the average foreclosures in your unspecified time period. I would assume that it is more but by what percentage? So often numbers are thrown around that sound good or bad but contain meaning only when in context. My understanding is that the actual foreclosures are moderately increased (I just did the same thing by using a non-specific term). Most of the foreclosures are said to be persons who in years past would have never qualified for loans. Our congress is corrupt since they forced this upon the banks. The sad thing is that almost all of the worst culprits are still there! They tell us to trust them to manage the mess that they caused. We deserve what we get for re-electing them!