The Housing Crisis
Filed under: Business Blitz
According to data released on Thursday….
U.S. foreclosure filings were up 71% in the third quarter - compared to the same period in 2007.
Yike!
Posh is Sari
Speared!Perez Hilton: All Access With Lady Gaga SLAYS In The Ratings!
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the foreclosure rate is going down here…
wheres my pic?!
Yes Perez, America is in the shitter!
Can't foreclose on my flat.
Re: SBFREAKSgirl925 – Hey Alice showed me how to make ball gravy, want some?
what, no 'have a nice weekend' 'more fun times' sayings?
This is really getting terrifying. If we would just put an end to this war in Iraq then the economy would get back to where it should be!
Re: SBFREAKSgirl925 – where ya been? good times yesterday……..
This is what happens when House Democrats and Bush mess with the Housing market. Barney Franks took the CEOs aside and told them they must give loans to the poor. Now they use are money to try to fix their mistake. This is what happens when dems and reps have too much power.
You seem to be enjoying this crisis a little bit too much. You might be fine, but the rest of the nation is stressed. Remember, we come here to get away from bad news.
so……
Obama will handle that with a little fairy dust and a tax hike.
that's because people wanted too much house for too little money…
dumb asses….
perez doesn't give a fuck about anyone or anything but his under-used, unwanted, lonely asshole………..
Re: FuckinFurbyFuckinaFuckwadFucknutFU – furby…….do you need laid?
Re: ss794- – BINGO!
Re: grampah –
Dad is that you?
whatever happened to the perez hot topic line?????
Re: wanna milk me?? – good times indeed. you had that wardrobe post girl.
Re: wanna milk me?? –
How'd you guess?
?
BOOOOORRRRRRRRRRIIIIIIIIINNNNNNNNNNNNNNNGGGGGGGGGGGGGGg
Re: Melissa is always right – oh, i didn't go back after my one comment. didn't feel like explaining to someone who is obviously doing their thesis on urban vernacular……………….stupid cunt
grrrrr
Re: ss794- – No, not true re Barney Frank being the cause of this, The Housing crisis is across the board in regard financially - with most foreclosures in suburban neighborhoods. Fact.
Had it only been folks in poor areas & inexpensive houses , not have even been a blip on the screen.
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No - a significant part was predatory lending practices: mortgage bankers telling folks they could afford WAY more than they could (why not? once you sign that mortgage, the mortgage banker gets his cash and is off scot-free — if there's a problem, it falls on you and the bank).
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Then. . .folks buying WAY above their means because they listened these "inflated approvals" from mortgage banker/real estate agent - and because that's what they WANTED to hear.
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then banks bundling and rebundling these loans and selling as "one" large "package" loan to hide the high-risk loans . . and in time, the scheme all falls apart.
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But grandpah - somehow you think Barney Frank is, well, MAGICAL - in that he, a single person AND a democrat - can overcome the entire Republican President and cabinet, and Rpublican Congress? Hmmmmm.
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No, pretty much greed and lack of ethics or legal responsibility on the part of mortgage bankers and the banks themselves.
I was way to verbose:
Simply put, every time you hear someone on this site trying to blame 1) Barney Frank or 2) democratic initiatives from the mid-1990's - implying that the housing crisis is due to lending for homes in bad areas in the inner-city — please remember:
90% of the foreclosures are in suburban neighborhoods.
Thats awesome- bc now its an awesome buyers market -good for me!
Re: LULU~* –
It started in the Clinton administration and Bush continued it along with Congress. Banks were forced to give loans to those who couldn't afford it. Members of congress took the CEOs on a field trip to the poorest part of town and TOLD them that they must give them loans. From there banks gave loans to all who couldn't afford it. As a result, people defaulted on the loans and the banks ate the cost. Now they took our money to fix their mistake and it isn't working.
Re: LULU~* –
There are low cost and poor suburban neighborhoods.
I live on Long Island. Today's paper says foreclosure rate is down.
Re: ss794- – Not NEARLY in comparison to the average salary of home buyers being above $60,000 — that is not the group you are trying link to this.
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It was your average Joe spending well above his means. The problem was the lack of regulation in the banking industry — they made $$'s on high risk loans that never should have been approved.
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Then, their house of cards began to fall. The main reason? Greed on the part of average Joe who thought he'd make a bundle selling a house he could ne'er wll afford, and Greed on the part of the banks.
Here's a little news tidbit:
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A prominent fundraiser for Sen. John McCain's presidential campaign is facing a new legal challenge over a lucrative Pentagon contract that involved shipping oil to military forces in Iraq. A competing firm filed a federal suit under the Racketeer Influenced and Corrupt Organizations (RICO) Act this week against the fundraiser, Harry Sargeant III, and his company, International Oil Trading Company. The suit accuses them of a "bribery scheme" to pay officials in the Kingdom of Jordan, in an effort to keep competing firms out.
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Re: FuckinFurbyFuckinaFuckwadFucknutFU –
Whose yo mama?
Re: ss794- – Truthfully? I wish people would act like reasonable adults. And I wish the banking industry would adopt fair trade regulations - but when that isn't present — and its not in our society, then rules have to be enforced.
(and man - I'd so stick it to the nefarious mortgage bankers - the guy who "finds" the loan and convinces people they can afford them — I qualified for a ridiculous amount — and simply told the guy "not in this lifetime" and bought appropriate for my salary)
Hope "flippers" learn their lessons
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Here's a hint….only get in debt that you can afford……
Yeah but home purchases in California are up 65% since this time last year!!!! Glass is half full Perez….
S
Yike[S]
You forgot the S.
This is what happens when people are given a mortgages they can not afford. More of this shit will happen under Obama. He is all about giving shit to people who do nothing.
Re: GO-BUCKS – If you're referring to giving tax incentives to companies that bring back jobs to America amd employ Americans, and tax breaks for those earning less than $250,000/yr. (95% of the American population including the middle class and WORKING poor - who don't earn enough to get it done) than I agree. Obama is a very giving person!
Re: LULU~* – You're right on!!!! Exactly!!!…. I blame mortgage brokers/banks ….they fucked up…But we can't take the blame from the people…. It is a fact that most houses being foreclosed are in suburban areas…these people were driven by greed and should've known better… I hate it when they come up in tv blaming everybody but themselves… I also know that many were tricked or were given "shady" loans and that is terrible… But speculators should not complain that this is happening to them…they should've known better!!
Thank you Clinton and Carter for your Community Reinvestment Act. Thank you congress for not listening to the Bush administration as well as McCain who tried to warn you about this years ago. Also, thank you Barney Frank for being a douche.
I blame Banks and their easy credit give away to the people…. But the consumers lack of responsibility to accept that easy credit…when they accepted that loan to have a bigger home that they coundn't actually afford…when they leased instead of buying a car because they realized they didn't have the money to buy but still their greed overlapped… when they don't take responsibility for their actions and now expect us to spread the wealth !!!!Bullshit!!!… now my tax dollars have to go to save their asses with this bailout…Hopefully the govt. plan will work and their investments will profit!!
VOTE McCain/Palin 08'!!! VOTE McCain/Palin 08'!!!!
I JUST WATCHED THE VIDEO ON THE SIDE THAT IS A MUST SEE BEFORE THE 4TH.
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PLEASE, EVERYONE WATCH IT.
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GOD BLESS!
perez, you have no business chastising people who foreclose when YOU yourself filed for bankruptcy years back. you're such a sellout
Re: ss794- – Per your comment:
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"It started in the Clinton administration and Bush continued it along with Congress. "
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My question - why? Why did Bush continue it if it was wrong ?
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He has been in office for 8 years, he had control of the house and the Senate nearly the entire time — if they wanted it stopped, would have been easy.
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Also, your comment: "congress took the CEOs on a field trip to the poorest part of town"
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As I said earlier - there are FEW buyers in the worst part of town, regardless of easy financing, very FEW would still be able to purchase. And, those home cost a Pittance (remember, "worst part of town") in comparison to the homes being foreclosed upon.
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Folks, for you to decide — does it make sense to you that the foreclosure of a comparably few, very, very cheap homes could bring down the housing market?
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Re: ss794- – Pssst, ss794 - you contradicted yourself above - first you said "forced to give loans in the worst part of town" as your proof.
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but then — you said "There are low cost and poor suburban neighborhoods" — only after I remarked that the bulk of foreclosers are in suburban neighborhoods.
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Well, which is it?
Is it the poor, inner-city neighborhood that your first tried to blame? Or is it the suburbs, i.e. average Joe? Appears you are flip-flopping.