Something to look forward to
Just when you thought it was safe to open a newspaper, there's some bad news: There could be an additional 4.8 million foreclosure sales between 2009 and 2011, said Mark Zandi, chief economist at Moody's Economy.com in West Chester, Pennsylvania in an interview with Reuters.That's almost twice the 2.7 million foreclosure sales that happened between 2006 at 2008, Zandi says. Those earlier foreclosures battered our economy, almost destroyed our financial system, and cost many of us our jobs.
The argument for another foreclosure spike is straightforward...There are 47.4 million U.S. homeowners with mortgages, and 23 percent of those, or 10.7 million borrowers, now owe more money to their mortgage lender than their homes are currently worth, according to the third quarter report from First American CoreLogic. Even worse, close to 10 percent of homeowners with mortgages have loans that are more the 25 percent larger than the current value of their homes, according to CoreLogic. That means roughly 4.5 million borrowers that are deep under water.
Thanks to W, and 8 years of Repub 'leadership", after they inherited a surplus, in 2000, then started a (oops, bad info) war, and wrecked our economy. Now they want to be voted back in, cause Obama hasn't fixed their colossal mess in his first year. And there are idiots out there that would give them another chance? You gotta be kidding...
The argument for another foreclosure spike is straightforward...There are 47.4 million U.S. homeowners with mortgages, and 23 percent of those, or 10.7 million borrowers, now owe more money to their mortgage lender than their homes are currently worth, according to the third quarter report from First American CoreLogic. Even worse, close to 10 percent of homeowners with mortgages have loans that are more the 25 percent larger than the current value of their homes, according to CoreLogic. That means roughly 4.5 million borrowers that are deep under water.
Thanks to W, and 8 years of Repub 'leadership", after they inherited a surplus, in 2000, then started a (oops, bad info) war, and wrecked our economy. Now they want to be voted back in, cause Obama hasn't fixed their colossal mess in his first year. And there are idiots out there that would give them another chance? You gotta be kidding...
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