12 pct. are behind on mortgage or in foreclosure

[Whomever]

12 pct. are behind on mortgage or in foreclosure

May 28, 11:02 AM (ET)

NEW YORK (AP) - A record 12 percent of homeowners with a mortgage are behind on their payments or in foreclosure as the housing crisis spreads to borrowers with good credit. And the wave of foreclosures isn't expected to crest until the end of next year, the Mortgage Bankers Association said Thursday.

The foreclosure rate on prime fixed-rate loans doubled in the last year, and now represents the largest share of new foreclosures. Nearly 6 percent of fixed-rate mortgages to borrowers with good credit were in the foreclosure process.

At the same time, almost half of all adjustable-rate loans made to borrowers with shaky credit were past due or in foreclosure.

The worst of the trouble continues to be centered in California, Nevada, Arizona and Florida, which accounted for 46 percent of new foreclosures in the country. There were no signs of improvement.

http://apnews.myway.com/article/20090528/D98FAF4O1.html

 

[Bonestorm]

It's a shame the Senate is still controlled by banking industry loyalists on both sides of the aisle. Allowing bankruptcy judges to restructure mortgage loans would have helped but, of course, the banking industry opposed it and the Senate dutifully obliged.

 

[cawacko]

It's a shame the Senate is still controlled by banking industry loyalists on both sides of the aisle. Allowing bankruptcy judges to restructure mortgage loans would have helped but, of course, the banking industry opposed it and the Senate dutifully obliged.

I have read several articles stating many of the mortgages that have been restructured are still under water. For those that bought homes with almost no money down who couldn't afford them changing the loan terms isn't going to change the fact that most still can't afford them. There is no possible way the government is somehow going to step in and control this.

 

[Bonestorm]

I have read several articles stating many of the mortgages that have been restructured are still under water. For those that bought homes with almost no money down who couldn't afford them changing the loan terms isn't going to change the fact that most still can't afford them. There is no possible way the government is somehow going to step in and control this.

Restructured by whom? Not by bankruptcy judges through the bankruptcy process.

And I'm not talking about subprime stuff. We're well beyond subprime my friend.

 

[cawacko]

Restructured by whom? Not by bankruptcy judges through the bankruptcy process.

And I'm not talking about subprime stuff. We're well beyond subprime my friend.

I'm well aware we're past subprime. Since I'm unemployed I've partnered with a few people with capital to go after foreclosed homes in the Bay Area. There is expected to be a steady flow of homes coming onto the market for the remainder of the year as the governnments moritorium (or whatever that was) is up and banks didn't want to flood the market with homes all at one time so they've released them in groups. But yes we are hitting the next groups after subprime.

 

[DamnYankee]

Everything done to stimulate the economy in the last year by spending has so far not worked, starting with "stimulus checks" written under the Bus Administration and derided by Democrats as too small, all the way up to trillion dollar bailouts of banks and the auto industry. The downhill trend gets steeper, more people lose their jobs, then their houses. Next comes hunger, then starvation, and eventually frozen bodies in boarded up apartment buildings during the long winter.

At what point does sanity come back in style and we cut taxes, slash government programs, cut spending and regulation, which has always proven to work?

 

[Whomever]

Everything done to stimulate the economy in the last year by spending has so far not worked, starting with "stimulus checks" written under the Bus Administration and derided by Democrats as too small, all the way up to trillion dollar bailouts of banks and the auto industry. The downhill trend gets steeper, more people lose their jobs, then their houses. Next comes hunger, then starvation, and eventually frozen bodies in boarded up apartment buildings during the long winter.

At what point does sanity come back in style and we cut taxes, slash government programs, cut spending and regulation, which has always proven to work?

go back to bed, this was tried before Herbert.

 

[DamnYankee]

The Reagan tax cuts stimulated the economy, staring the longest period of prosperity in the 20th century. Tax cuts by Bush 43 also stimulated the economy. Spending does stimulate the economy, but only when private entities do the spending, because they carefully decide what to spend their money on. Growing government, restricting private enterprise and becoming indebted and dependent on foreign interests can only slow or reverse economic growth. I don't understand why you liberals can't get that past your thick skulls.

 

[Whomever]

The Reagan tax cuts stimulated the economy, staring the longest period of prosperity in the 20th century. Tax cuts by Bush 43 also stimulated the economy. Spending does stimulate the economy, but only when private entities do the spending, because they carefully decide what to spend their money on. Growing government, restricting private enterprise and becoming indebted and dependent on foreign interests can only slow or reverse economic growth. I don't understand why you liberals can't get that past your thick skulls.

The longest period of "prosperity" culminating in NOW!

You are a Herbert Hoover.

Regans problems were nothing to what we have now.
Also you might want to check govt spending during Reagan.