Foreclosure
2212 cr points
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26 / M / back in cr
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Posted 8/25/08 , edited 8/25/08
Well thanks to bad mortgage loans and the market going into the toilet, the housing industry is stuck in quite a pickle. Just recently my uncle bought a new house in Sacramento for the low low price of... $130,000 and it came with a swimming pool( a dirty, ill kept one). I was going to write it off as a victory for my cousin since he got a new house at a rock bottom price; that was until i heard the story of how the house came to be. It seems that the house once belonged to a single mother(the poorest group of people around) who had to take care of five daughters when she one day had a stroke at work, unable to work the financial burden of owning a house was too much and she defaulted on her loan and haven't been heard from since. after hearing the story it left a little stain in my heart( not so much as to make me do something about it, but pungent enough to make me think about it from time to time). Of course foreclosure has hit my county pretty badly and everyday people ranging from those who spend extravagant amounts of cash for really shiny things and could not meet the payment, to people who had to go to the hospital and couldn't pay the bill are forced out of their homes and to where-ever since the banks deem them unfit to pay. After a long 'break' from topic typing a view on the current foreclosure crisis would be most beneficial.
3929 cr points
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21 / F / My body lives in...
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Posted 8/25/08
a recession ?
Posted 8/25/08
houses were never worth that much to begin with.
housing prices were artificially inflated because of fraud, interest only loans, fake appraised, greedy bastards etc. you can only `cook` the books for so long - expecting the housing market to adjust came at no surprise - unless you fell off a turnip truck.

Posted 8/25/08
=_=? all the big words are making my head hurt
Posted 8/25/08
Good thing my mom paid for all the mortgages on my house, I don't have to worry bout a damn thing cause I'll always have a home to go to
999 cr points
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M
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Posted 8/25/08 , edited 8/25/08
economic recession?... real estate money making schemes?,,, a market on mortages where investers buy motages expecting to make money on interest and then foreclosing really fast when the home owner defaults on the payments causing the invester to lose moeny?... adjustable rate mortages?.... salt water damage?... metal gear?!....
21995 cr points
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24 / F / boring, bland ohio
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Posted 8/25/08
I blame it on shady bankers fooling people into thinking adjustable rates are financially sound
6509 cr points
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Posted 8/25/08
Capitalism is a dirty business.
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