WASHINGTON (Reuters) - The federal government and states are girding themselves for the next foreclosure crisis in the country's housing downturn: payment option adjustable rate mortgages that are beginning to reset.
"Payment option ARMs are about to explode," Iowa Attorney General Tom Miller said after a Thursday meeting with members of President Barack Obama's administration to discuss ways to combat mortgage scams.
"That's the next round of potential foreclosures in our country," he said.
LINK HERE
Just let it fall already so we can get on with the clean up.
ReplyDeleteElevator going down to hell. All while the Judases like Obama, Bernanke, Geitner, and their handlers line their pockets.
ReplyDeleteFor those of us in the awake crowd, who have been studying the financial situation for some years now, are mostly fully aware of what is to come. However, for the dumbed down idiotic sheeple, even the so called "smart" ones, THEY don't seem to have a clue.
ReplyDeleteThe dumbed down sheeple live in a different reality, or fantasy, thanks to our MSN outlets and the govt. It makes no sense to continue to hide the reality from the sheeple, though it's possible the sheeple are unable to accept or even see reality, since most sheeple do not seem to have the ability to critically think or think in a logical manner.
Perhaps this is why the govt, the FED and/or TPTB continue to gradually implode the economies of the world.
It gives us few a little more time to prepare, but for what? Forced Vaccinations and Camp FEMA? who knows?
Sept/Oct/Nov seem to be the months many are predicting MAJOR EVENTS. I guess we will wait and see...
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ReplyDeleteWhat the hell is a quivering mound of love pudding, anyway?
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ReplyDeleteMy wife and I have made plans to "walk away" from our house. We will save thousands and since this will trash our credit, we are going to walk away from our credit card debts.
ReplyDeleteWe will keep up the car payments.
It is war. We have plans to cheat back the banks and get back our stolen tax money. By the time our credit is good again, 7-10 we will have saved more than enough to buy, for cash another house.
We encourage ALL AMERICANS to get even with the banks and stop paying their bills. This is war and we tax slaves need to fight back.
My next door neighbor just moved out a couple days ago. I think they're gone for good.
ReplyDeleteI know they bought around the peak and it's been about 2 years and some months.
I think their 2 year teaser rate blew up and they couldn't make the payments anymore.
@8:17
ReplyDeleteIs this your contention:
Market booms = homeowners take all gains, banksters get zero
Market busts = homeowners walk away, banksters (i.e. taxpayer) take all the losses
And no I don't work for a bank.
My latest post on Friday, Sep 18th topic "Its dangerous to think the financial crisis has gone away", should really have been with this topic.
ReplyDeletei heard they will be taking money from delinquents paycheck. anyone heard tat too.?
ReplyDeleteI heard tat? Did you get your GED?
ReplyDeleteI tawt I saw a putty tat?
It takes some time to track folks 9 times out of 10
One factor that may affect anyone's foreclosed property is their credit score. It has great impact especially if one is trying to apply for a loan or credit card. If possible, it's better to pay mortgage loan on time to avoid foreclosure.
ReplyDeleteFolks don't worry the housing crisis has ended. Recent data showing house prices going up, new house stars increasing, foreclosure rate falling at rapidly and defaults rate falling to near zero.
ReplyDeleteMany thanks for Obama and Bernanke for being strong and saving us from economic disaster.
12:12 Bwaaaaa hahahaha HAHAHA funniest but dumbest post yet
ReplyDelete2:25 with all the college degrees you have I bet your living in a van down by the river with bills, while the one with the ged, working hard is living it up in a mansion, PAID OFF.lol. dont knock hard work, frat boy, that ged person is paying your unemployment check, freeloader.
ReplyDelete12:12. Do you get paid by the word or the lie? That BS isn't going to float in the blog. This isn't MSNBC or CNN. You have a more informed group of people here.
ReplyDeleteHello, thank you for the article. I agree that there a lot of people in the US who know what to expect, but, unfortunately, there are much more people who do not know what to expect. And if these people continue taking more and more loans, the crisis never will be over.
ReplyDeleteTake care,
Jay