Detroit Junior in the making

[Aske]

http://www.breitbart.com/...cwfxrz&show_article=1

[stroh]

sadness

[birdymaker]

blaming the problem in Ohio and Michigan on "sub-prime mortgages" is inaccurate at best. every day in our local paper the list the foreclosure notices which include all of the particulars of the terms including origination date and interest rate's. the majority of these are NOT sub prime mortgages. we lead the nation in forclosures, Ohio is second.

the current "real" unemployment rate in Michigan is well in excess of 10% and the majority of these people are losing their houses due to a lack of income, due to "under employment". and Ohio is right behind us. the inner city unemployment rate is much higher. these people fell off the rolls long ago.

the majority of the repo's in our paper every day are in the 5-7% range and origination dates in the 90's. these are people who have lost their jobs and have no chance of re-employment at anywhere near their former income. there is an average of 50 foreclosure notices in our suburban newspaper 7 days a week.

high school aged kids have almost no hope of finding employment of any kind due to the fact that adults are now working at those jobs that "nobody wants". the average age of the fast food worker locally is in th mid 30's from what i can see.

[gleek]

She says she is one of the last people left on the street. And she is on the verge of losing this two-bedroom house in which she has lived for more than 30 years because she simply cannot afford her monthly payments.

It is a complicated story. She refinanced in 2003, but did not realize the document she signed included provisions to radically increase the interest rate.

How in the hell does this happen?

[stroh]

She says she is one of the last people left on the street. And she is on the verge of losing this two-bedroom house in which she has lived for more than 30 years because she simply cannot afford her monthly payments.

It is a complicated story. She refinanced in 2003, but did not realize the document she signed included provisions to radically increase the interest rate.

How in the hell does this happen?

My guess is that's one of the predatory unscrupulous lenders we've been reading about.

[Walfredo]

She says she is one of the last people left on the street. And she is on the verge of losing this two-bedroom house in which she has lived for more than 30 years because she simply cannot afford her monthly payments.

It is a complicated story. She refinanced in 2003, but did not realize the document she signed included provisions to radically increase the interest rate.

How in the hell does this happen?

My thoughts exactly.  She should have had the thing paid off almost by 2003.  Did she take all the inflated equity out of it as an ATM? 

[gleek]

She says she is one of the last people left on the street. And she is on the verge of losing this two-bedroom house in which she has lived for more than 30 years because she simply cannot afford her monthly payments.

It is a complicated story. She refinanced in 2003, but did not realize the document she signed included provisions to radically increase the interest rate.

How in the hell does this happen?

My thoughts exactly.  She should have had the thing paid off almost by 2003.  Did she take all the inflated equity out of it as an ATM? 

And what did she do with all that money?

[stroh]

And what did she do with all that money?

[birdymaker]

She says she is one of the last people left on the street. And she is on the verge of losing this two-bedroom house in which she has lived for more than 30 years because she simply cannot afford her monthly payments.

It is a complicated story. She refinanced in 2003, but did not realize the document she signed included provisions to radically increase the interest rate.

How in the hell does this happen?

My thoughts exactly.  She should have had the thing paid off almost by 2003.  Did she take all the inflated equity out of it as an ATM? 

And what did she do with all that money?

it doesn't say how much she took the mortgage for. say it was for 15,000 more than she owed and she spent the majority of it on improvements. the initial payments were manageable but now that her interest has doubled after 5 years and her house is virtually worthless, it makes no difference that she only owes 20,000, if you can't make the payments your screwed.

[Seamus]

Imagine my anger when I opened this thread and it WASN'T a Am/Bm pröño. 

[birdymaker]

   lol