Strategic Defaults and the Foreclosure Crisis
Nearly a year after the Obama administration unveiled its ambitious housing rescue program, foreclosure tallies continue to break records. Foreclosure filings were reported on more than 2.8 million properties in 2009, up 21 percent from the previous year and 120 percent from 2007, according to RealtyTrac. MORE HERE
Very interesting, The Financial Experts agree that people should walk away from the burden of paying a mortgage on a house that’s not worth the dirt it was built upon. I’m glad to hear murmurings from the “EXPERTS” like… HEY GUYS, IT’S OK TO DEFAULT. IT’S OK TO GO BANKRUPT. IT’S OK TO ASK FOR HELP. For too long, social safety-nets were only respectable for Corporations. For the rest of us this need was touted as shameful. The GOP and BLUEDOGS, since Reagan, have been quite vocal in suggesting that not having enough income to make ends meet is, FAILURE. Of course, not enough income (or Capital) for a business was excused as something outside a corporation’s own doing, in other words NOT THEIR FAULT. Welfare reform won approval and was passed by a Republican in Democrat’s clothing. The upshot from this little humdinger made it almost a crime to ask for help, unless of course, you were, YOU GUESSED IT, A CORPORATION. Since SCOTUS deemed corporations, people… they should be subject to the same SHAME as the rest of us “PEOPLE” who have succumbed to hard times. thinkingblue]
PS: TALK ABOUT A HUMDINGER GET A LOAD OF THIS: SCOTUS Overturns Ban on Corporate Political Expenditures Now China et al can have a say in… WHO THE HELL WILL BE OUR LEADERS HERE IN THE GOOD OLE USA. HUH?