How sobering is it that 23% of all mortgages are underwater?
- Anonymous9 years agoFavorite Answer
Bad........but it all started with $15 hr salary non English speaking folks purchasing $300k mortgages under junk hybrid terms. What happened to millions of those notes and homes when normal FHA monthly payment terms kicked in? Ohhhhhh Chris Dodd and Barney Frank, you got to love em' for making such great friends with Fannie and Freddie while law firms seek lawsuits against everyone on the planet because their high school drop out clients didn't have a clue what the content on their escrow papers meant. They had no clue even the word "escrow" stood for. No speaky English.
Ya think they now know the difference between the words "earned" vs. deserved"? Home ownership is a privilege not a right. Ya think they got that one figured out now?
- ?Lv 79 years ago
Very, but things like that happen when recessions hit.
Relax the big money makers are doing just fine, at least for the short term.
Soon the disaster left behind by bush will have a negative on even more Americans, but then the average republican is not willing to deal with that fact.
More properties that have a value in excess of 1 million dollars are considered as distressed at the present time.
Junior sure left a toxic mess behind, didn't he.
He did more damage in eight years than Ronnie & Daddy did in twelve.
- NikkiLv 79 years ago
It's sad. Of all the things one buys, house payments should be sure in your budget plan for years out. I'm afraid too many bit off more than they could chew.
- Vagabond5879Lv 79 years ago
Very Sobering and people should start worrying about what's going to happen next!!