Let's keep bailing out banks and financial..
..institutions, making sure the execs keep their bonuses and summer homes, while we lay off more and more people every day, just so those jackasses keep living a standard of life which they’re accustomed too.
So more and more people are losing their homes, NOT because they don’t want to pay their mortgages, but because they got laid off to subsidize the execs.
Another gunman is on the loose. Most likely a laid off employee. Expect more of this while the execs live in their glass towers, while people are starving, and can’t find work.
sometimes its as simple as not being able to qualify for the same mortgage they got a few years ago. I’m in that boat. Where i wanted to live was pricey (housing prices were way up afterall) only way i could afford it was an interest only loan…basically like renting, but i could deduct all the interest…works for me. Never missed a payment. But now you need 10-20% down. I can’t even get the same mortgage and don’t have that kind of cash to put in a potentially depreciating asset…I’d be dumb to do that too. So..what are my options in a year and a half? Don’t know. Probably selling my house at a loss or walking away, giving the house to the bank (its theirs anyway, i just live in it). Guess which one I’ll do? Guess what its not good for? the housing market…it will be yet another house for sale, driving supply up. The only thing many need is the loan…part of the so called bailout were supposed to give banks capital to provide loans. It hasn’t. Life goes on. I don’t need to live in that house to be happy. My credit will recover in a few years (plus there will be so many in the same boat that credit will kind of be graded on a curve anyway). I just don’t like being part of the problem instead of pulling my weight and keeping my promises (even to asshole banks).
