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Take My House - PLEASE!

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Balladeer
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0 posted 07-16-2009 08:44 AM       View Profile for Balladeer   Email Balladeer   Edit/Delete Message      Find Poems   Click to visit Balladeer's Home Page   View IP for Balladeer

WASHINGTON – The number of U.S. households on the verge of losing their homes soared by nearly 15 percent in the first half of the year as more people lost their jobs and were unable to pay their monthly mortgage bills.

The mushrooming foreclosure crisis affected more than 1.5 million homes in the first six months of the year, according to a report released Thursday by foreclosure listing service RealtyTrac Inc.

The data show that, despite the Obama administration's plan to encourage the lending industry to prevent foreclosures by handing out $50 billion in subsidies, the nation's housing woes continue to spread. Experts don't expect foreclosures to peak until the middle of next year.

Foreclosure filings rose more than 33 percent in June compared with the same month last year and were up nearly 5 percent from May, RealtyTrac said.
The Obama administration in March launched a $50 billion plan to give the lending industry financial incentives to modify mortgages to lower payments, but it's off to a slow start.

As of early July, about 130,000 borrowers were enrolled in three-month trial modifications under the plan, and 25 mortgage companies have signed up to receive potential payments of up to $18.6 billion, according to the Treasury Department. But analysts and housing counselors say it isn't having much of an impact.
http://news.yahoo.com/s/ap/20090716/ap_on_bi_ge/foreclosure_rates_4

Problems emanating from loans made when standards were much looser have taken a back seat to defaults stemming from job losses and wage cuts.

"Unemployment-related foreclosures account for much of this increased activity, and the high number of borrowers who find themselves owing more on their mortgages than their homes are now worth represent a potentially significant future risk," James J. Saccacio, RealtyTrac chief executive, in a statement.
The highest unemployment rate in nearly 26 years is the biggest factor keeping homeowners from staying current on monthly payments, Sharga said.
  http://news.yahoo.com/s/nm/20090716/bs_nm/us_usa_housing_foreclosures_2

President Barack Obama’s economic forecasts for long-term growth are too optimistic, many economists warn, a miscalculation that would mean budget deficits will be much higher than the administration is now acknowledging.

The White House will be forced to confront the disconnect between its original, upbeat predictions and the mainstream consensus about how the economy is likely to perform in a new budget forecast to be unveiled next month.
The administration is already under intense pressure over its economic calculations on the most politically sensitive statistic: employment. The administration once vowed to use stimulus policies to keep the jobless rate below 8 percent; it is now just shy of 10 percent.
Deficit figures do not pack the same emotional punch as unemployment lines do. But they matter greatly to policymakers and the financial markets as a measure of whether the country can afford Obama’s big agenda.
White House officials began to lay the groundwork for the politically ill-timed revisions when Vice President Joe Biden recently conceded the administration had “misread” the economic indicators in January about how bad the economy actually was.
Obama later amended those remarks, saying the White House had “incomplete” information, which led to their miscalculations.
Either way, those admissions appear to pave the way for a significant rewrite of the White House’s economic outlook, starting with it growth predictions.  http://news.yahoo.com/s/politico/20090714/pl_politico/24899


Somebody a lot smarter than me (which includes 99.8% of the world population) said "You don't solve a problem by throwing money at it" and "you don't tax your way out of a recession". Obama is doing both and these are the results so far. So what is his plan? Keep spending money we don't have and keep raising taxes on businesses who will either raise the prices of their products or downsize and lay off more people, adding further to the rising unemployment rate. Spend 1.5 billion on a health care overhaul (using a bogus "50 million people without health care!") as their mantra, taxing companies even higher under the new obligations imposed. Pass the cap and trade bill, raising taxes even further,which will lead to more unemployment, higher prices, and outsourcing of work to other countries. Can't even the strongest Obama supporters recognize this recipe for disaster?


“The spending required for health care, the tax on business with a [climate change] cap-and-trade system, and the wasteful spending inside the stimulus will finish the job that the Chinese mercantilism began,” he said. “We’re headed for a disaster here.”
Peter Morici, University of Maryland exonomist

Pass the stimulus package NOW to save the economy!
Bail out the banks and car dealers NOW to save the country!
Pass the cap and trade bill NOW to save the world!
Pass the health care bill NOW to save the country!

No one else sees a pattern here? One would think we have tons of cash laying around. What we have is tons of ink for the printing presses at the Treasury....grind those hundred dollar bills out, boy. Our next few generations will thank us.....NOT!

[This message has been edited by Balladeer (07-16-2009 09:23 AM).]

Denise
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1 posted 07-16-2009 09:21 AM       View Profile for Denise   Edit/Delete Message      Find Poems  View IP for Denise

Proposed Health Care Plan:
http://www.ourcountrydeservesbetter.com/files/House-Democrats-Health-Plan.pdf

If Congress and the Administration force this on us I think they also should be forced into this plan. They would definitely change their tune about garbage like this if they and their families would be subjected to it.
Grinch
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2 posted 07-16-2009 05:28 PM       View Profile for Grinch   Email Grinch   Edit/Delete Message      Find Poems  View IP for Grinch

Talking of kippers.

The anti-terrorist policies that Bush put in place stopped a major terrorist attack, the evidence being that a major terrorist attack didnt take place after the anti-terrorism policies were put in place.

Flawed logic, but you keep using it Mike so how does this sound:

Obamas policies to save the economy have worked so far, the evidence being that the economy is still running. I could go further, the economy could be in an even worse state than it is if it wasnt for Obamas policies. The evidence? Well the economy isnt in a worse state than it is of course.

Flawed logic but its fun to feed it back to you.

The bit about Obamas targets and his failure so far to realise them?

Thats easy Mike, hes a politician he bent the truth lied if you like. They do it all the time, they have to, large sections of the economy succeed or fail on what they say. Every prediction, every announcement, every promise is tinged with the necessity to engender the feel good factor because the alternative leads to a self-fulfilling prophecy of doom and gloom.

[This message has been edited by Grinch (07-16-2009 06:02 PM).]

Balladeer
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3 posted 07-16-2009 06:02 PM       View Profile for Balladeer   Email Balladeer   Edit/Delete Message      Find Poems   Click to visit Balladeer's Home Page   View IP for Balladeer

grinch, I have no idea why you wasted your time typing that reply. First, I see nowhere in this thread where I mentioned ant-terrorist policies. Second, if you looked at the thread where I did, I said that, since another attack didn't take place, we couldn't know for sure if his policies got the credit or not. Your comment about Obama's policies is equally off the radar screen. An economy still running could have little to do with Obama's policies since it could be running in spite of those policies....at least for now. What we do know is that the unemployment rate has soared and the country is four times as much in debt as it was before he took over. Why use any logic to conclude that it is worse than it would have been without him?. They do it all the time Yep, and priests molest little boys because they are only human. Everybody gets a pass.

Glad you're having fun but, ignoring the topic of the thread and coming up with gobbledegunk as a detour really doesn't prove any point, except that it's an avenue for you to have fun. You can do that without the participation of those who consider these things important, the ones who will be affected by them so...enjoy yourself.
Grinch
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4 posted 07-16-2009 06:10 PM       View Profile for Grinch   Email Grinch   Edit/Delete Message      Find Poems  View IP for Grinch


If you dont understand my post Mike just say so Ill try to explain it in simpler language.

quote:
we couldn't know for sure if his policies got the credit or not.


Hang on youve actually explained it yourself.

Balladeer
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5 posted 07-16-2009 06:31 PM       View Profile for Balladeer   Email Balladeer   Edit/Delete Message      Find Poems   Click to visit Balladeer's Home Page   View IP for Balladeer

Believe me, grinch, I understand your post...and why you bothered to write it. That's why I'm not interested any longer...have fun. Solitaire can be fun, too.
Ringo
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6 posted 07-16-2009 07:11 PM       View Profile for Ringo   Email Ringo   Edit/Delete Message      Find Poems  View IP for Ringo

Actually, Mike, it is rather interesting that you posted this today. My girlfriend and I were walking to the grocery today, and noticed that in the 2 miles from one end of our Small Town America to the other on ONE road, there were 11 houses that were up for sale. Of these, 7 of them had foreclosure papers on the door.
While everyone is talking about stimulus, and economy, and housing woes, and allo of that other rot, they seem to be forgetting (or not wanting to remember) that the numbers everyone keeps throwing back and forth, and the statistics that everyone loves spouting are real people.

Let me give you an example of a few of the deadbeats who do not pay their mortgages:
The guy across the street, and down a ways from me, who used to be a member of the professional wrestling school that trained me, was working for a company driving a propane truck, and making in the neighborhood of twice the poverty level. High oil prices caused the gas to be too expensive for his company to buy. So, they didn't need as many drivers, bcause they couldn't afford to run the trucks. Then, the price of propane, and the price of parts, and everything else started to skyrocket, and the company couldn't afford him. He went to work for a truck manufacturer that used to have a very lucrative contract. The government came back out with new provisions for the contractor, and the price paid to the company was "re-negotiated". He recently put his house on the market and moved into a small apartmnent that he still can't afford, because the only job he can find is with a temp agency. The chance of him selling his house is not that good, because it is on the market for about twice what the local market average is.

The family that lived two houses down from me (across the street from the above example) was driving for a trucking company, and making about three times the local average. The company went out of business, and he could not find another trucking job anywhere in the area because he is over qualified (in excess of 1 million accident free miles, and 30 years of driving). The wife was working at a local manufacturing plant that laid off half of their employees. The house was foreclosed on.

Just a few houses down the other direction, the home owner had a decent job... now the house is in foreclosure.

I am in danger of losing my house for the very same reason. I was working as kitchen manager at a local restaurant that was forced to close its doors. The only job I could find was with a temp agency. The company I was working for downsized their work force, and I was sent back to the agency, who- oddly enough- had no other place for me to go. I am listed with two other temp agencies, and neither of them have anything for me, either. The local manufacturing plant that hires EVERYONE is the same one from my earlier example. Another local manufacturing/warehouse plant recently closed its doors for good, leaving a couple of hundred people out of work... and with their homes in jeopardy.

Where in the name of Thor's Holy Hammer is the money that our government is proudly throwing around... I'll tell you where... in the friggin' newspapers and on the news broadcasts, because not a single person in this once proud coal mining town has even come close to receiving a single flat penny of it.

Oh, yeah... the reason I was walking to the grocery that was a mile and a half away? My car has a fatal error in its programming, and half of the mechanics in the area have closed their doors because no one has a job that pays enough to pay for their cars to be fixed. The ones that are still around cannot look at it for another 2 months. I, also, cannot afford to have it towed to another place to get it looked at.

OH, BUT WAIT!!!! The government is going to give me money for a car, right????

Yeah, OK. That is an argument for another time.

For those who have fought for it, Freedom has a flavor the protected will never know.

Ron
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7 posted 07-16-2009 09:18 PM       View Profile for Ron   Email Ron   Edit/Delete Message      Find Poems   Click to visit Ron's Home Page   View IP for Ron

Yep, the economy still sucks. And Obama hasn't pulled all the troops out of Iraq yet either, Mike.

Did you really think he was going to fix all of Bush's legacies so quickly?
Denise
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8 posted 07-16-2009 09:49 PM       View Profile for Denise   Edit/Delete Message      Find Poems  View IP for Denise

He has done a lot more than just not fix Bush's legacies, Ron. He has tripled or quadrupled the deficit so far, I believe, hasn't he?
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9 posted 07-17-2009 12:03 AM       View Profile for Bob K   Email Bob K   Edit/Delete Message      Find Poems  View IP for Bob K



     Back in 2007 I was speaking to Mike about the cost of pretending there was nothing wrong with the economy.  That we were doing structural damage to it, that the damage was going to be very large and was getting larger by the day, and that somebody was going to have to pay for the deficit spending and the tax cuts that we were passing out like candy with no particular payback visible.  I said the damage was very large and getting to almost unrecognizable proportions.

     The Republican position at that time was that everything was wonderful, and that there was nothing to worry about.  Meanwhile the things that are now troubling us were accumulating and doing pushups in the corners, having puppies and starting families of their own.  Not only was this stuff all predictable, it was predicted.  Those now so eager to cast blame other places and who denied the existence of any sort of problem while it was building are now shocked that the problem is as bad as it is, and dismayed that it continues to grow worse.  The time for the less painful and simpler decisions was over perhaps two years ago.

     The congress, Democratic and Republican members alike, were unwilling or unable to come to grips with these issues because they required then that we cut out the tax subsidies we were extending to the rich, and that we address some of the health care issues were were having here at home that were costing us lives and treasure.  We were, as a country, unwilling to face the need to address these and other issues.  We ran our own literal and our metaphoric national credit cards way over the limit; and through a series of unfortunate laws extended what amount to be legal pillaging rights for various sectors of the banking and credit industries.

     Had we attempted to straighten this out two or three years ago, we would probably be complaining, and probably just as bitterly, but hopefully with far less reason.  We are trying to deal with problems that have been quite a long time in constructing, going back to the deregulations, I believe, of Ronald Reagan's time.

     The sort of people Ringo is talking about above are people that twenty years ago might well have thought of themselves as being members of the middle class, having struggled to get there through enormous hard work, love of family, and dedication to solid American values.  Maybe some of them can still think of themselves that way, but home ownership, long one of the hallmarks of that status is slipping away from them.

     The President has been in office eight months.  With a certain amount of difficulty, his budget was passed.  The Republicans are already wanting to know where the results are of all this new money.  I'm interested myself, truth be told, given the fact that the new financial year generally begins July first, and that new programs generally don't begin until that time.  Perhaps shovel-ready jobs can begin without money to pay for anything. Perhaps there was some sort of special funding arrangement that I don't know about and somebody else does.  Maybe Mike does.  Somebody might tell me about where the funding is supposed to come from for this year's programs.  Was there special funding passed to begin them at what date before July first, so I can know how far behind these projects actually may be.

     Curiously, Bob Kaven
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10 posted 07-17-2009 10:41 AM       View Profile for moonbeam   Edit/Delete Message      Find Poems  View IP for moonbeam

This sort of discussion (and Ringo's tale) is sad but hardly new.  Throwing blame for troubles at the incumbent, at the previous incumbent, at God, is a game played over and over down the centuries, and is in fact as old as the cycles of fortune and misfortune engendered by the vicissitudes of human behaviour.

This thread and most of the others like it are a complete waste of time in the sense that they do nothing to advance our understanding of why people periodically find themselves in such a woeful condition.

Cycles occur in all things.  The trick that civilisation has to master if it wants to avoid the worst effects of economic downturns is to try to smooth those cycles, which means behaving counter-intuitively.  To do that is impossible while the vast majority of people behave like lemmings, and while people are prepared to take discussions like the ones in these various threads seriously.      

No ONE is to blame for the current crisis, we all are.  Obama, me, you, Reagan, Churchill and the prehistoric man who foolishly ate his plentiful grain store in the summer and starved in the winter.  While we bicker like kids over petty economics and politics we remain locked in that stone-age thinking, and have only our collective selves to blame when winter leaves us without a home or food.
Balladeer
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11 posted 07-17-2009 01:54 PM       View Profile for Balladeer   Email Balladeer   Edit/Delete Message      Find Poems   Click to visit Balladeer's Home Page   View IP for Balladeer

That's right, moonbeam. No one is ever responsible for anything. It's never an individual's fault...it's the collective everybody's fault. It may or may not be true but at least it's convenient. Those cavemen should have realized what they would be doing to future generations.
moonbeam
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12 posted 07-17-2009 05:03 PM       View Profile for moonbeam   Edit/Delete Message      Find Poems  View IP for moonbeam

You're nearly there Mike .  You just missed the point about it being every individual's responsibility.

You might be chuckling about the practical value of what I say.  The fact is though, it would be of far greater practical value to start educating our young children in the weaknesses of our own humanity and how to compensate for them, than any amount of pointless rant directed at our current leaders.  They are a lost cause. Any salvation lies in trying to make sure that the next generations understand the mistakes of past generations, and more crucially, how to avoid them.
Ringo
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13 posted 07-17-2009 08:10 PM       View Profile for Ringo   Email Ringo   Edit/Delete Message      Find Poems  View IP for Ringo

Sorry, 'beam...
As long as there is big money in politics and ploitical favors, nothing changes. Current and future generations will all, as ours did start out with the absolute best of intentions, and will enter politics to make a difference... and then they will find the money and the power, and will forget that there are thigns worth losing an election for.

Seriously, tell me when the last politician you can come up with that wasn't in it for the power and the cash?

For those who have fought for it, Freedom has a flavor the protected will never know.

rwood
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14 posted 07-24-2009 09:08 PM       View Profile for rwood   Email rwood   Edit/Delete Message      Find Poems  View IP for rwood


I hate what's happening with the jobs and home situation.

It's hard & we have to make the hard/proper decisions & try our best to prepare for the worst.

I've abandoned my degree due to pay cuts & lay offs & chose the self-employment service industry with no benefits just to have stable income. My work is plentiful and I've had to turn down new clients. Thank God for the blessings of work. My boyfriend works overtime weekly as an HVAC tech. Other than the medical industry, service seems most reliable at this time in this area.

I have friends that are uber-brained engineers, attorneys, brokers, technical specialists etc...and they are taking pay cuts, layoffs or laying off employees for lack of new clients/work etc. Many have a high paying job, live a high-life lifestyle, but didn't quite put as big an egg in the nest as the nest is big:

I know a man that has a 7200sq foot $450,000 home up for sale because of layoffs. The only offer made so far? $155,000. Ouch. His quote: "I have no idea why I thought I needed this big home. I will lose my *ss, and I suppose I deserve to considering I never set foot into some of the rooms."

and then there are those that work hard to keep within a very simple means, and still lose their jobs/homes.

Our neighbor beside us just disappeared. Foreclosure notice on the door. 6 more houses down our little road sit empty. 4 are foreclosures but 2 are newly built and have sat there for 4 years now, unsold.

Our friend in Florida says there are 46 empty homes in his gated community. He's afraid he's next. They just asked him to take a week off with no pay, again, for the 4th time this year. He's a technical software engineer on the job for 16 years.

I'm getting my guest room ready, just in case.
 
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