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Pueblocontractor
08-31-2007, 07:02 AM
Pueblo high in state's housing foreclosures
By JEFF TUCKER
THE PUEBLO CHIEFTAIN

The Colorado Division of Housing on Thursday announced bad news for the state on home foreclosures, and Pueblo was no exception.

For the second year, the agency is projecting home foreclosures statewide will jump at least 30 percent.

By the end of the year, Pueblo County could see an increase of 20 percent, the agency said.

The division of housing said most of the increase in filings came from Adams, Denver and El Paso counties.

more >>>http://www.chieftain.com/business/1188567900/2



I am feeling the crunch of all the mortgage problem. I really think Bush must do something fast. They set out the arm to all these people and now they must protect their end of the deal.

I would first allow anyone who is trouble ( forecloseres ) to get two month of catching up and setting that two months on back of the loan.

I also would have the brainy act leaders allow them to refinance even though the borrow credit went down. You figure if they loan them the moneys in the first place they should be there for a refinance.

I know people whose mortgage has shot up $1200.. on top of already paying $3000 a month. Can you imagine that crap with a car payment!


LARGE where are you on this

large
08-31-2007, 07:41 AM
Hey, let's let the people who caused this thing pay for it . .

One, the Banks and Mortgage Brokers who forgot sound lending principles and made "Creative Loans" to people who could not make the payments, made "Jumbo" loans to people who "Might" be able to afford them, IF, the economy stayed perfect and the clients didn't take on any more credit obligations . . and the "No Interest" loans to people who couldn't even make that payment, let alone a payment of three to four times the initial amount about four years down the road . .

And then we have the "Flippers" and the "Investors" who got stuck with properties they couldn't give away or rent because of the lending agencies and their creative loans made it easier to buy a new, overpriced Home than an older one, and why rent when you could buy . . In theory, anyway . .

And then mix in the mortgage buyers and hedge funds in the stock and bond markets . . many who bought on Margins (short term loans from the prime lenders or the Brokers) and then found out they couldn't make a profit when the lenders called the margin, forcing them to sell their bundles at a hell of a loss . .

Basically, we might as well "Bail Out" the gamblers in Vegas, because that's what we're doing with the real estate market . . a lot of people gambled on real estate, driving prices up artificially . . It's kind of DejaVue, all over again . .

I'm not a banker, financial wizard, economist or even a Math Whiz, but it really doesn't take one to see what's happened here, and it's not the government's job to prop up artificial values . . whether it's Real Estate or Butter . .

Mousekill
09-04-2007, 05:45 AM
I don't see why tax money should go to bail out folks that got in over their heads. It was tempting to get more house than I could afford when the market was going crazy, but I didn't. So, now that I'm still living in an dinky apartment, I'm supposed to continue pay taxes to help people who have more house than they can afford keep that house? Or, even better, help out folks that grabbed some property hoping to make a quick buck?

large
09-04-2007, 06:47 AM
Well, the "Bad" part is, it's the Lending Agencies and Hedge Funds that're crying for a bail out . . They're threatening "World Depression" if the government(s) don't step in and subsidize their bad gamble on people who couldn't afford the loans the lending agencies made . . and then sold to each other . . they were the ones who said "Yes" to the people wanting the money. They were the ones who over-appraised properties and granted creative loans to people who couldn't pay apartment rent, and told them that when the payments went up, they have enough equity in their houses to refinance at lower payments . . among other pipe dreams . .

And when the smoke clears, I'd bet that's exactly who'll get the money . . the Banks and the Hedge Funds . .

Because . . ?

Simply put, a poor Ba$tard who can't make a $1500 house payment can hardly afford to give any Congressman or Political Party campaign contributions . . while the Bank or Hedge Fund who would get a chunk of change from the government most certainly would . . only, it would just be chump change from the bail out . .

Again . . YOUR TAX DOLLARS AT WORK !