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Half of All Mortgage Holders Expected to Be Underwater

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posted on Aug, 6 2009 @ 06:24 PM
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Half of All Mortgage Holders Expected to Be Underwater


www.time.com

If you're not already underwater on your mortgage, there's a decent chance you will be. According to a new report from Deutsche Bank, up to 25 million American homeowners could eventually owe more than their house is worth. That would account for 48% of all mortgage holders.
(visit the link for the full news article)




posted on Aug, 6 2009 @ 06:24 PM
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Economists are saying how we've hit bottom.

Folks, this article says it all. Soon, half of all mortgages will be worth more than the actual property.

And that is exactly what the banks want.

Lets say, you've been paying for 5 yrs, and you lose your job.

The bank, has made two 5 yrs of interest payments off of you. If you hadn't had to pay interest, there's a good chance you would have almost paid your house off.

Interest is evil. These people, never had the right to this money. All wealth on earth is for every human being, not just the greedy few.

They are about to find out the horrible consequences of truth.

Usury, was illegal for a long time. Usury, today, is expected.

Half of all millionaires in the US, have a second mortgage.

Now, if you are a millionaire, why would you need a second mortgage? Because is all about upping the Jones. A sad state of affairs, indeed.


www.time.com
(visit the link for the full news article)

[edit on 6-8-2009 by Udontknowme]



posted on Aug, 6 2009 @ 07:44 PM
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Yeah, but doesn't hyperinflation solve this?


For example, if I have to make $2 in 2010 for every $1 in 2008, doesn't that make my $300,000 house that much easier to pay off because it was measured in 2008 dollars?

Yeah I know for many getting that new salary might be difficult, but if I'm not w-2'd and working off of the "going rate" which will incorporate this hyperinflation... the cost of my loan doesn't' change at all...

What am I missing?



posted on Aug, 6 2009 @ 07:47 PM
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House prices will always go up in the long run. It might take 10 or 20 years to get out this mess but if people are willing to stick with it. They will come good.



posted on Aug, 6 2009 @ 08:16 PM
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Wanna blame someone for this? Here ya go:

HIM



posted on Aug, 6 2009 @ 09:00 PM
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Originally posted by MajesticJax
Wanna blame someone for this? Here ya go:

HIM



Well I think your are right... it bears quoting...



President Clinton's tenure was characterized by economic prosperity and financial deregulation, which in many ways set the stage for the excesses of recent years. Among his biggest strokes of free-wheeling capitalism was the Gramm-Leach-Bliley Act, which repealed the Glass-Steagall Act, a cornerstone of Depression-era regulation. He also signed the Commodity Futures Modernization Act, which exempted credit-default swaps from regulation. In 1995 Clinton loosened housing rules by rewriting the Community Reinvestment Act, which put added pressure on banks to lend in low-income neighborhoods. It is the subject of heated political and scholarly debate whether any of these moves are to blame for our troubles, but they certainly played a role in creating a permissive lending environment.



I also think it had a LOT MORE to do with Greenspan to be honest...


[edit on 6-8-2009 by HunkaHunka]



posted on Aug, 6 2009 @ 09:50 PM
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Originally posted by Udontknowme
Interest is evil. These people, never had the right to this money. All wealth on earth is for every human being, not just the greedy few.


This is why Christianity banned interest. They should have stuck with this policy, IMHO.



posted on Aug, 6 2009 @ 10:02 PM
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Originally posted by Udontknowme

Half of All Mortgage Holders Expected to Be Underwater


www.time.com

If you're not already underwater on your mortgage, there's a decent chance you will be. According to a new report from Deutsche Bank, up to 25 million American homeowners could eventually owe more than their house is worth. That would account for 48% of all mortgage holders.
(visit the link for the full news article)



Your title holds major truth in it, well, according to people such as Al Gore.

On just as serious a note though or a joke depending on what you believe, I am surprised that the situation is not worse right now, if they stopped rinsing debt money through the system it would have been but all they are doing instead is putting a plaster on a haemorrage.



[edit on 6-8-2009 by XXXN3O]



posted on Aug, 6 2009 @ 10:13 PM
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Originally posted by MajesticJax
Wanna blame someone for this? Here ya go:

HIM



Sure, Clinton shares a lot of the blame, as do a lot of other people...everyone from Bernanke to Goldman Sachs to Bush to Obama and beyond.

But you know what...I don't often hear people blaming the PEOPLE who bought TOO MUCH HOUSE on TOO LITTLE INCOME. Don't they share a huge part of the blame?

The fact is, during the bubble years I saved my pennies, never borrowed anything from a bank, payed off my credit cards every month, lived simply, and rented. The result: a bunch of nouveau-riche D-bags used to snicker and make fun of me. They weren't even "nouveau-riche" properly speaking beacuse all their wealth was BORROWED. These clowns thought they could have it all for free, and had no problem swaggering around and blaming anyone who showed a modiucum of personal financial responsibility. And you know what? Now that people like me have been proven right, these same scumbags are whining about how its all somebody else's fault, be it Jim Cramer or Bill Clinton.

What the heck happened to taking personal responsibility for your own finances and living within your means, saving money and placing emphasis on non-material value? I blame THE PEOPLE OF THE UNITED STATES for acting like a bunch of lunatics, sociopaths, and arrogant greedheads. I have ZERO SYMPATHY for 99% of them. Yes there were some cases of people being treated unfairly for whatever reason, but I think most of these scumbags who are whining about their granite countertops not being worth as much as they were in '06 ought to take a good look in the mirror at their OWN CHARACTERS and OWN VALUES. Only once THE PEOPLE AS A WHOLE can do that can we return to something like a decent, upright, and truly productive/prosperous nation.

Seeems to me like pointing fingers at this or that high-profile boogieman is just a pathetic excuse to avoid accepting responsibility as an adult for one's own actions, in most cases.



posted on Aug, 9 2009 @ 08:03 PM
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I agree totally.

But the "Unwashed Masses", not knowing any better because everyone knows we NEED the govt. to tell us how to live our lives, was let down by the Puppet Master, who allowed us to harm ourselves.

SICK, ain't it!



posted on Aug, 9 2009 @ 08:16 PM
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This is interesting. It surprises me nothing is being mentioned regarding the market crash of commercial real estate. I feel we will see this come full circle around the first of the year.



posted on Aug, 9 2009 @ 08:27 PM
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Well, there you have we haven't seen the worst of it yet! Again, the consumer loses while the banks ensure that their bottom lines are on the up and up. Personally, with the real estate market in the tan, the banks should refinance these mortgages in accordance with current economic conditions. However, that is just wishful thinking because I don't see the banks doing that for their customers. They are only looking out for themselves. We haven't even hit the grand finale yet. Things are going to continue deteriorating that's for sure.

[edit on 9-8-2009 by Jakes51]



posted on Aug, 9 2009 @ 08:32 PM
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reply to post by Udontknowme
 


Wait a sec..that number (25 million) seems offly low to make up 48% of all of American Mortgages...They are saying there only exists barely over 50 million homes in America?

I dont think so...

Think more like 160 + million homes...making 25 million not even close to the 48% number.

Maybe I didnt get something..I just read the OP..and not the whole article...



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