Reworked Subprime Loans … 40% End Up Defaulting
Moody’s Investors Service: More than two of every five subprime borrowers whose mortgages were reworked in H1’07 are defaulting anyway. Among subprime adjustable-rate mortgages modified in H1’07, 42% were at least 90 days late on March 31. Modifying loans granted to consumers with poor credit records has gained favor as record numbers fail to keep up with payments and home prices tumble. San Diego California real estate
So how bad is it? I hear all these ramblings, fancy financial terms and so on. But what does it all really mean? Does the US collapse? Do we see soup lines and down trodden people like the experience was during the Great Depression? Seems to me the US financial catastrophe is pretty simple. Our government and the citizens of the US have consistently spent more than they take in. At some point the debt becomes so great we are unable to pay it back, or manage it. When we are no longer able to pay our debts what happens? Do we surrender assets, land and military hardware to the foreign nationals we’ve been burrowing money from over the last two decades? Maybe a fire sale of America? The whole system is a sham and we only have ourselves and those shysters in Wall Street and the Scum of Washington DC to blame..Sorry to say but, neither McCain, Clinton nor Obama will be able to save us from this SNAFU. The concept of uncontrolled spending and deficit through credit has finally caught up with us. This decade is perhaps a time for reckoning in which our short sighted ways and embrace of Wall Street’s psychopathic free market capitalism garnered by greed and unequaled corruption will finally get the best of us.
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Shakespeare had it wrong… We should have killed all the economists….
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Housing prices and sales will continue to decline. Expect 3 years before the bottom, Commercial real-estate will suffer a steep decline as well.
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It is in fact socialist nonsense such as everyone should own a home that caused the current problems that we have now. What you don’t understand is that socialist agendas are created by both leftist groups and right extreme idiots. Regardless socialism is socialism and causes financial distress at the end. Why is it that these people just don’t understand? The Obama and Clinton health care for all bull sh-t. Freddie Mac /Fannie Mae created a socialist vacuum that transferred risk from banks to tax payers and 401k holders. it is socialist removal of risk that causes bubbles in the first place. People need to know and understand that when they take a risk that they can lose. And that is that. You buy a house — then u got to make payments for 30 years. u miss a payment u lose your house and your credit. Therefore, that loan amount should be very in line with what you can afford. this is not rocket science. The banks are socialist, the government is socialist, u r a socialist, and anyone who tries to remove risk from the equation of reward is socialist too.
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Fed has used over half of its available bullets.. and we’re nowhere near the end of this crisis.
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