Plenty more foreclosures on the way

Look most of the people who bought the homes with the adjustable rate mortgages didn't buy them because they had any intention of paying the inflated payments when they began adjusting. Most planned on refinancing the loans into fixed rate loans before that happened. They were told that taking the ARM was a way of saving a lot of money on interest now and then they could easily do a "rate and term" refinance when the time comes. This was the way that the loan brokers got the people to take those retarded loans in the first place. They offered them incentives to take the loans like lowering fees and paying for appraisals.

Then here is the scam. The banks new full well that the ARMS were coming due. And I believe that these banks had some kind of collusion with the Credit Reporting Agencies. They somehow got them to lower people's credit ratings enough to justify denying them a refinance on their loans so the consumers would be stuck with them. I watched this happen to hundreds of qualified people. They got fucked.

It is my humble opinion that a big part of the economic collapse was planned by these financiers, and they bet on the fact that the government was going to institute the "too big too fail" policy to bail them out; so that they could not only steal money from Main Street, they also were able to get a huge "hand out" from the taxpayers at the back end.

It was a totally screwed scam over all.

to go with my previous post:

I've been in tight spots financially myself over the years, so I've given some thought to "how to get by" in tough times... "here's another approach."

"increasing your income is just one side of the equation."

"you CAN ALSO REDUCE YOUR EXPENSES!"

yeah, you might not want to do this... after-all you're used to your "privacy" and pampered lifestyle, until YOU LOSE THAT HIGH-PAYING JOB and find you haven't been able to REPLACE IT, etc.

consider: the power of numbers...

network for people you think you "could live with, at least 'til you "get back on your feet."

I would find "a few people in an area" ... maybe they are all working "low wage jobs" but if you get a "few together" and find "a big house" and approach the Real Estate Agent/Bank that's LOSING REVENUE ON A HOUSE SITTING EMPTY...

well, you might be able to afford a discounted rent with enough people, have additional roommates to share "food/rent/baby-sitting," etc. with....

yeah, it would be maybe more "hectic" and confining than you're used to... but these are tough times, and while you "not homeless" maybe yet... start TAKING ACTION, etc. BEFORE YOU MAYBE ARE....

in the past, I had sometimes let things get "get too far down" before I made a "real effort" to improve the situation... I spent too much time in "negative thinking" about HOW I GOT IN THIS MESS... and it was just more difficult to RECOVER FROM WHERE I HAD FALLEN TO...

"so, GET A MOVE ON!" the grass "ain't gonna CUT ITSELF!"

regards,

flashrob

here's my take:

1. we all pretty much know THE MAIN CAUSE of the problem... greed by the "financials."

2. also... "high-paid" job flight to places like India (Info Tech IT) ... we were promised back when the "world trade" stuff like NAFTA, and WTO...were being pushed by Clinton (surprise a Dem, "no-less...") as the "promised future"... "you know" the bit about: "it's ok to lose the cheap mfr. jobs to China... because the "the super U.S. will retrain domestic mfr. people INTO NEW HIGH TECHies ... and these jobs will fuel the great U.S. future and "will remain" in the U.S.

so THE BIG PLAN FOR THE FUTURE to be fueled by the "invevitable new global trade paridigm..." etc....FELL FLAT ON IT'S FACE IN "REALITY!'

... well, we did help many people in the 3rd world to MOVE UP ... but at a cost to US.
(so someone at least benefited, besides Wall St.)

Anyway, here's some ideas on what YOU CAN DO....

1. consider being a "school bus driver" ... they are almost ALWAYS HIRING even in down times... I know I am one... if you're a "trip driver" you can make 50k if you work all the charters... pays above 10. in average areas, and as high as 20. per hour in rich areas around the country like "north NJ" ...Maryland, Fairfax county in VA...

2. do the ebay or google bit... ya know, BUILD A GREAT commercial WEBsite if you are "medium level computer astute." This requires work, research, finding products/svcs that aren't yet on Amazon or some other site. You have to carefully plan this, can use "drop-ship distributors" so you don't have to keep the inventory in "your garage."

3. get into "health-care" on some "gov subsidized program" ...the pay is HIGH after a few years... and they give you the training and find you a job... LOTS OF SENIORS NEED HELP... as a visitor, help and company around their home, shopping, etc. YOU MIGHT EVEN GET A LIVE IN POSITION, ETC. (in my town, due to local/state gov budget cutting plans, shopping services for seniors - the van that takes them to the store - delivery of home meals, etc. is being considered as a program that's becoming to expensive... and these types of services/programs will be increasingly targeted by gov budget-cutters nationwide...)

lots of "seniors" are fixed well financially from back when the companies they worked for PAID FOR THEIR 401K...

4. DOG-WALKING... pays a LOT... if you do multiple dogs, for example, especially in big cities like NYC, DC, etc. you can make a 100k doing this if you work it right....

5. the biggest thing you have to look for IS NOT THE "OBVIOUS JOBS" that everyone GOES FOR.

fast food, department stores, malls, are all low-wage level jobs... YOU HAVE TO THINK "OUTSIDE THE BOX" on this one....

DO SEARCHS ON THE WEB FOR "UNUSUAL JOBS" ...

some are a "bit risky" like "signing on a commercial fishing boat" but GENERATE A LOT OF "STARTING CAPITAL" if you want to jumpstart a small biz, etc....

anyway, I'll post more it I can think of anything...

good luck,

flashrob

the only reason someone on wall street is doing well is because they now own the three or more other firms they used to compete with. the rich and powerful have made the day to day citizens dumb and pathetic or should i say "apathetic".

current is the coolest thing to come around media in my time. i don't even have to read this story to understand the impacts that it has on all of our future. maybe thats because i graduated college and what not, but the learning curve in media and news has been accelerated by current.tv/com whatevers. i love this site.

on topic:
the commercial real estate is about to tank since smb(small business) has started recognizing the crunch. normal people--those brainwashed by the media and what the global elite want them to feel and believe are already done in....it is up to the rest of us to rescue these hopeless souls so that they may reach redemption by denouncing party lines and joining a true democratic causcus.

fuck cheney!! bring it!!!

It doesn't matter that Wall Street is going strong because real people don't have jobs. There are virtually no living wage jobs out there. There is tremendous competition. You post a job and you have to wade through literally hundreds of people, all way over qualified, but that is the way of things right now. People with Master's degrees waiting on tables or working retail, if they are even lucky enough to get enough hours to pay the rent and all the other living expenses. Main Street is suffering.

When UC Merced opened in 2005 a TON of houses popped up in 2006 for all the sophomores to buy when they got kicked out of the dorms.
A friend of mine bought a 2,100 sq. ft. house in a neighborhood 10 minutes from the university for $475,000 back then. Three years later this past August it was appraised for $179,000. She told us the bank wouldn't budge on modifying the loan, so it went into foreclosure. Then some third party company came to the house saying that the Obama administration is trying to help people keep their homes, so they should get in contact with Freddie Mac instead of the bank to try and renegotiate.
Ultimately the talks fell through because it wasn't her primary residence. Now her house is officially foreclosed and has been sold at a trustee sale (back to Freddie Mac). We're all trying to figure out how much time we have left in the house but the law firm representing Freddie Mac won't tell us and the local superior court is always busy whenever we try to call.
We live in a cul de sac and there are five other homes that have been foreclosed (complete with those realtor combination locks on the front door and the paper taped on the most prominent front window saying something like "do not enter premises"). All of the houses in our block have been "flipped" (original owners have left, new owners came in and then abandoned) at least once except for one house. In all the new neighborhoods here you'll see at least three unoccupied houses on every street.

That's right, blame the clueless mark and not the con-men.

Do you even understand how this operation works? Do you understand why sub-prime mortgages are handed out despite the obvious reality that they aren't going to be paid off?

Or do you just come on current nowadays to tell us the rape victim shouldn't have worn such a short skirt clay?

Great news !

florida is on sale and nobody's buying.

A family that lived behind me simply abandoned their house earlier last year and it's still empty.

here in santa barbara calif. a 2bd 1bth 60 year old house with a small yard is still well over a million. when our market crashes it will be heard in china.
even though the california economy has been so seriously wounded by the enron/chenney false energy crisis it will still lead the country in the housing crash. historically every significant natural disaster, usually an earthquake will cause an exodus. these retreats from the west coast are big, friends of mine make a lot of money bringing back u-hauls from out of state. the next mudslide that eats a town out here will cause a ripple that will be felt on wall street.
they say it's gonna be an el-nino winter this year.

Plenty more billion dollar bank bonuses on the way too, all paid for by our tax dollars. No tax dollars, no bonuses.