This Epidemic is Spreading to Millions

Filed in bank of america, economy, Gold Market by on May 10, 2010 0 Comments

People are going to walk away from their homes. Some have little alternative. Government plans aren’t helpful. Banks aren’t doing much to prevent foreclosure. Regulators failed in their oversight. Politicians walked away from protecting Americans and would up opening the floodgates to predatory lending and over-leveraged derivatives… And Obama’s plan to help the unemployed will fail. Still, homeowners (under-water on mortgage) are supposed to be the responsible ones and pay for the great con game of housing, while struggling to pay for their families? And then you have the dimwits that are in homes they couldn’t afford in the first place. Truth is – housing is in trouble… there is no bottom. Foreclosures will mount. People will continue to walk from their homes. It’s going to get worse. And this isn’t the first time we’ve warned of this catastrophe. And it won’t be the last. 60 Minutes Finally Reported On It Even 60 Minutes is finally getting in on the story that we’ve been reporting on for years. Here’s what they recently produced. According to reports, “People have done the math and decided making those monthly payments is just throwing money away, leaving the mortgage holders – the banks – with the homes. In the past year it is estimated that at least a million Americans who can afford to stay in their homes simply walked away. Walking away does affect your credit and makes some feel guilty.” “60 minutes contacted banks and stated they would not talk publicly about strategic defaults but that they all indicated they would be unwilling in most cases to help underwater homeowners who can afford to keep up their payments. They will only help those that are unable to make payments.” Here’s what we had to say about defaulters in recent Wealth Daily reports. Strategic Defaults Boost Retail Spending What’s Really Driving Consumer Spending & How to Profit as Millions Just Walk America is back and stronger than ever… Right? Forget for a moment that unemployment is high, or that wage growth has been just about flat. What …

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This Epidemic is Spreading to Millions

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