And the "hard truth is.... the jobs that have been lost.... won’t be coming back’’
Also see: The Reason Behind the U.S. Housing Crisis
The Last Lies of the Morning
Obama Forecloses on Homeowner Help
Stimulus Has Been Foreclosed Upon
"Foreclosure’s unrelenting tide; Joblessness and lenders’ reluctance to alter terms pushing filings higher" by Jenifer B. McKim, Globe Staff | July 23, 2009
Despite federal efforts to stem the tide of foreclosures, more Massachusetts homeowners are being pushed to the edge by unemployment and lenders’ reluctance to reduce mortgage payments, according to housing specialists.
Nicolas Retsinas, director of Harvard University’s Joint Center for Housing Studies, said the recession’s strength has so far overpowered the Obama administration’s efforts to get lenders to help struggling homeowners stay in their homes. Obama’s $75 billion federal plan unveiled in February provides incentives for lenders to make loans more affordable.
Did you see my links?
“People are losing their jobs, and they can’t pay their mortgages even if they want to,’’ Retsinas said. “The emerging problem is the problem of job losses.’’
Rachel English, a community organizer in Chelsea:
“People are definitely feeling hopeless. We are trying to change this mind-set.’’
Yeah, never mind SOLVING the PROBLEM!!
How come the GOVERNMENT NEVER BAILED YOU OUT and PAYED of YOUR MORTGAGES, 'murkns!
Certainly would have cost less than $24 TRILLION dollars!
This next item will give you a clue as to why.
And in typical Globe fashion, they BURY MASSIVE PROTESTS (bottom of page B9):
"Clergy seek a cap on consumer interest rates" by Sean Sposito, Globe Correspondent | July 23, 2009
A group of clergy members led a protest outside the Federal Reserve Bank of Boston and Bank of America’s Boston headquarters yesterday morning, calling for an end to the high cost of consumer borrowing.
I know a system you could adopt, America:
"banking that adheres to the laws of the Koran and its prohibition against charging interest"
Related: The World's Best Banking System
Yeah, unfortunately, Amurkns are stuck with the heartless and usurious Jew banks.
The Greater Boston Interfaith Organization, a 13-year-old community project, organized the protest, which called for a 10 percent cap on credit card interest rates. About 40 people, 10 of them religious leaders, took part. Similar protests were held in New York, Washington, D.C., Chicago, Durham, N.C., and London.
Need I even type it?
Bilal Kaleem, executive director of the Muslim American Society’s local chapter:
“Financial institutions have been really exploiting the occasion, raising interest rates, effectively reducing people to debt slavery.’’
Related: Hearing the Call of the Minaret
The Rev. Hurmon Hamilton of Roxbury Presbyterian Church, president of the organization:
“This is the first step toward a significant conversation about ending usury and certainly putting a cap on interest rates, and we’re waiting to hear back from Bank of America.’’--more--"
I wouldn't hold my breath, Rev. I mean, they made $2.4 BILLION in profit last quarter.
Also see: The Truth is the Original Homeless Person
Of course, it's all a GOOD THING according to the MSM:
"Existing home sales up for 3d straight month; Analysts forecast slump is near end" by Bob Willis, Bloomberg News | July 24, 2009
WASHINGTON - Sales of existing homes in the United States rose in June for a third consecutive month, signaling the four-year slump that precipitated the financial crisis is ending.
Know what the term in on ear, out the other means, MSM?
I find myself adopting that philosophy more and more when I read the business section (and beyond).
The stabilization in housing is being spurred by tax incentives, lower borrowing costs, and foreclosure-driven declines in prices, economists said. A record drop in household wealth, due in part to the plunge in property values, and mounting joblessness are among the reasons.
Mounting foreclosures have accelerated the drop in prices. Falling property values have both helped and hurt demand. Some Americans who owe more on their mortgages than their homes are worth can’t sell their properties to trade up or to move to areas of the country where more jobs are available.
Yeah, I've heard about that!
--more--"
FLASHBACK:
"Joblessness helping fuel foreclosure crisis" by Alan Zibel and Tammy Webber, Associated Press | July 17, 2009
WASHINGTON - Relentlessly rising unemployment is triggering more home foreclosures, threatening the Obama administration’s efforts to end the housing crisis and diminishing hopes the economy will rebound with vigor.
It looks like SOME have ALREADY REBOUNDED!
It HURTS to POST this SLOP, readers! It really, really is EATING MY HEART OUT every day to read this shit!
Time to start LOPPING OFF SOME FUCKING HEADS!!!!!!!!!!
In past recessions, the housing industry helped get the economy back on track. Home builders ramped up production, expecting buyers to take advantage of lower prices and jump into the market. But not this time.
Homeowners who got fixed-rate prime mortgages because they had good credit can’t make their payments because they are out of work. That means even more foreclosures and further declines in home values. The initial surge in foreclosures in 2007 and 2008 was tied to subprime mortgages issued during the housing boom to people with shaky credit. That crisis has ebbed, but it has been replaced by more traditional foreclosures tied to the recession.
Think of it a a ONE-TWO PUNCH to the gut while CORPORATIONS are RAKING IN PROFITS!!!!! They are LOOTING the NATION, folks!!!!
The real estate market is saturated with unsold homes and homes that sell below market value because they are in or close to foreclosure. Because home values have declined so dramatically, many people can’t refinance. They owe far more to the bank than their properties are worth.
Yup, HOMEOWNERS NEVER GOT a BAILOUT!!!!! They never even got reduced rates!!! If they renegotiated, the rates INCREASED!!!!!
--more--"Also see: Slow Saturday Special: Suffering Banks
