The saddest thing of all is reading the insulting Boston Globe's slavish sympathy for those they serve:
"In a jam, more skip mortgage payments; Unresolved ownership strains market further" by Jenifer B. McKim, Globe Staff / February 4, 2011
Tens of thousands of Massachusetts property owners are living in their homes without making mortgage payments as they fight foreclosure, plead with lenders for loan modifications, or simply take advantage of free housing while awaiting eviction....
As if they are somehow getting away with something worse than trillions in mortgage securities scams, readers.
Related: Slow Saturday Special: JPMorgan Chase's Catch
Yeah, turns out the banks are a bunch of damn liars, too.
Most homeowners fail to pay their mortgages because they are out of work, have had their wages cut, or are saddled with ballooning interest rates on subprime loans, housing advocates say.
Yup, RECORD PROFITS for then BANKS and they CAN'T CUT YOU a BREAK after YOU BAILED OUT THEIR BOTTOM LINE and gave them FAT BONUSES!!
Some abandon hope of ever catching up, staying put for months — sometimes years — while lenders slog through the increasingly long process that leads to foreclosure....
Oh, the POOR, HOUSE-STEALING BANKS!
Related: Slow Saturday Special: Massachusetts Court Rejects Foreclosure Fraud
Yes, what a TORTUROUS PROCESS, all that robo-signing.
Oh, the poor, poor, lenders who can't fraudulently foreclose on your home!
Paul S. Willen, senior economist with the Federal Reserve Bank of Boston, said a third of owners who are 60 days late on mortgage payments remain delinquent two years later.
That's who the Globe turns to for expert advice?
To help the housing market rebound, he said, foreclosures have to take place faster.
More properties on the market means home values drop further.
What a frikkin' home-stealing liar they found here.
“There is a compelling public need for an efficient foreclosure process,’’ Willen said....
Unreal.
At the same time, public ire about the way foreclosures are conducted has mounted following admissions by major lenders that some employees signed thousands of legal documents without reviewing the paperwork, and court rulings showing some banks unlawfully seized homes.
What did that Fed f*** say?
As a result, sympathy for delinquent homeowners has increased, with more being viewed as victims of predatory lenders rather than deadbeats....
Oh, the POOR, POOR, HOUSE-STEALING BANKS that are suffering a public relations problem!
I stopped reading there, readers. I got enough BG scitte on me.
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And look who is getting screwed.
"Small towns besieged by foreclosures; Job losses, slow economy plague many outside cities" by Jenifer B. McKim, Globe Staff / January 11, 2011
ASHBURNHAM — The shift of foreclosures from cities to outlying areas indicates that the sluggish economy and a lingering high unemployment rate, not subprime loans and predatory lending, have become the main reasons people lose their homes, the study found....
Unlike in cities — where blight is often concentrated on single streets or in particular neighborhoods because a single investor lost multiple properties — small-town devastation is spread out, making it less obvious to a casual observer....
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