US Mortgage Crisis Predicted To Get Worse

US Mortgage Crisis Predicted To Get Worse

business.timesonline.co.uk

America’s mortgage crisis is likely to get considerably worse because the level of fraudulent lending to unsuitable borrowers was much higher than previously estimated, Standard & Poor’s said yesterday.

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Mod Edit: Removed excessive copy/paste over the 500 character limit.


[edit on 12-10-2007 by UM_Gazz]

...been following this story. American's savings rates at lowest since Depression. This housing issues seems to worsen everyday. Any thoughts on why Congress isn't doing anything to help?

[edit on 12-10-2007 by anhinga]

please read the instructions before submitting a news article

Posting Your Opinion: Use the comments field for your opinion, spin, or other commentary on the news article. Opinions posted in the snippet section may cause your submission to be deleted.

....to the MOD, don't you find it a little odd to have a field for posting personal comments on breaking news articles? And does "breaking" constitute the entire 24 hour day? Otherwise, I'll be getting scolded again....

Breaking refers to a 48 hour time period. Anything older is not breaking news

On thesubject of 'opinions', this is a discussion board, not Reuters.

Thanks for the info Mod, I'll post opinion in there from here on.... sorry about that, still learning all the ins and outs of the ATS site!

Do you really think Congress (American Tax Payers) should bail out home buyers that bought houses they neither could afford to buy or intended on buying for the purpose of flipping?

Sorry, not buying to the whole bailout thing.

Also don;t think they should lift a finger to bailout the mortgage companies going bankrupt who fed on these unsuspecting home buyers. Let them go bankrupt...then throw those scum bags in jail.

Originally posted by anhinga
Any thoughts on why Congress isn't doing anything to help?

Because the destruction of the middle class isn't just a side effect of this credit bubble bursting... it's the goal.

Don't forget that during the great depression, while hundreds of thousands of people were reduced to nothing, a very small handful of people had control over more money than ever.

The rich get richer, the poor get poorer.
It's the same story and will continue until the people get mad enough to do something about it.

I agree w/ the last two posters.... flipping houses in wrong and that
probably worsened the situation we're already in.... and this subprime
problem, which is related/in the same class is not going to go away,
doing away w/ bankruptcy rulings for individual does gut the middle-class
from a "fresh start" and does discourage "flipping" houses. I heard that
"foreclosure" is the dirty word around Congress these days. Obvious why.

I look for housing market to get much worse by the middle of next year,so I'm hanging on to my cash and buy a new place at my price ,cash

yeah me too even if i dont plan on selling it anytime soon, i'll probably buy one house then rent it after a year and buy another one