Mortgaged future: US foreclosure leading to homelessness, disease and crime

Mortgaged future: US foreclosure leading to homelessness, disease and crime

www.indybay.org

The sheer volume of this nation’s national debt, consumer debt and war debt are beyond most Americans to envision. Trained by generations of “we put a man on the moon and we an do anything” mentality, the concept of economic and social collapse is beyond our ken.

When I was a child, I heard the grown ups telling a story about this lazy man who’d throw a brick through the window of a store when the police drove by, just to get arrested and have a roof over his head for the winter. According to some people, this economy will have a lot of people doing the same thing in the near future.

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Amazing , here we have the US economy heading for stagflation/recession and even a depression/soviet style collapse , yet US govt and its people are interested in waging wars , conquering nations, and murdering russian citizens in Ossetia , through your Georgian stooges

more from the article:

One analyst says two more waves of foreclosure and economic mayhem are just around the corner
“While the U.S is currently in the midst of the largest bout of home foreclosures in at least 30 years, at least one economist says two more 'waves' are likely on the way. Patrick Newport, a housing economist at Global Insight, said the next round of foreclosures could come over the next several months as a result of continued job losses in the U.S. (Ibid)

Newport’s comments have unleashed a cornucopia of responses. Some believe he understated the problem and see a depression-like economy roiling the nation over the next few years. Others believe that, although some mortgages have less value than roach-eaten wallpaper, many good notes are still out there, still making a profit for the institutions that hold these mortgages.
www.indybay.org...

Meanwhile, according several bloggers on Mortgage Weekly’s website, people have no idea what the nation is in for. Referring to the idea that “the worse is over”, one particularly pessimistic individual took the Pollyannas to task:
You silly people, you have no idea how bad it is going to get- the next wave will be worst and if there is even a 3rd wave left that will be it- depression. Alt A loans, and option arms are coming due-very soon and with declining values and the lost of loan programs will prevent most from refinancing or purchasing so they will walk - these count a lot more than the subprime loans that were out there- ripple effect throughout every aspect of the economy is about to happen…(Ibid)

so I have a question to ask from americans . .... why do you support genocidal madmen like Bush ,McCain etc..

why not support Ralph Nader or Ron Paul , these guys had been warning about this coming since many years, these guys are peaceful and will keep USA non-interventionist

us ECOONOMY is going to the gutter , courtesy George Bush and US imperial genocide wars in Iraq and Afghanistan

www.indybay.org
(visit the link for the full news article)

"so I have a question to ask from americans . .... why do you support genocidal madmen like Bush ,McCain etc.."


Perhaps i need to explain to you, what the word Fascism means ?

I dont support Bush or any of them, I didnt vote for them.

Why do you have to be so pretentious? It seems like you think all americans just love their leaders. I guess your media has been brainwashing you as much as the americans are brainwashed by theirs?

Hey I am just asking a question here, since you wanted to make huge sweeping generalizations without taking into account the countless examples that are contrary.

In response to the information you have presented "Forclosure Crisis"

yes i think this will Definately happen agian.

2 more "waves"? how can they be so sure? IMO i would expect to see dozens of waves over the next few decades until EVERY HOME IN THE USA is OWNED by the BANKS!

reply to post by muzzleflash


so you mean that USA is a fascist plutocracy ?????

In response to the information you have presented "Forclosure Crisis" yes i think this will Definately happen agian. 2 more "waves"? how can they be so sure? IMO i would expect to see dozens of waves over the next few decades until EVERY HOME IN THE USA is OWNED by the BANKS!

not possible in terms of practical economics , though theortically as per Adam Smith's economic theory of nations such a scenario is possible

Yeah but see if every home was owned by the banks, and no one was looking to buy homes, they would be worth the same as a cardboard box.
If people don't want money and houses and loans etc then the Banks money will be worthless toilet paper.

your assumption that most americans voted for bush is a fallacy. Our votes dont count and dont matter. Diebold just admitted lately that all their elections for the last decade have been "flawed" by a mechanical problem that drops certain votes for some reason.....and im sure this is just a cover up for the manipulation of elections. The american policy and legislation is not representive of what most americans want, and indeed on many issues it is completely the opposite, generally falling in line with what the corporate powers and lobbyists want, at the expense of the taxpayers.

Just because the person loses home to foreclosure doesn't make them homeless,they can rent an apartment or another home,unless the reason they were foreclosed on was because they had no money,in that case under any circumstances they would be in the position anyway,losing a home doesn't necessarily mean you lose everything,otherwise can just chalk it up to hard times

Most people going into foreclosures are in three categories, the ones that circumstances like losing a high pay job or downgrade in pay and medical astronomical expenses.

And then we have the homeowner that just can not manage their pocket books.

Right now one household in every 464 received a foreclosure notice.

Among the areas hardest hit by foreclosure notices was Fort Myers, Florida; one in every 64 households there received a default notice in July alone.

www.economyincrisis.org...

This a sad reality.

And for the rentals well, the prices has been going steadily higher, now if somebody has foreclosure on their homes and their credit are in a hole, you will no be able to get credit approval for rentals.

So yes is going to be a lot of homeless families in the streets very soon.

No, jobs, not hope, no home, no future, this breeds instability and crime.

reply to post by marg6043


Marg is right. Jobs are going... I know people losing their homes. My apartment rent is going up every month. To make it worse, pay has been cut in half, because England's economy is hurting right now too.

I think people in all countries are going through a hard time right now. Most English can vouch for decrease in business, and more homes coming up for sale than people are buying...

Insane stuff ahead people. I am in over my head, with so many others, dunno what will happen.