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Health & Lifestyle
Submitted by Renfield (not verified) on Tue, 11/27/2007 - 6:02pm.
It seems rather crass to portray folks that got caught up in this mess as materialistic gotta have, gotta have types. I know several people throughout the country that are getting hammered by this. From what I remember about this situation, it started with a housing boom that was manufacturered by the mortgage industry (and other friendly people). They saw opportunity, deregulation and cheap low interest money. Lots got rich. So what if their mortgage business busts, they are still rich. The public will most likely bail them out anyway. Wonder what they are going to do with all of them houses too? Next, (from what I vaguely remember) is that rents went up when the housing prices soared. Then the tax man decided to revaluate (remember?), even though it had not been too long since the last revaluation. Then the Insurance Companys couldn't stand it anymore. They raised rates a paltry 20%+ around here. Seems like interest rates have been slowly climbing over the past few years too. Some of these people who took these subprime mortgages where renting and saw that they could buy a home with what they were now paying in rent. No other type of loan was available to them. Let's not forget all of the people who lost their jobs due to NAFTA and other so called free-for-all oopps, free trade agreements. There are many out there whos pay has been cut severly. And last but not least, should I not mention that the bankruptcy laws were conveniently toughened to keep the little heathens from keeping their homes when they bust! Combined, all of these issues came to play and now we have millions in the lower and middle class who are in big trouble, especially since the Chinese are driving the price of gas out of sight. A friend (who's getting burned) in Cleveland, told me that in that area, no other type of loan was being offered, no matter who you were. He had to take one of these loans. Yea, yea, I've heard it before and even said it myself, that living in America does not guarentee you a home...BUT, this is nothing more than a land and money grab by a pack of legalized thieves. Hopefully, you won't have to walk a mile in their shoes.
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