http://www.realquest.com/rq/default.aspx# This site allows you to zoom in on foreclosures around the country. Just put in a zip . Then zoom in and arrows and flags will pop up showing foreclosed homes. My zip is 48127. Try that .You can navigate around using the arrows. You can check anyplace. If shows that it is not a little problem of the poor. It should shock you.
I fear you guys do not really see the scope of the problem. It is not a few foreclosures by a few cheaters. It is epidemic and in all areas. That is why it puts the system in jeopardy.
And it needs to be in jeopardy. The foreclosures will put a glut on the market of homes which will lead to home prices dropping to a value that they will be able to get loans to cover for the next buyer. Right now no matter how much bailing out you do for the mortgage industry they will not loan out the money for a 500K house that is only worth 400K. And the object of any bailout is to allow the company to inject more money into the system. Not that it will work, but shit nothing will because we are not willing to cinch our belts and go through a few years of harder living to make it stable. Instead we will dig ourselves so deep it will turn into a decades long forced belt tightening.
Yeah, “everybody” got bombarded with those offers. some people took them, some didn’t. I know I didn’t. Did you? Or were you one of those people who the lenders sent an assassin to your home and held a gun to your head as you read your emails forcing you to respond?
I blame Alan Greenspan. He was the only person in the whole mess who actually knew better that had the intellectual authority to tell us all that it was safe to take these loans. We can’t all be expected to be expert economists, but as Alan Greenspan’s advice is revealed to be complete horseshit, so goes the parts of the economy that were built on his advice. But he gets to say quit at the exact time all this shit is going down, and say “this could be a problem” and blame it on Bush (who was doing what Greenspan told him to!) and expertly avoids any media scrutiny or public outrage. Fuck that guy!