I remember when we bought our house back in 2003..............the mortgage
company was trying to tell me that we would have no problem qualifying for a
240 thousand dollar loan. I explained that maybe we could qualify, but would
not really be able to maintain those monthly payments for any length of
time.
We bought in an unincorperated area, where we could get ahold of a good size
lot for well under 200 thousand dollars. The mortage payment is actually a
little bit cheaper than what we would have to pay for rent in the Chicago
area. We went for a fixed rate loan............so many of those brokers were
trying to offer us ARM loans, and, worse yet, baloon loans. Not a good idea,
unless you have a guarantee that a friend of yours is going to buy your
property in the next few years.
My next door neighbor got evicted from his house. Every so often, the bank
sends a few people out with lawn mowers, and they cut about 10 percent of
the lawn, leaving it worse than it started.
They haven't been here for a few weeks, so the meadow is growing nicely.
The worst part of this whole thing is that my neighbor lost his job. When he
started working again, he was able to maintain the mortgage payments, but he
was always three months behind. That wasn't good enough for the greedy
*******s, so they forclosed on his property. The way the property looks now,
nobody is going to buy it. I hope they choke on it.

Pete

"Benny Hill" wrote in message
news:SJpek.196719$TT4.53188@attbi_s22...

"Tex" wrote in message
...
The federal government took control of Pasadena-based IndyMac Bank on
Friday in what regulators called the second-largest bank failure in
U.S. history.

Citing a massive run on deposits, regulators shut its main branch
three hours early, leaving customers stunned and upset. One woman
leaned on the locked doors, pleading with an employee inside: "Please,
please, I want to take out a portion." All she could do was read a two-
page notice taped to the door. Story continued at
http://www.latimes.com/business/la-f...,6071779.story

Ninety more banks are expected to fail within soon - but hush hush -
that isn't supposed to be public knowledge lest more "runs" by
depositors ensue. The question is WHICH ninety?

The American empire is crumbling - economically, politically,
socially, militarily, morally. The end is near, the fat lady hasn't
sung yet but she's damn sure warming up.


Gee it couldn't be predatory lending practices by all
these mortgage institutions for the last 5-10 years that are
now coming home to roost be the problem, could it ??
Giving an APR 100,000$ or more loan to someone
with a family of 3-4 on a 35,000$/ yr.income isnt a very
smart idea. This is just part 2 of the S&L scandel of the
80's, where loans were made based on land values with
little or no up front money. Land values went down and
tens of thousands of loans were istantly insolvent.