Housing bubble boondoggle: Is it too late to get out?

By Mike Whitney
Online Journal Contributing Writer
Apr 26, 2007, 00:34

http://onlinejournal.com/artman/publish/article_2016.shtml

--SNIP--

Paulson’s comments have had no effect on the Federal Reserve. The Fed has been frantically searching for a strategy that will deal with the rising foreclosures. On Wednesday, The Washington Post reported that “Federal bank regulators called on lenders to work with distressed borrowers unable to meet payments on high-risk mortgages to help them keep their homes.”

Huh?

When was the last time the feds ordered the privately-owned banks to rewrite loans?

Never -- that’s when.

That gives us some idea of how bad things really are. The details of the meltdown are being downplayed in the media to prevent panic selling among the public. But the Fed knows what’s going on. They know that “U.S. mortgage default rates hit an all-time high in the first quarter of 2007” and that “the percentage of mortgages in default rose to a record 2.87 percent.”

Since WE were opening talking about the coming meltdown here at DU, you know the so-called "regulators" saw this coming, too. They were shopping for protection, and the likes of Joe Biden gave it to them.

.

... on the streets over the next 10 years rivaling the Great Depression. What's left of our middle class will completely disappear as we become a nation of powerless serfs. The military will become the only viable economic option for young people. Bad times coming.

Because when the homeless get fed by someone they will be busted,
http://digg.com/offbeat_news/Florida_police_arrest_activist_for_feeding_homeless
http://www.nationalhomeless.org/publications/crimreport/meanestcities.html
http://www.nationalhomeless.org/publications/crimreport/casesummaries_3.html
when they pee in public they'll get busted,when they get sick of thier suiffering they'll riot out of thier anguish and frustration then they'll get tazered and microwaved and locked up.
http://miami.indymedia.org/news/2006/09/5720.php
http://www.geocities.com/adrian9999999999/greenham.htm
http://www.thewe.cc/contents/more/archive/sound_as_weapon.html

The psychopath pigs will have thier slave labor force and they are setting it up.Jails are very profitable slave labor for corporations,already, just ask fingerhut.
http://www-unix.oit.umass.edu/~kastor/private/prison-labor.html
http://www.businessweek.com/magazine/content/01_12/b3724136.htm
http://www.granma.cu/INGLES/2005/octubre/juev13/42carceles.html
Notice alot of new jails are being built by haliburton just in time for the coming crash and immigration crisis?
http://www.govexec.com/dailyfed/0906/092606j1.htm

I hate the military industrial fucking complex. I would love to see it crash to the ground and the suited psychopath pigs profiting off it dragged through the streets like Mussolini was.I hate them all. Don't know thier names but I HATE the ruling class they have no right to live all the suffering they cause and profit off of.NO MORE RULING CLASS!!I say, off with the top of the pyramid and pluck out big brothers eye.Make it's owners choke on the shame and pain they so deserve.

...as to what our country is fast becoming.

It's part of seperating the owners from the serfs in Bush's ownership society (a.k.a Feudalism regurgitated)

whew!

and cashed out enough to buy this place CASH

and DU was a big part of me being aware enough to do it when I did.

She got a piece of shit house she's not happy with in Virginia on a Flood plain!! She got 30 year fixed mortgage and she's 76.(nuts?).Yep she got screwed I fear,She owns some land in the mountains and this house I am staying at. Mom is regretting her move now, But my stupid aunt was so fucking neurotic and wanted her THERE more than being honest about the property she didn't tell mom the whole picture about the place up front,namely how fucked up it is..

My mom trusted her,and my aunt was not forthcoming about anything .I feel like slapping my crazy fundie aunt silly for being so stupid and neurotic and being pushy when mom was going through some tough emotional shit that made her vulnerable.
But nooo! my aunt didn't even consider my mom's situation as one of vulnerability like an asshole my aunt was looking out for herself.. She's a assemblies of God fruitcake and I myself wouldn't trust a faux news foaming fundie fruitcake with ANYTHING let alone a big decision like buying a house, fuck if she's my aunt I don't trust anyone that deluded period is my thoughts on that ..


My mom regrets moving now,she says she thinks she made a bad move,she's wondering how to get out of that debt and sell the place in the middle of nowhere in a dying town with jobs going poof like crazy as we speak..She is scared. I don't blame her I'd be scared too, I hope the school takes her place,the neighbor lady died and the school bought her place..maybe they'll take moms burden off her too. One can hope.And my mom had always been responsible she was always frugal and careful..One mistake made under stress and grief..and a predatory lender fucked her over they have no heart fucking assholes. Oh how I wish I could get my claws on the lender that fucked her over..Snnaaaaarl..show him a world of pain..
I wish I could help mom but I am not even sure if I can help her.I try my best to listen and comfort her anyway..

I thought she was nuts at the time, only because the bubble was about to burst, and I thought she should have waited for prices to fall before she bought anything for cash. But she didn't want to have to worry. She sold her old condo, sold most of the shit she'd accumulated over the years and plunked it all down on the table. Now she's free and clear, no mortgage to worry about in her "golden years." I'm sure her place is already worth less than she paid for it, but she wasn't as concerned with an investment as with a place to live that no one could kick her out of. Turned out to be a smart move, at least as far as security goes.

.

...I wish I could think of a suggestion that might help. I hope things work out for her.