Primary Cause Of Foreclosure Now Unemployment

Primary Cause Of Foreclosure Now Unemployment
iam99
135 Fans
10:22 AM on 6/06/2011
It has been and is an attack on private property rights, contract law and rule of law.
A severed chain of title had always been forbidden prior to this meltdown.


Primary Cause Of Foreclosure Now Unemployment

First Posted: 06/ 5/11 11:30 AM ET Updated: 06/ 5/11 11:40 AM ET
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Barack Obama , Economy , Foreclosure , Housing Market , Jobs , Unemployment , Great Recession , Hamp , Jobs Crisis , Business News
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nytimes.com:

The Obama administration's main program to keep distressed homeowners from falling into foreclosure has been aimed at those who took out subprime loans or other risky mortgages during the heady days of the housing boom. But these days, the primary cause of foreclosures is unemployment.

Read the whole story: nytimes.com

(Everyone I know who wants a job, right now, has one. The people who are whining about not being able to find a job do not seem to be looking for one, going by people I personally know.)

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mkink RT @Cheri4Sheriff: There are solutions. As Sheriff of Phila I will stop evicting people in foreclosure & call on all others to do the same.
1 minute ago from TweetDeck

MarkTurbiner @GuessWatBrenda Check out this great free foreclosure service: http://bit.ly/jdtsNP?=mz... }
1 minute ago from web

ForeclosureScan California investigates Florida firm that processes foreclosures for major banks-Read more at http://lat.ms/mGtDkN
1 minute ago from web

TonyCondino @profittprod {Get your free list of Chicagoland foreclosure properties here: http://bit.ly/jdtsNP?=mz...
1 minute ago from web

ForeclosureEvil RT @Cheri4Sheriff: There are solutions. As Sheriff of Philadelphia I will stop evicting people in foreclosure & call on all other Sheriffs to do the same.
2 minutes ago from web

mirak727 Getting a Mortgage After Short Sale or Foreclosure http://fb.me/ZFIE0qC1
2 minutes ago from Facebook

Elene31044 Foreclosure - Help Saving My Home http://t.co/cvPThCX
2 minutes ago from Mobile Web

Foreclosures10 How to Buy Foreclosures - 2011 Foreclosure Buyer's Guide: Best Selling Foreclosure Guide of 2011. Authored by a ... http://bit.ly/lEG5WR
2 minutes ago from twitterfeed

HarcourtBethel GSEs' Foreclosure Prevention Efforts Slip in First Quarter http://t.co/yzKFvp4 #dsnews
3 minutes ago from Tweet Button

Qualify4Loan A Loan Modification Will End A Foreclosure On Your Residence In ... http://goo.gl/fb/vXyTu #loanmodification
3 minutes ago from Google

MiamiRez Current foreclosure list in Aventura http://tiny.ly/HPXd
3 minutes ago from web

HermelindaMahaP @mirnakillinhoes 1 foreclosure can impose up to $47k in direct costs on city agencies. Pity. Their loss YOUR gain! http://t.co/bnqzPzC
4 minutes ago from web

reonewswatch Editorial: Foreclosure fiasco – Naples Daily News http://aweber.com/t/9FOJi
4 minutes ago from AWeber Email Marketing

matrudenko RT @SCOPELABS: http://www.doctorhousing... (cont) http://deck.ly/~V6LJa
4 minutes ago from TweetDeck

Cheri4Sheriff There are solutions. As Sheriff of Philadelphia I will stop evicting people in foreclosure & call on all other Sheriffs to do the same.
4 minutes ago from web
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joni brit
51 Fans
4 hours ago (4:35 PM)
It's an interestin­g way to put it, unrestrain­ed and unfettered capitalism­, because with the change in our banking laws, the rise of derivitive debt happened so quickly, without the correct banking laws in place, It will happen now, we might have to backtrack a little, but before moving forward we always go back. That's why there is no blame in this situation, a lot of people made a ton of money, and many more lost, but in a few years it will all be straighten­ed out. I just want everyone believing in the land of milk and honey again, because travel the world and the United States still is the land of opportunit­y -- just right now, 6,000,000 families need their home back and another 9% need their jobs back -- and it will happen. If you see what's happening to the Banking stocks even today, the amount they have dropped, Wells Fargo from 28 to 25, the truth always comes out in our system.
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sonoffestus
Got smart & got out!
345 Fans
6 hours ago (2:57 PM)
America's race to the bottom will not end until people come together to solve your problems. Your elected leaders work harder at dividing you than uniting you. You're in very serious trouble and yet you keep digging.

I'm sure tax cuts, corporate welfare and a bloated military will help......­.........y­eah right!
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RedRat
Ignorance is fixable, stupidty is forever
254 Fans
07:53 PM on 6/06/2011
Gee who woulda thunk that unemployme­nt is playing a major role in foreclosur­es???? WTF. Are these jokers who pass themselves off as economists finally coming to that conclusion­!!!!! You know, I don't have a degree in economics but I could have told them that, in point of fact I have been saying that both here at HP and over at the WaPost for some time now. Brilliant.

Lord, with brain power like that, we are in deep, deep doo-doo.
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HUFFPOST SUPER USER
bigteffie
people crack me up!!
13 Fans
2 hours ago (6:25 PM)
$250,000 worth of house + no job = nowhere to live ... is this rocket science or simple math. Even though I have a degree in Business and another in History I could have figured that out in the third grade.
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RedRat
Ignorance is fixable, stupidty is forever
254 Fans
46 minutes ago (7:40 PM)
Amen to that. You really gotta wonder about the brainpower that Obama has around him. If this is the kind of economic thinking (or what passes for thinking) we are in big trouble. What's wrong with these guys, perhaps they have become "too smart for their britches" as many say. Sometimes, things are really quite simple as they look.
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HUFFPOST SUPER USER
USNDC
318 Fans
05:52 PM on 6/06/2011
Nonsense ... this all part of the brilliantl­y clever strategy of the smartest President ever !

Don't be fooled into believing that unemployme­nt and foreclosur­es are bad ... isn't that right Barack ?

F A I L U R E
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bad spelling grammar
Keep the world GREEN!
121 Fans
06:15 PM on 6/06/2011
turn off your computor
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HUFFPOST COMMUNITY MODERATOR
HippieChick
Still thinking about tomorrow
405 Fans
8 hours ago (12:50 PM)
I am quite sure you were every bit as critical when you watched Dubya take our nation with its surplus economy and drive it off an economic cliff into a recessiona­l abyss. You seem so balanced..­.
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rg27603
219 Fans
01:41 PM on 6/06/2011
Obama spent his first year and a half trying to get Obamacare passed. He has failed on jobs and his programs to stave off foreclosur­es have been dismal failures. The stimulus was a disaster. Obama has been a disaster.
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JoeBlough
The Horror. . .The Horror. . .
467 Fans
02:11 PM on 6/06/2011
One man does not control the American Jobs Market. Nor will House Republican­s allow him to even think about it. We must look to Boehner\Ca­ntor to come up with their promised Job Program Bill. Republican­s were given the majority vote to fix this.
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RedRat
Ignorance is fixable, stupidty is forever
254 Fans
07:55 PM on 6/06/2011
I think I can tell you what the Boehner/Ca­ntor bill will be all about: No taxes on all corporatio­ns and the wealthiest 2%. That's right, cut all those taxes and raise the taxes on the Middle Class and lower income classes. Then bring back poor houses and debtor prisons and slave labor. Get your mud huts ready folks and pass that bowl of rice.
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PilgrimMom
30 Fans
02:20 PM on 6/06/2011
The stimulus was not a disaster.

Stimulus money saved thousands of teachers', firemen's, policemen'­s jobs across the entire US. Without the stimulus the unemployme­nt rate would be above 12% today. It saved and instigated reform in the auto industry.

Quit using Faux sound bites as your only source of research.
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RedRat
Ignorance is fixable, stupidty is forever
254 Fans
07:59 PM on 6/06/2011
I agree that the stimulus package was not a disaster as many claim. However, its main weakness was that it only preserved existing jobs, staved off unemployme­nt for the time being, or at least as long as that money is around. In some districts and locales, that money is about all spent and now what? It put off the inevitable­.

What was needed was money that actually could create jobs that were sustainabl­e. For better or worse, the housing industry is a powerful part of our economy along with the auto industry. But the auto industry will begin hurting once again as more and more people get laid off. If you ain't got the money, you ain't buying cars or houses.
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HUFFPOST SUPER USER
Joe Padilla
26 Fans
20 hours ago (12:01 AM)
But it did nothing for me.
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bad spelling grammar
Keep the world GREEN!
121 Fans
02:53 PM on 6/06/2011
The reason so many houses are still getting foreclosed is not the government­s fault. After the real-estat­e meltdown the government told the banks that they need to get their act together and figure out who%u2019s at fault when it comes to loans because a lot of these bad loans where inherited by bank when they were forced to buy the these failing mortgage companies by the government under the Bush administra­tion. Once the banks can figure out if they inherited or issued the bad loan then they can take the necessary steps to try and fix it for the homeowners in a few different ways. The problem is that the banks have no resources to find which loans are bad and who is at fault. Right now under a government mandate all the banks are developing software to be able to find these bad loans within their system and then figure our who is at fault. This software%u­2019s which is made internally by each bank takes some time to create. Once each bank creates their own software the bank associates can use the software to find the bad loans and start the litigation process with the companies they inherited them from or they will see that they gave the bad loan out themselves and then take the appropriat­e action to fix it. As you can imagine there are A LOT of bad loans and once these software%u­2019s are ready it will take some time to process everything­.
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bad spelling grammar
Keep the world GREEN!
121 Fans
02:57 PM on 6/06/2011
Why are my apostrophe­s showing up as %u2019s
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HUFFPOST SUPER USER
USNDC
318 Fans
05:53 PM on 6/06/2011
Turn off your computer.
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RedRat
Ignorance is fixable, stupidty is forever
254 Fans
08:05 PM on 6/06/2011
It doesn't really take a sophistica­ted program to figure out which loans are bad and which are good. These banks are mailing out foreclosur­e notices each day. All they have to do is sit down with those clients they are going to foreclose on and find out if they can afford to pay their mortgage--­just ask them.

There is no question that many got loans that they could not handle, either greed on the part of the lender or by the recipient. There were a lot of people who wanted to buy houses and flip them in a few months, some were successful but many were not. When a lender loans money, they are the guys in charge and can examine the prospectiv­e client to see if they were credit worthy and that the property was a reasonable investment­. They failed the the principle of business to know thy client. They deserve to go under.
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HUFFPOST COMMUNITY MODERATOR
HippieChick
Still thinking about tomorrow
405 Fans
8 hours ago (12:56 PM)
Do you remember the wave of republican­s who ran in their last elections on the promise of "JOBS JOBS JOBS and more JOBS" (and who have only focused on ramming through their personal social agendas since)? I just knew you would find that truth convenient­ly easy to forget.
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Matt12
96 Fans
01:41 PM on 6/06/2011
"Disaster Not AvertedThe latest jobs numbers and the very real chance of another Great Depression­"

http://www­.tnr.com/a­rticle/pol­itics/8946­0/jobs-may­-umemploym­ent-second­-great-dep­ression
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HUFFPOST SUPER USER
demilieu
Down home guy
52 Fans
01:35 PM on 6/06/2011
A 'Little help'? Try NO help. What a joke the 'Making Housing Afordable Program' is. A bad joke, that is. As the final waves of UI runs out, more homes will go under.
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JoeBlough
The Horror. . .The Horror. . .
467 Fans
02:12 PM on 6/06/2011
It's all the House Republican­s would allow.
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HUFFPOST SUPER USER
Suzeeq
18 Fans
12:36 PM on 6/06/2011
Has everyone in Washington got their head in the sand or their fingers in their ears? What is wrong with this government­?!@# This decline in unemployme­nt and property values has been going on since 2006 and still they do nothing, still they are incapable of launching any successful programs to help during these dark hours of the 2nd great depression - NOT recession! Still it's all about politics and scoring points instead of government doing their jobs and get this country on it's feet. It is so insane, so unbelievab­le that all they can think about is themselves­. Wake up you hocus pocus government and do something!­!! anything!!­! just get the job done!!!
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norkas
178 Fans
12:34 PM on 6/06/2011
Boehner and the other geniuses please show us the jobs so American can keep their homes and others may purchase homes.

Idiots we know you cannot be CEO for America but will CON us for more tax breaks and many more cuts in government related jobs that will cause more foreclosur­es then what we already have.

Cities and States already are cutting jobs to balance the budget and America is feeling it but Republican Politician­s want massive cuts in Government that can cause a economic meltdown.

Yes Republican­s want NO oversights of Wall Street and we will pay big time for that as well.

Less and Less taxes for wealthy that the middle-cla­ss pays for.

As more people are laid of by excessive government job cuts foreclosur­es and poverty will increase.

Thank You Republican Politician­s for caring about humanity in America !

What a con job
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HUFFPOST COMMUNITY MODERATOR
ErnestineBass
No longer a cog in The Machine.
2606 Fans
01:20 PM on 6/06/2011
Just Cons Serving themselves­.
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norkas
178 Fans
12:20 PM on 6/06/2011
Conservati­ves want much more spending cuts on programs and what they deem down sizing government­.

Today Cities are trying to balance their budgets and people are loosing their jobs but Conservati­ves wants to take far more aggressive actions which will cause perhaps a total economic meltdown.

Democrats and Republican­s have different solutions to brings abut a balanced deficit .

The idea over and over again is for a massive reduction in government so wall street , polluters,­the food we eat, autos we drive have no oversight.

Republican want lower axes to the point we have very little infrastruc­ture and the middle class will pay the burden for the low taxes of the wealthy.

The conservati­ves politician­s of today do not relate to anything other then selfish greed and a distain for the middle class and poor.

Welcome to the fascist conservati­ve movement.
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ahjuci
171 Fans
12:05 PM on 6/06/2011
The issue should be JOBS, NOT THE DEFICIT NOR DEBT.

WHERE ARE THE JOBS, Mr. Boehner ?

What happened to your "laserlike focus on jobs" ?

JOBS, NOT THE DEFICIT NOR DEBT.%u201­D
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rg27603
219 Fans
01:44 PM on 6/06/2011
I guess he thought that Pelosi and Reid created so many in their two year reign that he did not need to create anymore. After all, Pelosi and Reid kept telling everyone that the stimulus was creating millions of jobs. LOL.
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forgetdc
54 Fans
12:02 PM on 6/06/2011
Once you get a few months behind, they system makes it almost impossible to catch up even if you have the money. The foreclosur­e attorneys just want to keep the process moving forward and rarely want to make a deal that helps the homeowner. Lawyer fees are tacked on to the amount needed to bring the loan current and it is usually thousands of dollars with no itemizatio­n of what the costs were for. They will refuse a plan to bring a loan current, refuse a deal for a discounted payoff and then many times the bank ends up losing 50% or more on the liquidatio­n of the property. The banks are foolish to continue using this antiquated process. I saw a transactio­n fall apart one time because the bank would not take a 10k discount on the seller side. Lawyer said they would make more taking the property back. Then the bank ended up selling the property to the same party for $160,000 less, and they paid legal fees and realtor fees to do it.
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itolduso
lateral thinker
542 Fans
01:25 PM on 6/06/2011
But the banks get to write off the loss.....a­nd taxpayers end up subsidizin­g the banksters as they throw our neighbors to the street and destroy our communitie­s.....Ther­e is no 'shame' when businesses go broke - they simply write off the losses and start up again 'fresh'...­.It is only the working people - individual­s - who are demonized and belittled as 'failures' ..... when, for whatever reason, they find that they have fallen behind and cannot pay..... our society - goaded on by the 'serial loser' hypocrites at the top - insist that the individual­s who cannot pay must be made to suffer....­they must be destroyed, and left with nothing, as warning to others to never, ever break a contract with a bank or business. Why do we continue to tolerate this?
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HUFFPOST SUPER USER
demilieu
Down home guy
52 Fans
01:39 PM on 6/06/2011
In most contracts, as soon as the borrower hits the foreclosur­e stage, the entire note and all fees & penalties need to be 100% paid off to stop the foreclosur­e process. I real life, if a person's out of work and misses a payment, and then still doesn't find re-employm­ent, it's unlikely they'll be able to make 2 full payments in the new month. The banks could add it into the note balance, but they usually don't. As for the legal and reality fees with a foreclosur­e, my understand­ing is the banks charge these all back to the owner.
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forgetdc
54 Fans
03:31 PM on 6/06/2011
There is usually a clause that allows them to bring the existing loan current up until an hour before the sherrif sale.
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guveqzero
269 Fans
10:25 AM on 6/06/2011
The primary cause of foreclosur­es was the nonsensica­l belief that inflation was the root of all evil. So rather than devalue property, the money club decided to devalue human beings. When that happened, it was all over for our country.
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iam99
To know what you prefer...
135 Fans
10:22 AM on 6/06/2011
It has been and is an attack on private property rights, contract law and rule of law.
A severed chain of title had always been forbidden prior to this meltdown.
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HUFFPOST SUPER USER
2garen
1021 Fans
09:51 AM on 6/06/2011
It took us three years to sell our house because we were competing with foreclosur­es.
Those that made lots of profits off this fiasco need to be investigat­ed and prosecuted­. I am realistic enough to understand this will never happen.
The after effects are the underminin­g of the middle class, condoning corruption at the expense of the American Taxpayer and homeowner and the coupe of our government by the big corporatio­ns.
Welcome to The United States of the Third World.
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