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It seems that this big, alarm sounding 'mortgage crisis' may be a drummed up myth. It's being reported in the L.A. Times and other places that these may have just been investors trying to "flip" or "turn" a house as an investment who are baling out. Rather than deal with their loss, they just walk away from it and go into foreclosure.
Check out "In mortgage market, ‘walkaway’ homeowners may be urban myth" which says: "Fitch has also found a high level of misrepresentation in loan
applications "by borrowers, brokers, and other parties." When Fitch
analysts subjected 45 sub-prime loans to detailed examination late last
year, they found "the appearance of fraud or misrepresentation in
almost every file," a situation they termed "disconcerting at best" in
a report in November.
Some 66% involved "occupancy fraud" -- that is, the borrower
misrepresented his or her intention to live in the home, rather than to
buy it as an investment."
So this whole thing might just be the liberal media just creating a scare in time for the elections. In time for some 'savior' to come and rescue this poor, delapidating country that mean Mr. Bush and Mr. Cheney tore apart. I want to cry... waaaaa! It's just sad that the media is taken as always reporting the truth and people just eat it up. Even as I'm in another country right now (India), I get introduced as an American and people instantly jump on me about Bush. Stuff like, "Bush is blaming India for the high gas prices!" Um no, that's not what he said. That's how the BBC or CNN framed (sound bited) what he said to make it sound that way. He meant that fuel is a global commodity in a global economy and places with emerging consumers of fuel like India and China are causing demand to go up, which raises the price for everyone. No fuel companies aren't to blame. President Bush isn't to blame either. A world where the President of a country controls everything is a Monarchy (I learned that in 5th grade). And when a government controls everything, that's Socialism. Remember Russia? We live in a Democracy with a capitalistic, free market system. The world even operates on this free market system. The demand for something drives up the price. That's Economics 101, people. Barack Obama isn't going to come in and set fuel prices and make everything better as our 'saviour' because he can't. Please don't believe that and please don't vote in the election based on thinking like that. He has proven again and again to know nothing about economics.  So again, be careful what you hear in the news about anything - especially economics. The media seems to be controlling the masses out there. They're so big that they seem to have that power. Don't be hypnotized by them. Do your own research and find out for yourself. I run into so many people that just think the wrong thing about stuff. They act kinda like parrots when they just repeat back what they heard on TV thinking that it's true. That's pretty scary to me. I'm reminded of the movie and TV show, Max Headroom. Remember him? Media controlled everything in that futuristic world. Maybe that was prophetic.
-T
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