On Mar 22, 10:47*pm, "Hawke" wrote:
"Wes" wrote in message

...





Too_Many_Tools wrote:

These are not lower- and middle-income borrowers, but more affluent
consumers with annual incomes of $100,000 or more who are increasingly
being ensnared in the home mortgage crisis.

People in all income categories "are facing the shock of new payments
that can be twice as much as previous ones," said Susan M. Wachter,
professor of business and a real estate specialist at the Wharton
School of the University of Pennsylvania.

Nor will falling interest rates help most of these homeowners, as
their low initial payments skyrocket and the worth of their homes
erodes, said Allen Fishbein, director of housing and credit policy at
the Consumer Federation of America.

These 'more affluent' consumers presumably had access to a higher level of
education than most of those on lower rungs that had their dreams wiped
out
by the realities of finance.

How are you and your ilk going to spin this as how the banks took
advantage
of them? *Greed. *It is prevalent at all levels of income and leads to the
undoing of many. *The banks are blameless.

Wes

It's clear that you don't understand why it's wrong to let all these people
go into foreclosure. The only way you'll get it is if a bunch of them
foreclose in your neighborhood. After you see what that does to the value of
your home, if you have one, then maybe you'll see why it's not such a dandy
idea to let millions of home go into foreclosure at the same time all over
the country. What it'll do to home values across the country won't be
pretty. Maybe, and I say maybe you'll get it when a house on your street is
foreclosed on. But probably not.

Hawke- Hide quoted text -

- Show quoted text -

Correct...no one understands until it happens to them.

And in my experience, especially a Republican.

I wonder how becoming homeless will affect their choice of who to vote
for this November?

TMT