This was a shot as of Nov 1st 2007

I'm sure it's uglier now.

Yep, I watched a flic last sunday and it makes you mad.

Its real good, not much of a fan of the show but they did a good job on reporting.

click on

http://www.cbsnews.com/sections/60minutes/main3415.shtml

And look for "House of cards: The Mortgage mess" then click on the video: house of cards

Worth watching

Doesnt this have something to do with variable rates and double morgages on homes.  if you look at that graph all the "hot" spots are the most populated too.

Whats amazing is thier claim that Stockton was the capiltal of the real-estate boom in California and now its ground zero for forclosers.

And how they still passed it on to investers

Doesnt this have something to do with variable rates and double morgages on homes. if you look at that graph all the "hot" spots are the most populated too.

That's part of it, but another aspect is that the properties were simply overpriced to begin with. Much of the buying was "speculation": Leveraged borrowing with little or nothing down, minimal payments and the expectation of doubling your money in a few years. When prices fall and the maket is saturated, there is no "take-out".

When you have greedy lenders this is what happens.

Giving loans to people who cannot afford them on an adjustable basis.

People trying to live above and beyond their means.

Government cannot control this nor can government correct this.

It is greed on part of the lender and borrower.

And that's the way it is, like it or not.

Here in Indianapolis, IN we have a big issue with property taxes.  We have seen people with homes that they have owned for 30+ years unable to pay the new property taxes which are now upto 3x the rate they were 3 years ago.  So lets say your retired mother and father are on a fixed income (social sec., retirement pension, ect.) and you see their taxes go from say $2000 a year to $6000, there is no way they can afford it.  I have seen a 75 year old widowed women in my neighborhood lose her home that she has lived in since she was 18.  It is just plain sad.

When you have greedy lenders this is what happens.

Giving loans to people who cannot afford them on an adjustable basis.

People trying to live above and beyond their means.

Government cannot control this nor can government correct this.

It is greed on part of the lender and borrower.

And that's the way it is, like it or not.

Well said and well put Sam...

When you have greedy lenders this is what happens.

Giving loans to people who cannot afford them on an adjustable basis.

People trying to live above and beyond their means.

Government cannot control this nor can government correct this.

It is greed on part of the lender and borrower.

And that's the way it is, like it or not.

Way to sum it up!