California: Ground Zero for America’s Foreclosure Crisis

California: Ground Zero for America’s Foreclosure Crisis

Story tools

Comments

A A AResize

Print

Share and Email

 
한국어
中文翻譯

Read in Chinese
Read in Spanish

SAN FRANCISCO -- Ethel Gist bought her dream house and planned to retire to Antioch, Calif. Instead, the 70-year-old lost the house during the height of the foreclosure crisis, and now rents a place with her daughter and two grandchildren.

After he lost his three-bedroom home in East Los Angeles, Rene Lopez says his world has “shrunk.” He and his family of seven are crammed into a two-bedroom apartment. Lopez, who lost his job as a jeweler, is struggling to find work in a restaurant.

Dianne Pinkston, a self-employed tax preparer in Los Angeles, inherited the family house, only to lose it to foreclosure soon after. Pinkston still has a debt of $150,000 to pay off, but says she finds solace in her family and friends, and the fact that after the ordeal, she’s “still standing.”

Gist, Lopez and Pinkston are the faces of foreclosure in California — ground zero for the housing crisis. Since the start of the housing crisis, the Golden State has the dubious distinction of being first in the nation in the number of total foreclosures – more than half a million completed, based on data from Oct. 2008 to June 2011 from RealtyTrac.

The pace of foreclosures ebbed following the eruption of the “robo-signing” scandal, in which loan servicers approved foreclosures without looking at the underlying documents. Banks halted foreclosures over the last several months temporarily to overhaul their protocols.

But foreclosures are expected to pick up in the months ahead. An estimated 1 million foreclosure actions that should have taken place this year will now happen in 2012, according to Daren Blomquist, director of marketing and communications with Irvine, Calif.-based RealtyTrac.

“That’s not because 1 million people have avoided foreclosure over the long term, it’s because the process has slowed,” he said, noting that the time it takes to complete a foreclosure has doubled in the last four years from 154 to 318 days.

Bottom line: the foreclosure crisis is far from over.

Dimensions of California’s housing crisis

In California, an estimated 1.2 million homeowners have lost their homes to foreclosure since 2008. An additional 800,000 homes are expected to receive foreclosure notices by 2012, according to a report by RE-Fund California Campaign, citing data from RealtyTrac and Moody Analytics.

Despite the wave of foreclosures, few policies at the state or federal level are giving homeowners relief. The federal Home Affordable Modification Program (HAMP) is the main policy put forth to staunch the foreclosure crisis. It has largely failed, as banks have modified a mere fraction of the loans of troubled homeowners. To date, the number of permanent modifications through the program hovers around 730,000. In California, while 1.2 million homeowners have faced foreclosure in the last three years, only 122,577 borrowers received permanent modifications under the program.

California’s foreclosure crisis has decimated urban centers and swaths of the Central Valley. One in 51 housing units received a foreclosure filing during the first six months of the year, according to RealtyTrac. The state also registered the highest number of foreclosure filings in the nation for the same time period.

Minorities in the state are being hit the hardest.

According to research by Dr. Carolina Reid of the Federal Reserve Bank of San Francisco, minorities have been disproportionately impacted by the foreclosure crisis. Looking at a sample of loans originated in 2005, she found that approximately 12 percent of Hispanic borrowers, 8 percent of African American borrowers, 7 percent of Asian borrowers, and 5 percent of white borrowers were in default.

The higher percentage of loans in foreclosure for minority borrowers is in part explained by the fact that they were more likely to receive subprime loans, even after controlling for differences in borrower and neighborhood risk characteristics, according to Reid. For example, in California, Reid found that Hispanics were 7.9 percent more likely than whites to get a subprime adjustable rate mortgage over a prime, fixed rate loan; the respective figures for blacks and Asians were 6.7 percent and 2.1 percent.

In California, half of foreclosures (48.2 percent) were of Latino borrowers, according to a 2010 study by the Center for Responsible Lending.

State policies offer little relief


Since the start of the foreclosure crisis, the state legislature passed several bills to help troubled homeowners. Much more help is needed, housing advocates say.

“[There is] no good reason for the legislature not to jump on the bandwagon, at this of all times, to support legislation that would help to limit some of the abuses that homeowners are experiencing. It’s shameful behavior [by politicians],” said Maeve Elise Brown, director of Oakland-based Housing and Economic Rights Advocates, a statewide nonprofit legal service and advocacy organization that served 1,600 homeowners last year.

Housing advocates point to SB 94 — a bill passed in 2009 that prohibits anyone assisting in a mortgage loan modification from charging up-front fees — as a critically needed measure. The large gap between borrowers seeking loan modifications and those actually receiving them has spurred mortgage rescue scams that find and exploit vulnerable homeowners. Brown says by the time homeowners contact her organization, many have already handed over money to mortgage rescue scammers. “Some gigantic percentage of clients paid a thousand bucks to $9,000 bucks” to a scammer, she said.

Another 2008 bill, SB 1137, required servicers to make contact with borrowers before initiating foreclosure action. The law was key because early on, servicers weren’t “answering the phones” when borrowers called, said Paul Leonard, California director of the Center for Responsible Lending. Now, he says, the needs of borrowers have shifted. He pointed to the “dual track” problem, referring to a practice where banks initiate foreclosure proceedings while they are negotiating a loan modification.

Senate Bill 729 would have addressed that issue, requiring banks to give homeowners an answer on loan modification applications before initiating foreclosure proceedings. This May, state legislative committees failed to clear SB 729 and two other foreclosure-related bills. Assembly Bill 1321 would have cut paperwork delays by requiring counties to record foreclosures within 30 days, and Assembly Bill 935 would have required banks to pay a $20,000 fee on every foreclosure to recoup economic losses by local and state governments.

The legislature did move to protect another group caught in the foreclosure crisis: renters. This session, the legislature enacted laws to protect tenants against utility shutoffs (SB 120) and protects tenants’ credit if they are evicted because of foreclosure (SB 1149).

At least 38 percent of the foreclosed units in California were occupied by renters in 2010, which means that about 200,000 residents were displaced, according to a January 2011 report by the San Francisco-based Tenants Together, a statewide renters' rights organization.

The state legislature isn’t the only government body taking on mortgage fraud. California Attorney General Harris last month launched a statewide mortgage fraud strike force to investigate illegal financial practices at the community and corporate level. But her office lost $70 million as part of statewide cutbacks, a shortfall certain to affect the strike force and its capacity.

News of the loss of funding for the project coincided with news of an $8.5 billion settlement between Bank of America and a group of investors who bought mortgage-backed securities.

The deal is a “model of a settlement agreement for other banks and other kinds of investors,” said the Center for Responsible Lending’s Leonard. California could mount a similar investigation and lawsuit, he added, but doing so requires intensive resources that the attorney general’s office may now lack.

Social impacts of foreclosure unknown


Statistics on lost homes and lost dollars are relatively easy to track. The emotional toll on those who lost their homes is not as well documented, said Brown, of Housing and Economic Rights Advocates. “Some people are not going to play anymore. There’s a mistrust of the credit system, and perhaps rightfully so. I’m interested to see the lingering effect that has.”

Scholars need to also examine the impact of the “historical stripping of wealth from communities of color” as a result of the housing crisis, Brown said. “The impact is gigantic, for communities of color generally get paid less money than somebody who is Caucasian, it takes longer to build up that,” she said.

The impact of foreclosures on children is also under-examined, she said. An estimated 311,900 California children were impacted by the foreclosure crisis, according to a 2008 report by the bipartisan advocacy group, First Focus.  The figure does not include children evicted from rental units. Children who are uprooted excessively, studies suggest, don’t perform as well in school and are more likely to develop behavioral issues.

As California’s foreclosure epidemic continues to unfold, Brown said, state and local governments need to ramp up efforts to address community-level impacts of foreclosures.

She said the thousands of foreclosed and abandoned homes in Ohio have become a breeding ground for methamphetamine labs and that communities in California are starting to see a similar rise in blight and crime. The state legislature has already moved on that front, passing SB 1137 in 2008, which allows cities to fine banks up to $1,000 per day for leaving foreclosed properties vacant and blighted.

That money might come in handy. According to the RE-Fund California Campaign (a collaborative including the California Reinvestment Coalition, SEIU, and community organizations), the price tag of the foreclosures on California homeowners, state and local governments is a whopping $650 billion. The study found that for every foreclosed property, the loss to the surrounding community is nearly $340,000; the cost in property taxes is more than $2,000; and the cost to local governments is about $20,000.

La Opinion’s Roger Lindo and the Final Call’s Charlene Muhammad contributed reporting.


New America Media, partnering with ethnic news organizations across California and the Washington, D.C.- based Investigative Reporting Workshop, announces the launch of
FACES OF FORECLOSURE -- REPOSSESSING THE AMERICAN DREAM, a multi-media project documenting the human fallout of the foreclosure crisis in the Golden State and elsewhere.


 

Comments

 
Anonymous

Posted Jul 21 2011

She probably re-fied her house a few time took the grand kids to Disney, and then oops I cant pay for this.....how else does a 70 year lose a house that at her age that should be fully paid off?......such bad reporting here..

----------
Ethel Gist bought her dream house and planned to retire to Antioch, Calif. Instead, the 70-year-old lost the house during the height of the foreclosure crisis

Anonymous

Posted Jul 21 2011

She probably re-fied her house a few time took the grand kids to Disney, and then oops I cant pay for this.....how else does a 70 year lose a house that at her age that should be fully paid off?......such bad reporting here..

----------
Ethel Gist bought her dream house and planned to retire to Antioch, Calif. Instead, the 70-year-old lost the house during the height of the foreclosure crisis

Anonymous

Posted Jul 21 2011

The sooner we stop making these irresponsible morons into victims, the sooner a real housing recovery can begin.

Anonymous

Posted Jul 21 2011

Keep on giving mortgages to illegal aliens and see what happens. Idiots.

Anonymous

Posted Jul 21 2011

Keep on giving mortgages to illegal aliens and see what happens. Idiots.

Anonymous

Posted Jul 21 2011

Even in good times people in CA cannot afford to own a home. The average Sh*#box here costs as much as a really nice home in other areas. We pay $3,000 rent for a house I would never choose to live in elsewhere. I can't wait to get outta here. At least we were smart enough not to buy when we came out here 3+ yrs. ago at the beginning of the housing crisis. It is so sad when people work hard, get a degree, then live in a dump just to be in CA...gimme a break.

Anonymous

Posted Jul 21 2011

Loan companies thrive on hidden charges and fees. Loans are written up, payments made, interest collected, but years and years pass- no principal is paid down. Buyers want to pay pennies on the dollar for homes that have had tens of thousands of dollars of improvements made to them. Cities re-assess properties, devalue them, and raise the property tax to assuage their losses by the state dipping into their coffers. Who suffers the most? The professional 'flippers'? the professional 'buy and walk away'? No. The person who is making the payments and seeing all their other expenses; food,utilties, gas, etc triple. while their paycheck is in jeopardy. Banks, loan companies, insurers, etc, get a piece of the pie. And then when people are driven into the ground- what do we end up with? empty homes, increased crime and vandalism, people displaced and disgruntled and disheartened. Why? Because at some point in time, the 'there's money in real estate' became a venue for those who feed on others.

Anonymous

Posted Jul 21 2011

If I were an immigrant I'd sure come to a place where you could help yourself to all the cash you wanted from the banks, spend it, and then walk away saying you didn't understand what you were doing.

Anonymous

Posted Jul 21 2011

The banks are the bastards here. Taking money from tax payers via Fed program and taking over other banks instead of helping out homeowners.

Anonymous

Posted Jul 21 2011

Of course it has the highest foreclosure rate. It has a huge population. We're not talking North Dakota here. What a bunch of morons. The media has replaced used car salesman and lawyers as......THE WORST!!!!!!

Anonymous

Posted Jul 21 2011

My family did very well in a small home.
Two bedrooms and one bathroom.
Hard to find a reasonable home in California.
Big homes, big taxes, big utility bills.

Anonymous

Posted Jul 21 2011

Totally bad reporting. Obviously Ethel Gist couldn't afford a mortgage in the first place. Shame on the bank for giving her one. News flash - Nearly everyone who lost their home to foreclosure shouldn't have had mortgages in the first place. The only people who should be given loans are those who can pay interest on those loans even if hell breaks loose on their employment status / economy.

Rene Lopez - a family of seven??? Hello. Stop reproducing!!! Babies cost money. It's called birth control.

Anonymous

Posted Jul 21 2011


OK all you foreclosed California homeowners is Obama still your hero now ?

All he has done is let Banks off the hook entirely on this crisis -
the so called loan modification program he initiated has helped less than 10% of the requested applicants - vecause banks are not doing it .. and in truth noen of you should have been approved for a loan anyway ..

Anonymous

Posted Jul 21 2011

Question: How does someone who inherits a "family house" (presumably it had been paid off long ago) lose it due to foreclosure?

Anonymous

Posted Jul 21 2011

Bank of America and Citibank gave home loans to illegals WITHOUT requiring the same documentation required of American citizens and hardworking taxpayers. Criminal charges should be filed against them not only for improper paperwork, but for aiding and abetting criminals! And the U.S. GOVT itself has committed multiple criminal acts by giving home loans to illegals while denying citizens who have worked and paid taxes for decades!! Just as it discriminates against U.S.citizens in PREFERENCE to illegals at ERs and hospitals by reimbursing hospitals for each illegal they treat (DISCRIMINATION)! http://www.independentconservative.com/2005/12/05/illegal_home_loan/
and
http://articles.latimes.com/2005/aug/09/local/me-house9
and
http://www.nypost.com/p/news/opinion/opedcolumnists/item_ee5fJAlTOSVeeg6iV7xXyN

Anonymous

Posted Jul 21 2011

The banks broke LAWS. They have no regard for our state and federal laws and because we have non-judicial foreclosure in CA, no one regulates the banks at any step of the process. My children and I are homeless because Countrywide/Bank of America/New York Mellon gave my ex-husband a loan for double what the home I paid for was worth. They didn't even bother to get a quit claim the first time and forged one the second time. Then they proceeded to evict us from the wrong house. Yes, some people lived beyond their means, but the banks need to be regulated and obligated to follow the LAW!!!!!

Anonymous

Posted Jul 21 2011

THE ONLY ONES MAKING MONEY ARE THE BANKS WHICH US TAXPAYERS BAILED OUT. TIME FOR EVERYONE TO PULL THEIR MONEY OUT OF THESE STICKY-FINGERED GREEDY BANKS AND START USING CREDIT UNIONS WHO BY AND LARGE DID NOT TAKE OR NEED TO BE BAILED OUT!

Anonymous

Posted Jul 21 2011

Don't whine for the so-called minorities (who are actually the majority). They live 16 to a house and didn't qualify to be in one without being given PREFERENTIAL treatment.

Bank of America and Citibank gave home loans to illegals WITHOUT requiring the same documentation required of American citizens and hardworking taxpayers. Criminal charges should be filed against them not only for improper paperwork, but for aiding and abetting criminals! And the U.S. GOVT itself has committed multiple criminal acts by giving home loans to illegals while denying citizens who have worked and paid taxes for decades!! Just as the govt discriminates against U.S.citizens -including our disabled- in PREFERENCE to illegals at ERs and hospitals by reimbursing hospitals for each illegal they treat! This definitely affects length of stay and quality of care, including meds received - or not. Now THAT is discrimination.

http://www.independentconservative.com/2005/12/05/illegal_home_loan/
and
http://articles.latimes.com/2005/aug/09/local/me-house9
and
http://www.nypost.com/p/news/opinion/opedcolumnists/item_ee5fJAlTOSVeeg6iV7xXyN

Anonymous

Posted Jul 21 2011

who in god's name wants to retire in antioch, ca ?!?

Anonymous

Posted Jul 21 2011

Hey idiot, antioch is one of the cheapest places to live in the outskirts of the SF bay. She downgraded to a cheaper area. Maybe she should have moved to your trailerpark so youd have a new neighbor. Then you can comment on your hypothetical disney trip to her directly.

Anonymous

Posted Jul 21 2011

8% of the Bay Area is illegal immigrants, and the cheapest houses are $450,000. The Bay Area is going to crash hard. Who the hell wants a 70 year old house for half a million dollars surrounded by people who can't speak English and hate americans because they don't work hard.

Anonymous

Posted Jul 21 2011

8% of the Bay Area is illegal immigrants, and the cheapest houses are $450,000. The Bay Area is going to crash hard. Who the hell wants a 70 year old house for half a million dollars surrounded by people who can't speak English and hate americans because they don't work hard.

Anonymous

Posted Jul 21 2011

Well, quite a shock... there are foreclosures... really. Oddly enough, the article does not go into WHY many of these foreclosures occured. How about....
- no job or minimal to no income when the house was purchased?
- no down, no cost entry into a house you can't afford?
- fraud on the part of the buyer when filling out load paperwork?
- fraud on the part of the lender/broker/agent
- spending all the equity in the home... cars, boats, big screen, vacations...
- buying several homes with no down and then renting them out... in theory...

Does that sound familiar to anyone or all we all victims?

Anonymous

Posted Jul 21 2011

Of course it's the uneducated illegal beaners losing their homes.

Anonymous

Posted Jul 21 2011

My father bought land, paid it off, then built the house and paid it off. My parents never had a mortgage in their lives and the house is still debt-free.

Anonymous

Posted Jul 21 2011

no kidding!

Anonymous

Posted Jul 21 2011

8% of the Bay Area is illegal immigrants, and the cheapest houses are $450,000. The Bay Area is going to crash hard. Who the hell wants a 70 year old house for half a million dollars surrounded by people who can't speak English and hate americans because they don't work hard.

Anonymous

Posted Jul 21 2011

What a nicely choreographed "politcally correct" dance that I just read. Having been a real estate broker for the past 35 years, I never participated in this so called "sub-prime" mortgage dilemma. People, the operate words in "sub-prime mortgage" is "sub-prime". These borrowers (buyers) were not only not qualified to purchase a home, they were given 100% financing on the properties. Not a nickel of their own money into the transaction. Years ago, if you were a borderline borrower, you would have to come up with a larger down payment in order for your loan to be approved. I'd like to find the Federal "official" that thought that everyone should own a home (no matter what the cost to the taxpayers) with no money down and just "fog" a mirror to qualify. He or they should be publicly stoned...

Anonymous

Posted Jul 21 2011

"In California, half of foreclosures (48.2 percent) were of Latino borrowers, according to a 2010 study by the Center for Responsible Lending."

So the American taxpayers get stuck with the tab!!!

Anonymous

Posted Jul 21 2011

I am with you anonymous person who like to YELL in all caps! =) No one is asking for a free handout here. The banks need to act responsibly during hard times and just make it easier to make payments as people get back on their feet. No one is trying to get out of paying for their loans. If you think that minorities are not affected and make crude jokes about being an illegal...sorry, you are just a racist!

Repost:
THE ONLY ONES MAKING MONEY ARE THE BANKS WHICH US TAXPAYERS BAILED OUT. TIME FOR EVERYONE TO PULL THEIR MONEY OUT OF THESE STICKY-FINGERED GREEDY BANKS AND START USING CREDIT UNIONS WHO BY AND LARGE DID NOT TAKE OR NEED TO BE BAILED OUT!

Anonymous

Posted Jul 21 2011

Housing is so cheap that foreign buyers are flocking to the states to buy. A recent acquaintance from Scandanavia described our housing market as a "Buyers dream". At it's peak housing was cheap in the USA. Take a look around the world. Few places afford such luxury for a population so poorly educated. Nurses with a junior college education earning 75 to 100 k/yr. Telephone installers 150 k/yr. Mexican laborers buying. Wake up America.

Anonymous

Posted Jul 21 2011

The sub prime market was started by Congressman Barney Frank, He believed everyone should own a home. Guess what? Every one got a home, problem was that not every one could afford a home.
The house next to me was purchased by people who had to have two families living in it. They all had new cars. In fact, one woman had a Honda CR-V that she just drove on weekends. I have a Honda CR-V, but drive it every day. There were 10 people and 9 cars next door.
When the supplemental property tax bill showed up, they couldn 't pay. House foreclosed. Orginally sold for 875K, new guy paid 550K. Now worth 490K.
Welcome to California real estate.
You think it's bad here? Try Arizona, friend paid 85K for a condo in Phoenix, now worth 30K. She should have bought another one, then walk from the first.
It's a mess and won't be straightened out for many years.

Anonymous

Posted Jul 21 2011

You don't have to be legal immigrants or US Cit to own a house here. Half of this country real estates, if not more, are owned by foreigners.

Anonymous

Posted Jul 21 2011

So what's the difference? It's all about accountability. Like many other states, California is in terrible financial shape and our Government is almost ready to default on it's debt..Were they mislead about the terms of the debt also?? How much debt has the war cost? or did you know that it is still going on and racking up Trillions..makes the housing crisis seem small.

Anonymous

Posted Jul 21 2011

we all in it, lot us made money and now lot us will loos money ,this is an american way of like , nothing is belong to you ,you work to pay , it is what it is , bank never loos money, so accepted and change way of living and rise up and get smarter life should not be slavery.

Anonymous

Posted Jul 21 2011

I'm a San Francisco Bay Area homeowner who moved there after living several years in the 3rd world squalor that central Los Angeles is becoming. I got tired of the flood of hot dog carts, spanish radio channels, seeing Mexican soccer teams have a home-field advantage in Dodger stadium and Anaheim, and news segments showing hordes of 2nd generation latino high school students desecrate the flag at their high school while waving the Mexican flag. I'm not sitting in my basement in Kansas with Rush Limbaugh streaming, I have formed my opinions through up close interaction with low-income CA residents. Rather than blame and hate the "beaners", I see progressive social incentives put forth by both the Federal and CA State legislatures as the cause. California governors feel the latino population is so big that they must heavily favor their demographic with lax immigration and border enforcement, which exacerbates the flood of more illegals. The birthright citizenship incentivizes these poor, unskilled people to have a child. Then federal and state welfare rules incentivize them to have multiple children to increase welfare benefits... true, illegals are ineligible for such benefits, but they may apply for them on behalf of their US born children. A poor friend of mine applied for welfare in San Mateo County a couple months ago, and said the office was packed with 1 old white guy (alcoholic bum) and about 60 latinos chattering away in Spanish. Most of them had young children with them, others had children with them AND were pregnant... git dat money, Mo Money, Mo Money! The census statistics are also troubling, with census-based followup investigations indicating more than half of California latino teenagers with have a baby by age 19, with many interviewed girls explained they did it for "machisma" (badge of womanhood), "La Raza" (to expand the Latino Race), and/or because of their culture's high value in having a large family, akin to Mormons. These teens also explained the State was paying for their health care, food, and some cash expenses. As if the financial drain of welfare and health care to birth and care for these children was not bad enough, California spends about $14,000 per pupil in K-12 education annually. While the pilgrims scorned unwed mothers with a scarlet letter for forcing the burden of children onto the community, this demographic says their is no shame in forcing taxpayers to subsidize making copies of their unproductive selves. While the first generation of migrant workers epitomize "work ethic", I have observed the 2nd generation to be the laziest, most parasitic group to taxpayers. We don't need to sterilize these people, round up legal immigrants, or march with sheets on our heads. We need to eliminate incentives for any unproductive person from reproducing and/or staying dependent on the productive populace. With lack of positive incentives, economic pressures will reduce the birth rates of the unproductive, and negate any need for talks of fascist policies (1-child policy) when resource depletion and overpopulation gets even worse.

Anonymous

Posted Jul 21 2011

There are many reasons people loose houses. Banks made these loans available, and then when people could not pay they took the houses back. Banks are ran by group of wealth investors. All of them knowing the loopholes and possible outcomes. This crisis could have been avoided. These bankers will never meet their borrowers nor do they care. It is business and it is not warm and fuzzy. Does this seem fair, no but it is not illegal. Telling a lie may be inmoral, but it is not illegal. Downright deciet, is and I believe that is exactly what the bankers did, so they could line their pockets even more. Remember the FDIC stepped in, paid off the banks, The Gov't stepped in paid off the bank, Oh wait the banks still has the house. Tell me could you sell your house 3 times? No, so again, I say, the bankers know the loopholes, and this is business. They don't care. This current crisis only switches the wealth back to the top 10% leaving the other 90% to be divided between the halfs and half nots. It will take years if ever to recover. If anyone thinks the housing crisis will recover in a few years they are sadly mistaken. We will just head in a new direction yet to be determined. I use to believe Real Estate was a good investment. I'd like still believe that, but not sure I can. However, if the new issue to take away the interest dedcution on housing, what will that do for the economy? NAR did have a strong lobby, now not so much. Well we will just have to come up with another deduction. Oh wait, maybe my plane, that I don't own, will count as a deduction. So just wondering if we will have a revolt, and the Gov't will say "Let them eat cake". Perhaps we could deduct cake.

Anonymous

Posted Jul 21 2011

How's that "homeownership for everyone" agenda work for ya now? We tried to tell you you can't wave a magic wand and think everyone will suddenly be able to own a home. If you can't afford a house, you can't afford a house and no smoke and mirrors will change that, at least not in the long run. And now, the global economy is paying the price for trying to manufacture the delusion that people who can't afford to own a house should have one anyway. It doesn't matter how much you don't like economic realities, no amount of wishful thinking can trump economic reality. And if insist on trying to do so, the result in the end is far worse, as you see now, than had you simply accepted economic reality and dealt with it realistically. Next time, listen instead of thinking you can outsmart reality.

Anonymous

Posted Jul 22 2011

Foreclosure is not easy for anyone to go through, but there are people to help. Those who invest in foreclosures help people out all the time who are going through the foreclosure process. They can help them make more money from their foreclosure. Visit www.foreclosures.com for more information.

Disclaimer: Comments do not necessarily reflect the views of New America Media. NAM reserves the right to edit or delete comments. Once published, comments are visible to search engines and will remain in their archives. If you do not want your identity connected to comments on this site, please refrain from commenting or use a handle or alias instead of your real name.