Upcoming Foreclosures - Capitalists it's time to play "Justify This", 1 in every 374 US houses received a foreclosure notice in April?

Capitalists it's time to play "Justify This", 1 in every 374 US houses received a foreclosure notice in April?

"More than 342,000 households received at least one foreclosure-related notice in April, RealtyTrac Inc. said. That means one in every 374 U.S. housing units received a foreclosure filing last month, the highest monthly rate since the Irvine, Calif.-based foreclosure listing firm began its report in January 2005. April was the second straight month with more than 300,000 households receiving a foreclosure filing, as the number of borrowers with mortgage troubles failed to abate" AP Now I know you all want to call Obama a socialist, But would a socialist and his "activist congress" pursue a policy that seeks to re-inflate the status quo while actually increasing the Loss of homes in the United States ? The initial Tarp Money which was shepherded by Bush and Co went totally unaccounted for as well, seems to me the difference between Obama Shite and Bush Shite is nebulous.. "The same banks that we gave 100's of Billions in tax dollars to, are now posting profits while the actual number of foreclosures is rising? Capitalism/corporatism at it's finest (Filthiest) ? The Federal reserve is "Not" a private institution ? UM..SORRY PETER, http://www.globalresearch.ca/index.php?context=va&aid=8518 It is do any of you have the stats on how many of these foreclosures are actually home that were refinanced by people who had been in them for 10 years or more? yes and the second half of the TARP monies actually have some strings attached.. but that first half is completely gone without a trace, thank you for bolstering my argument ? and to the guy that said " Now people are letting their homes be foreclosed upon because they know they can refinance" LOL... what are you from Planet "Limbaugh" ? right..so the fed prints up hundreds of Billions "That Privately held capitalist institution" injects into Privately held banks, structured by CEO's and ex board members into their own institutions.. cal it nationalism, and then begin to once again post profits ? Now if it's nationalized.. why are the American People not sharing in the gains they helped (we helped) recreate ? ..Rather the banks up the anti by increasing foreclosure rates ? It most certainly is more of the same welfare Capitalism that the elite have enjoyed for at least the last 100 years ? EDIT: I would absolutely debate Rush Limbaugh anytime anywhere.. or for that matter any of you wanna be Robber Barons... funny thing is though.. you've all been bent over by the same system, and you don't even understand it ? Bush/Obama ? Same thing people... wake up... W A K E U P ! ! ! !

Public Comments

You mean its time to play "Let me explain to a socialist retard how capitalism works" Of the $700 billion in TARP money, only $350B was paid out during Bush's term, the other half was during Obama. We didn't bail out banks, we nationalized them. Thats not capitalism. You need to do some independent research on the Federal Reserve. It's a private institution and is completely separate from our Federal government. edit: i meant it is
Haha, you don't know how Capitalism works. You seriously have no clue. Stop trying to understand Socialism, you can't. ATTENTION: Testicles...: He's got it!!
And what exactly does someone buying more house than they can afford due to financial irresponsibility have to do with Capitalism? Any answer at all? helloooooooooo... ..............crickets..........................
Barney Fwank is the banking Queen. Send him a letter ask him
Justify it? Ok. Financially irresponsible people were given loans for homes that they should have known were out of their price range, but the bank approved them so it must be ok. No one forced them to buy those homes, it was all done of their own accord and now that they've realized they can't make the payments it is suddenly the governments fault. Capitalism is all about you making your own life for yourself, not the government holding your hand all along the way and helping you up every time you stumble. Now I know that not EVERY house that was foreclosed on was because of what I just said. People lose jobs etc. and things happen that are beyond their control, and for them I feel genuinely sorry. But for the people who could have simply crunched some numbers to ensure they could afford it before jumping into a major home purchase and getting in over there head I feel no remorse for. They made their bed, now they have to lie in it.
When I was growing up, we were told we had to save 20% for a down payment on a house. In recent years, people wanted to "get theirs" without doing as we had to do for many, many years. So we had greedy bankers lending money to people who did not do as we did for so many years. "No money down", and the like were available. Those who signed up for such were as bad as the bankers making the risky loans. The house of cards fell, and now "capitalism" gets the blame, and socialism is now the way? I think not. Keep your socialism. Let the banks who took part in such fail, and to those who loose their homes..."if it sounds too good to be true, it IS". Much is to be said for how we did things just a few years ago. there is no such thing as a successful 'get rich quick scheme'. if one cares to 'roll the dice', then one has to be willing to accept the consequences. Keep you socialism, this country was not built on it, nor will survive by it. _____________________________________________ YOU debate Limbaugh?!?! LMAO! Step away from the pipe!
That is not capitalism or corporatism...it is just plain greed. It is the same reason that this country got into trouble in the first place. People have been more inclined to take care of themselves first...and to heck with everyone else. This includes people who are now deliberately not paying affordable mortgages because it is to their advantage to let it be foreclosed upon. If you bought a car for ten thousand dollars a year ago...and still owed 9000 dollars on it...but the book now says it is worth 5000....wouldn't you want to give it back and walk away from the debt? That is exactly what people are doing with homes that they should not have purchased in the first place...sub prime or not sub prime. If foreclosure occurs, they become eligible for anything the government wants to do for them....like reducing their total loan for example. Obama's policies (and Bush's too) are just encouraging people to look after themselves first once again and disregard what will be done in the rest of the country as a result of their actions.
I'll go real slow, so you can understand: If your mortgage payments are going to be more then your paycheck, you probably shouldn't be buying a home. Or do you think everyone, regardless of personal effort expended, should have cradle to grave freebies? I smell a Marxist. Gimme, gimme, gimme.
If you get a loan and you don't pay it they take back what you got the loan for. simple huh.
Step 1 - Buy a house with a mortgage. You agree to make payments of a certain amount at regular intervals. You agree to pay a certain amount of interest on the loan. Step 2 - Fail to make the payments. Just skip a few or refuse to make them because you can no longer afford them with the increases in property taxes and other costs. Step 3 - Receive a foreclosure notice from your financial institution. Maybe you can work out a new deal, maybe not. Step 4 - Pack up and move to home you can afford. What part of that is giving you a problem?
http://en.wikipedia.org/wiki/Capitalism
i would not attack this monster at its head. this great country is a monument and its faults have Always been chipped away slowly from the bottom up. this assures the it still stands but changes. don't damage the dream. progress has Always been made and our history proves this. i think the big twist came when we could see millions of dollars being paid for unworthy purposes, Like Basketball players. :) <--- the beginning of the end of our dollars worth.
Capitalists think that anyone who fell for this trap deserves whatever comes of it.............they only LED the horses to water........what parched horses do once they get there is their own gullible foolishness........as far as they're concerned! THEE BIGGEST BERNIE MADOFFS!
I need not answer your question, as all here have answered it, and oh, so well. As for you, well, one can lead a horse to water, but can't make it drink. You'd be fortunate to have half the brain Rush Limbaugh has. But I think you know it, as you fear the Great One.
Well socialists are not into home ownership they are into mass public housing.
since it was the banks that caused this and obama is in bed with the federal reserve how is it a capitalist cause problem. look at facts before you blame
Hello?? Has anyone here considered that those people may have purchased thier homes 10-15 years ago, tied the rest of thier money into investments, took pay-cuts to keep thier jobs, paid ever increasing interest, insurance & taxes on thier homes. Then perhaps got raped by the economy as they were laid off of thier 30,000 - $50,000 per year jobs, lost all thier investments and retirement nest eggs? Stuff happens people and alot of the mess is because our economy has been flushed down the tolite by free spending Republicians (before you start, Bush came into the office while there was a HUGE <I don't recall exact numbers> surplus, and went out with a 10 digit deficit, I consider that free spending as I see no value added to AMERICIA with the money spent).
I am araving capitalist! I'm mad as hell. Do I like tayning taxes? Not no, but HELL NO! I was and still am against TARP, Every real capitalist was. You see real capitalism mean you have the right to try, right to buy, right to sell, and right to fail. Capitalism is survival of the fittest. You make money or you die. The people who got the TARP funds? Government violated their rights. They had the right to die and have been kept alive on life support. You are worried about home forclosures? Go to an amortization table. Find out what it takes to pay off a $10K 30 year loan at 4% making one payment a year. Now add nine zeros on the end of that and you have what it will take to pay off the national debt you and I owe today. Now if you have a $10 trillion dollar debt at 4% and you pay nothing to principle or interest. In just 18 years that debt has grown to $20 trillion. If you pay the interest every year you will have paid $7.2 trillion dollar and you will still owe the original $10 trillion. That's what is going to happen if we don't tell Congress and the President to quit spending more then government is taking in. The next budget has a projected shortfall of $1.8 trillion. Liberal or conservative. Republican, Democrat, or even Independent. Ignore the red herrings. Not even the great USA can spend like we're doing now and not have the whole thing eventually come down like a house of cards! The USA cannot spend it way out of a recession or borrow it's way out of debt! Many other countries have tried this. All have failed. Foreclosure is when you can't pay what you owe, right? Well how long before this country goes into forclosure? You say it can't happen? Well if won't be called forclosure. It will be called hyperinflation because no one will lend us money and we will have all these bills to pay. We won't be just robbing Peter to pay Paul. We'll have all the apostles involved.
wow.. Yahoo is an incredible wasteland intellectually speaking... but for a couple of answers here at the end.. each and every answer repeated the exact same set of Lies being spun by an extreme right wing press.. Rupert Murdoch has done more to disrupt the process of the United States than any other element.
A little damp in your basement dwellings? You might want to have it checked for mildew, mold and radon as your post indicates a severe mental disorder usually caused by excessive ignorance caused from some foreign substance being introduced into the body.
I learned in college about the need to look at the premise that underpins a question, and yours fails every test. Why? Because foreclosures prove that capitalism works, not that it fails, or is failing. How do I know this fact? Because I am living in a house that some greedy bastard tried to by with sketchy income and little down payment. He foreclosed, and my wife and I came in with solid jobs and a down payment of 25%. I love capitalism.