The latest counter news. The vultures are really pissed off. Apparently there are a large number of people who claim they are quality human beings. (They did not lose their jobs, they were not self-employed so their earnings did not plummet.)
These so called "good people" I will call them vulutres, are really upset about the foreclosure moratorium. I kid you not, they are saying this out loud, on the news, on youtube, and anywhere else that they can get an audience. Freezing foreclosures is taking good opportunities away from them. They deserve to get houses at rock bottom prices, and now they can't. The people living in these houses can't afford them and THESE PEOPLE SHOULD BE LIVING IN APARTMENTS. I actually heard someone say that.
Their more eloquent moron speakers are explaining it this way, let the market crash so it can recover. This is exactly the opposite of what will initiate a market recovey.
Force the banks to modify loans, and the market WILL recover.
Let the market crash and it snowballs and more people lose value in their homes. When you let my house foreclose, guess what happens? Your house is now worth what my foreclosed house sold for. Its really simple. Let me give you an example since these people cannot seem to see one move ahead.
We live on the same block. You were a good upstanding citizen. You bought your house for 150 you paid it down to 130 (by being careful and not losing your job.)
I bought my house for 200. I paid it on time, just like you, until the market crashed, I lost my job, my income dropped, or I tried to sell to buy a smaller house, but since the market dropped I could not sell. There are any number of reasons this happened to me. When one person doesn't pay his mortgage you can blame him, when hundreds of thousands of people don't pay their mortgage common sense SHOULD tell you SOMETHING IS GOING ON.
Both our houses were worth 250. Now they are both worth 175. You neighbor, are still ahead....I am behind. But... let me fall and guess what is going to happen to you?
SOLUTIONS VS. CATASTROPHE
1. Banks give me a modification, so I can afford to pay my mortgage and stay in my house
YOUR HOUSE RETAINS ITS VALUE.
2. Foreclose on my house, sell it for 100.
THE VALUE OF YOUR HOUSE PLUMMETS!
YOUR HOUSE IS ALSO WORTH 100 AND YOU OWE 130. GUESS WHO'S IN TROUBLE NOW NEIGHBOR. SO IF YOU HAD A LICK OF COMMON SENSE YOU WOULDN'T BE FIGHTING FOR THE MORATORIUM TO BE LIFTED, YOU WOULD BE FIGHTING FOR THE MODIFICATIONS TO BEGIN..
Its pretty much that simple. As my brother always says..... MEMORIZE IT!