Thread: Foreclosure Alley in South California

Wow...

Amazing video. Thanks for sharing it...

Double wow....

Thanks to bankers and mortgage lenders, thanks to Freddie and Fannie, thanks to the Community Reinvestment Act, thanks to speculators, thanks to developers and builders, thanks to AG. There's plenty of blame to go around.

http://tinyurl.com/3o8lan

To the landfill??????? Most would go with me to the FLEA MARKET! What a waste!! SAD thing this!

These crooks deserve much finger-pointing for this mess.

On 30 September 1999, the New York Times published an article entitled "Fannie Mae Eases Credit to Aid Mortgage Lending" by Steven A. Holmes. The Times reported that Fannie Mae was easing its credit requirements for home mortgage loans in response to increasing pressure from a variety of groups:
·Clinton administration officials who wanted Fannie Mae "to expand mortgage loans among low and moderate income people" (particularly minority groups).
· Stockholders who wanted Fannie Mae "to maintain its phenomenal growth in profits."
Banks, thrift institutions and mortgage companies (from whom Fannie Mae purchases loans) who wanted the company to facilitate "more loans to subprime borrowers."
Of especial interest to current readers were the following paragraphs about Congressional resistance to the Bush administration's regulatory proposal:
Significant details must still be worked out before Congress can approve a bill. Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.

"These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis," said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. "The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."
Last updated: 2 October 2008 http://www.snopes.com/politics/business/easescredit.asp

Lisa Ling is hot.

Originally Posted by Miss Piggy

Unbelievable video here and kinda' sad also. http://kcet.org/socal/2008/09/foreclosure-alley.html

PS Video is on the top of the page.

Good Post Miss Piggy,

Hey the pool stuff looks familiar..

This is a "Does Not Surprise Me Vid"

Yes it's sad but their were plenty of warning's that the Housing Bubble was going to happen.

That's what happens when you have a 399K home on a 100K home budget.

the good news- when the home prices fall to 100K, there will be some buyers out there.

All those on the east coast, and the south, who have those 399K homes better pay attention- because this train won't stop until all of them are cleaned out as well.

I think we need to have a nonpartisan commission report, similar to the 911 commission report. This might give us a better idea of what went wrong and hold those in power accountable. The warnings were a clear and present danger, but no one seemed to take them seriously. I think Chris Dodd and Barney Frank would never vote for any type of serious investigation. It would be like voting yourself into a Federal Prison.

Sigh, the 9/11 commission's findings on the whole have not been followed throught, plus you can't have Congress investigating itself! Commission was investingating the Administration, not Congress.

It's DOJ you need for this one, especially since a Commission's findings won't lead to anyone in the Fed Pen, Congress does not have the authority to send anyone to the Fed Pen.