Foreclosure Alley in South California

[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.

[KevinD]

Wow... :(

[ChemEng]

Amazing video. Thanks for sharing it...

[Show-me]

Double wow....

[coolhand]

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

[nnuut]

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

[budnipper1]

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 (http://www.snopes.com/politics/business/easescredit.asp)

[McDuck]

Lisa Ling is hot.

[poolman]

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..:D

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.:blink:

[James48843]

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.

[Aviator_Guy]

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. :cool::cool:

[Silverbird]

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.

[Silverbird]

Those are not low-income houses.....that's overbuilt, especially the spas. Just like ours in PWC. This was the loansharks passing on the loans.

[Frixxxx]

The lady that called that spot next to the I-15 Foreclosure Alley. I can tell you, that's every neighborhood here in SO CAL. I sold my house right at the peak and downsized. People said I was nuts. My house payment dropped with the eqiuty I put into the "new" house. My utilities went down for keeping it cool. Now, because of my SMART move, my house is down 50% in value. I put 30% in it.

Man, I hate it when a historic era in America's history takes me with it. From the dot-com until probably 2015 will be a whole economic study in What to do when even the BANKS screw up!:suspicious:

[mick504]

I guess people thought house prices would never go down. I knew they were going up too fast especially in the greater Seattle area where I lived for 38 years before retiring. However I think in Seattle most people were buying them just to live in and not for speculation purposes...like some were. I never forget the late 60's and early 70's when Boeing went down....layoffs etc....houses were really cheap....Engineers were out of work and walked away from houses. Seattle is much more advanced in terms of industries now...much broader and safer for a housing mkt. Still developers were paying too much for land and then built expecting a big profit....too bad....all didn't work out.

[Handballer]

Lisa Ling is hot.

Lisa Ling's sister, Laura Ling and another were jailed by the North Korean government for allegedly crossing their border illegally. This happened a month ago. There doesn't appear to be any recent news about it.

The foreclosure situation is bad accross the country. There are some people that should be hanged for their wrongdoing.