OBAMA DOES IT AGAIN -- FORECLOSURES THE HIGHEST EVER-ALONG WITH DEFICITS-UNEMPLOYMENT,ETC==========================

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The banks take back the home, and resell it as a short sale, or at action.
If they can sell at such discounts, as in my issue. My home was 1,500,000.00, and now the banks are accepting 660,000.00 for the same model match.
Why don't they lower the principle, and the interest, and sell it back to the person who placed the large down payment as I did 500K DP.Only if the person could quilify to cover the modifyed payment. They resell to investors who are the main reason we are in this bad situation. Instead of helping the back bone of this country.
Obama needs to take a hard look at who he is repesenting instead of pulling rabbites out of his hat.

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IF THE U.S. WANTS TO GET EVEN WITH CHINA ALL WE HAVE TO DO IS SEND-OBAMA THE HARVARD IDIOT-OVER TO CHINA TO RUN THEIR ECONOMY-AND ITS GOOD BYE CHINA ECONOMY==================

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Good news, only 522,000 more unemployed this month. Now, only around 15,522,000 unemployed. No wonder there are more foreclosures. How many of them lost their health insurance? Employers are going to be forced to pay for employees health insurance. What about health insurance for all those unemployed? What about those that are laid off so businesses can afford to buy insurance for employees?

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YOUR HOME WILL BE NEXT VOTE FOR MORE CHANGE AND HOPE YOU HAVE CHANGE LEFT DEMS

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Hahahaha Obama nor Bush could get the banks to loan on home loans at a price we could afford they cant lower rates they wont even give us tax free incentives to buy them what idiots now it is to late. Once we hit the last of the over priced homes this will look small in comparison. Figure the high end homes will be worth half no recovery this year we need to wait till prices come down to what we can afford with these rates and costs for taxes an ins on 10 bucks an hour. Equity is the middle class purchasing power with that gone we cant borrow even for a student loan we cant afford it they cut our life line. They think FINANCIALS are the only thing to worry about with that kind of thinking we are TOAST.

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If the Senate would have passed the "Bankruptcy Cramdown", this would not be happening. Banks would be forced to modify loans if they were afraid the judge could cramdown the price of a home to its actual value. It would stop many foreclosures and stabilize the market. The banks would lose less money then they would if they foreclosed. You would not have a foreclosure in your neighborhood bringing down the value of your home. It is that simple, but the Banks own the government. What these people are calling modifications are not modifications. The banks are taking any back payments and making them into another loan, but keeping the monthly payment the same. If they fell behind before with this payment, they will fall behind again. Banks are still raising the interest rates. We need to contact our Senators and tell them to pass this bill!!!!

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The modification system is a joke. It takes so long to work through the modification review process that by the time 90 days rolls around your in default. Once your in default they can proceed with foreclosure. The people trying to get their loans modified are at the mercy of their lender, and they do not care....your a number. The only way to stay out of default is to continue to pay your full mortgage payment which in all honesty if you could do you would not be asking for a modified loan. It defeats the purpose, takes any hope of salvage from you. You have probably been laid off or your pay check cut in half due to poor management or anything else not to do with you and you pay the price. Obama put the assistance out there, the details were not worked through and the lenders have no clue but to continue to work the old system.

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Ahhhh, I miss the good ole days when unemployment was less then 4% and the Dow was record 14,000 and the media and the dems running for office were screaming, "This is the worst economy in 50 years".

When was this you ask? In 2006 just BEFORE Pelosi and Reid took over congress.

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China has a right to be worried since the banks wont inflate us back up with low interest loans we need making the fed pay the balance trickle down economics found a leak that emptied the well dont count on it two years from now trust me. We will deflate till we stabalize now we have a dominoe falling to fast to stop. All the banks are doing is adding more dominoes to be knocked over in the end.. BUT as the fed keeps paying our loan for us so to speak because tax revenues wont once we lose more jobs and deflate some more no way can the fed keep these high standard over rated loans paid for without borrowing more and more. Thus we deflate till their is nothing left to balance they cant remove every drop of equity without losing their debt value they will have zero equity they must share it they cant keep it in the banks. They will own every home in America that is not paid for. How will that work sooner or later they will need to sell them back to us at a price we can afford. But that will be after they have a bank run.

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This is no surprise to us common folk. The experts on the economy in the ivory towers are out of touch with us on the street. It is getting more difficult to make ends. There are no jobs. What jobs there are, are part time, minimum wage jobs, hardly enough to get groceries, let alone pay the monthly mortgage payment. Note to all those experts in the ivory towers, It is getting worse, and will keep getting worse. There will be a glut of houses on the market and home prices will continue to fall. It is a buyer market, but the supply of houses will continue to grow as more jobs are lost. GM is still closing factories and businesses around them will loose revenue as well. The dominos will continue to fall for a few years then it will be a protracted long recession that will not abate until investments are made and the national debt paid down. That will take decades.

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How do we stop the domino effect on foreclosures ? How do we keep the prices from sinking further ? Now the high end homes are next to be hit. The banks have money from the fed they don’t need to sell these foreclosures the fed gives them more money to manage them they don’t need home buyers. The levy effect how long can the levy store foreclosures before the levy breaks . Foolish they will end up owning all the homes. The banks will hold these homes till the mold fills them up. Most home values will deflate to zero or what we can afford to pay and that will be way less than what it is now. From the state to utility companies the fed has proped up values that are artificial JOBS are the real fed and we don’t have new JOBS just more artificial fed money. The banks will need to sell its equity to support the interest payments they pay out sooner or later the fed cant pay more than they can tax us. Eventually the tipping point will be hit. Finally releasing these toxic loans from their books will need to be sold to WHOM jobless Americans ?? ?. The question is how long can the fed play this game by itself will they ever unfreeze credit at prices we can afford is the picture getting clearer yet or do we still blame the fools.

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