Remember when just as Obama was assuming office 8 years ago that many homeowners with the exotic mortgages were underwater and defaulting at an alarming rate? In steps Secretary of the Treasure Tim Geithner with a loan modification program to help out stressed homeowners. The program was called Home Affordable Modification Program (HAMP) and this outgoing administration has been crowing about its success for years.
Only it really hasn’t saved all those homeowners from defaulting, it’s only delayed the inevitable and spread the failures out so that the banks aren’t hit all at once. Now the interest rates are going up and you can imagine what will happen as a new administration assumes office (the mortgage crisis will come roaring back to the front page of every leftist outlet that hasn’t failed itself).
I guess the Mayor of San Antonio is in way over his head at HUD. For another few hours anyway.
FWIW, it sure looks like another housing bubble from where I stand. Anybody else feel something is overheated in the housing market? I am in a perennial high-growth area, but things look eerily similar here to how they looked circa 2005. And the Flipper culture is blooming again. What’s up ?
Mortgage default? What one must do is gaze upon all the empty commercial buildings, outlets, and stores. Take a peek at what you spend for other necessaries like groceries, and health care. Ponder how black lives matter, the acceptance of perversion, and debt. That is Obama’s legacy. If you feel like you lost 8 years of your life, you really did, and that to a little tin horn with a creepy family and a knack for reading a teleprompter.
Mr. T will lay an axe to many of these problems, can’t wait.
Conrad,
When DJT gets the economy humming again the commercial building problem will take care of itself. Probably the same for a lot of residential property. I’m told it’s a lot easier to pay your bills when you have a well paying job.
Although real estate is heating up, the tax and spend libs, who control Oregon, are just getting warmed up. But impending tax increases are going to dampen enthusiasm as buyers realize they can’t afford a nice house plus a plethora of higher taxes. The dems have a monopoly in this state, and don’t have to worry about competition. We’re phukt.
Keep in mind that these subprime loans were merely a vehicle for the mortgage-backed security business (those were the actual product being sold, not real estate).
The whole mess was a financial scam from day one.
Next up: Subprime vehicle loan implosion. They have been doing the same sort of thing with car loans they were doing with home loans.
Just keep telling yerself as you gaze upon all those empty commercial buildings, outlets, and stores that unemployment is only 4.5%…
Only in a purple-lipped, jug-eared, Gay-obsessed, sheet-grabbing, pillow-biting, ankle-grabbing, Communist rat-bastard’s eye!!
Rat Fink, you forgot the 15 dollar an hour “living”
wages……
Liberal traps for concervative lawmakers, and obama has increased the traps as an always lame faux president.
The student loan default numbers were quietly restated yesterday. Not surprisingly, the default rate is twice as high as Obama claimed a couple of years ago. More than HALF of all student loans are in default with borrowers paying NOT ONE CENT in the first 7 years of the loan.
Obama gives colleges carte blanche to raise tuition issuing worthless degrees knowing the government will issue loans students can never repay. In return, colleges make sure to never let reality intrude on their cultish indoctrination of millions of young people.