TW> CH>I don't get this either. Why give a loan to someone who is high
 TW> risk , CH>at all? (High risk meaning spotty employment/bad credit
 TW> records.)

 TW> The "Sub Prime" Loans were instituted in the Jimmie
Carter Era.It was
 TW> a scam top get People who could not afford Homes into them.

 OH I see. I thought the habitat for humanity was.. oh. I
get it now. Those itty bitty  bread box houses crammed eave to eave use the
sub prime mortages?

((These itty bitty bread box houses are not to be confused with the
itty bitty bread box houses of the WW2 era btw, (military housing)
those were not crammed eave to eave nor the bigger more expensive
houses which ar crammed but not as close... you can  fit a
truck in between 'em.))
...........

 TW> Fro many years because of the appreciation of Home Values it worked
 TW> pretty well. BUT like All Scams at some point the "Chickens Come home
 TW> to Roost"

 That is what is happening where people are enticed with what looks
cheap (new big houses in the FW metroplex for example) and then they
realize ooops ... we can pay the mortgage but there's a LOT more to it
than just that. So after charging everything to furnish it etc and
they find they can't pay the bills and it isn't selling fast enough:
they end up foreclosing. Lots of this going on in TX and Florida. THe
bubble is bursting

Remember 2003 there was a modest

In 2002 when we had to sell our house in Florida, the values rose a
nice but modest 8% in our area. Then just one year later doubled! So
that is to say if you want to maintain your living standards you need
to pay twice as much as you once did. Just a year hence. Now the
bubble is bursting. Values are falling. I am not talking off the top
of my head Tom. I know this because not only have I read it, we are IN
IT, trying to sell our house in Fort Worth so we can  can buy here
back in Florida again. It would be great if we could buy our old house
back. But we'd be paying more for it than we bought/sold our FW house
for now.

..............

 TW> THAT day has arrived. Now we have IDIOTS in Washington actually
 TW> considering FORCING lenders to Lower the Loan ammount Due to less then
 TW> the Current Value of the Home.
 TW> How is that going to Work???

 Sigh. They don't think long term effects. The way this loan allowance
thing is going is similar to handing children credit cards.

 People who can't and don't want to learn how to managed their
finances always end up in debt. ALways. Why do we even have 'credit
checks' etc when credit/loans are given to people who can't or won't
pay it back? It's nuts!

You know of those people I told you about who are foreclosing? YOu can
look this up in the Star Telegram archives online
("foreclosures/Evictions" ) it was about how job of eviction works.
And it isn't pretty. It's not just renters skipping rent, but people
skipping mortarer payments.  These people are buying big cars, fancy
Tv's and lots of furniture... anything but paying their mortarer.

Yes I know sometimes loss of job can cause loss of living space but if
people didn't live beyond their means they way the gullible choose
to do- they wouldn't end up out on the street or sleeping in the cars.
They'd have enough backup to at least make it to the next job.


Cind

... Nobody notices when things go right, I'm always noticed.

--- PPoint 3.01