Real Estate: Subprime Meltdown - CAP's Jakabovics on CNN

www.AMERICANPROGRESS.org
Andrew Jakabovics of the Center for American Progress tells CNN's Lou Dobbs Tonight that according to a recent CAP study, 38% of new home loans are underwater -- in other words, the mortgages are worth more than the houses. Dobbs' commentary after the report skewers the Bush administration's response to the housing crisis.

http://www.americanprogress.org/issues/2007/11/abusive_lending.html

Category:

News & Politics

Tags:

• commentary
• analysis
• news
• housing
• real
• estate
• realtor
• subprime
• mortgage
• progressive
• cap
• jakabovics
• bank
• bush

[hummarstra]

The bill had nothing to do with saving home owners. It was to tax payer bail out for the banks. Period.

[christobal880]

wow you are such a genius Lou Dobbs.

[mongobobo]

Yeah, I went to Las Vegas last week and only planned on losing $4000. Instead I lost $20,000.

BAILOUT PLEASE!!!????!!!

[aas8]

American people deserve this!!! They were the one`s who took out loans way beyond their means--now I live in a fairly decent neighbourhood in California and I have 3 foreclosures within a 4 block radius...this is a fairly upscale neighbourhood...and talking to one of them who lives on my street (when I went to check out his property)...the home he bought was for $850k....what is his occupation....A F`N BUS DRIVER! Sorry but no bus driver should be living in a $850k home...PERIOD!

[ZzzurkhanXIV]

Wow, He101A, for once I actually agree with you... in part, anyway.

[nwrhino]

Unfortunately, the banks have to sell the foreclosed properties at the value of the loan, not the market value of the house. There would be even more foreclosures but the banks can't knowing accept the risk of owning the "underwater" properties, so they extend "grace" period to put off the inevitable.

[ehs790]

this is the kind of idiot response I expected from a idiot like youself. Of course you would say this because you were not in the circle of rich who sat together to form it. You are a little ant compared to them. do you know the federal reserve is a private bank run by rich families to screw americans? search it , you corporate slave.

[jonahansen]

Anyone who is "underwater", owing more than it's worth, should default, no? Then buy at market price (assuming some smart bank will give them a loan...).

[dikinuface]

if i knew i would have had 10 years of a low rate because of this 5 year freeze/aid, then i would have purchased a home. i am happy the housing crash is happening (i am sad for family's loss) because now it is my time to strike and purchase, but now with this new additional 5 year freeze, i may not be able to purchase yet again. i wish the gov. would step in and give me money for being extra stupid and irresponsible.

[ehs790]

most people in USA are so dumb they fall for this crap and will fall for it again. Just the same like they believe that they live in a true democracy. wake up and smell the coffee. or did they break your nose already? ha