How Millions of American Will Lose Their Homes

(don't go to website in video...inactive now) The Sub Prime mortgage crisis has hit and the effects are still unknown. The Option ARM crisis has not hit yet. The Option ARM is not a Sub Prime loan!! People with good credit scores and low income have this too. Reckless home purchases and refinances with no long-term goal.
**Please note - $2661 was assumed to be interest-only payment for this video at 00:15 seconds...so, it should of been 8% fully indexed rate instead of 7%. Doesn't change much, just that one slide...I caught it too late. Sorry...**

Category:

News & Politics

Tags:

• foreclosure
• market
• meltdown
• mortgage
• crash
• ARM
• real
• estate
• loans

[911jediknight911]

i love how the american people take it right up the kazoo, no fighting back, no protest. in fact, they defend the banks and the bailout that should of went to the common people. if the bailout went to the citizens who are consumers, we would have spent the money and it would of washed back to the top. instead they kept it at the top, and the banks gave thereselves large bonuses. wake up america or get fucked more...

[armcrash]

@911jediknight911 Yea, the people who were the cause of the problem, got even more power after things went to crap! Funny huh? The relationship of power and money!

[stephentsang2000]

It needs 120 years to repay the mortgages here in Hong Kong. By the time you or your grand-kids own the apartment, it has already broken into ruins.

[armcrash]

@stephentsang2000 Great comment. Wouldn't it be cool to see a comparison of each countries' mortgage status and the years to repay, etc. I suppose in some countries the mortgage isn't even worth the paper it is written on.

[debrabee]

America Tax payers give around one third of its foreign aid budget to Israel

Israel's citizens are among the wealthiest in the world,

50 million plus of US citizens cannot afford basic health care

Israel's foreign aid allotment is 3.36 billion per year of OUR taxpayer money

it actually works out at $50,000 dollars in aid per head of every Israeli citizen directly and indirectly.

I dont want anymore of my taxes going to Israel what can I do?

[armcrash]

Israel has 7 million people. Divide that into 3.36 billion and you get about $500 per head. Also, U.S. foreign aid was estimated at over $20 billion in 2008 (Council of Foreign Relations). So, 3.36 billion is about one sixth. But, I read this: "The $6.72 billion figure does not include loan guarantees and annual compound interest totalling $3.122 billion the U.S. pays on money borrowed to give to Israel. " (Washington Report on Middle East Affairs). Less than 1% of the stimulus bill , hehe.

[b2flyer1]

I know people that signed these loans.Most have already lost they're homes.

[bcmalloy]

This is a loan from a financial institution, if I didn't know better I would say you borrowed money of the fucking mafia

[stephentsang2000]

@armcrash

Yes, that would be a more accurate way of measuring each country's real standard of living. Hong Kong's PPP per capita ranked 6th in the world, and yet people's living standard is even worse than people in some of mainland China cities because of the high property prices.

[mknewstub]

Once, I saw a man sitting under a cardboard box with a cutout for his window - his house I assume (i think he built it from the ground up with no financing)

[stephentsang2000]

@wolftreetree

The Hong Kong government uses the slogan "large market, small government" to attract foreign business investments. The income & business tax is indeed very low here, and is skewed to benefit the rich people. To balance the cheque-book due to low tax revenue, the real estate tax became the government's main financial source. Hong Kong government deliberately limit the land supply to push up the property prices, and speculators, banks & landlords work together to do the same. Damn!!

[wolftreetree]

@ech77066

Did your bank hassle you about doing that? I've been thinking of it but I have BOA and I'm nervous about not getting proper credit that way.

[wolftreetree]

@Crazyman1212 I hope your wrong, because I'm to ill to put up much of a fight, and I have elderly parents who would be sitting ducks, sweet loving people, my dad is blind in one eye, do you think he could put up a fight.

[wolftreetree]

@stephentsang2000 Thank you for sharing we will never get free of these sytems unless we share with each other what is going on. Japan also has more than one generation mortgages (which means death grip). Is one reason Hong Kong has a lot of business (better commerce rules) more open marketplace? I only ask because I think that is being controled then realestate is worth more in these areas, and they can then change the rules on you. Blessings