Nearly 10 million Americans remain financially trapped by homes worth less than their mortgage debts, an enduring drag on the U.S. economy almost seven years after the housing bust triggered the Great Recession.
During the first three months of this year, 18.8 percent of homeowners with a mortgage, 9.7 million, owed more on their loans than their properties would sell for, according to online real estate database Zillow. Though that was an improvement from the 25.4 percent figure of a year ago, the share of such "underwater" homeowners is about four times the historic average.
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5 comments:
One might ask what the buyers were thinking when they bought the most house possible for their money "then".I ask what the lenders were thinking.
9:37 The lenders had to make these loans per Congress and clinton's expansion of the Community Reinvestment Act otherwise they couldn't 'sell' the loans to Freddie and Fannie. President Bush warned of the impending crisis and asked for Congressional hearings but was thwarted by the democratically controlled Congress at the time.
Then community organizer obama was instrumental in making the lenders lend to those who could ill afford it.
Every ill this country has experience lies solely on the back of the democrats. Their policies have never worked, and will continue to not ever work.
Vote straight Republican. The worst Republican is much much better than ANY democrat.
Anonymous said...
9:37 The lenders had to make these loans per Congress and clinton's expansion of the Community Reinvestment Act otherwise they couldn't 'sell' the loans to Freddie and Fannie. President Bush warned of the impending crisis and asked for Congressional hearings but was thwarted by the democratically controlled Congress at the time.
Then community organizer obama was instrumental in making the lenders lend to those who could ill afford it.
Every ill this country has experience lies solely on the back of the democrats. Their policies have never worked, and will continue to not ever work.
Vote straight Republican. The worst Republican is much much better than ANY democrat.
May 21, 2014 at 10:15 AM
AGREED!
And no third party candidates!
obama likes to say he inherited the recession from President Bush and the imbeciles that support him repeat this likes it Gospel or something. The truth of the matter had the democrats listened to President Bush's warning the recession could have been averted.
Clinton expanded the Community Reinvestment act. Bush trusted/hoped the banks would self regulate themselves during the mortgage boom. After 9/11, the economy tanked and rates dropped. It became the perfect storm of personal irresponsibility and greed. Everyone one made money which was artificial. Homeowner, realtor, loan officer, bank execs, GSE execs, govt official etc.. When it blew up everyone wants claim no responsibility and blame others.
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