Guest guest Posted December 27, 2007 Report Share Posted December 27, 2007 Just found this interesting article on the Housing Bust and the Failing Economy, and am wondering why there should be any surprise about this. This entire debacle was created because of "OUT-EXCHANGE" ! ! ! If you GAMBLE (speculate), you're gonna fall and that's all there is to it. It's a psychotic game that can't be won, and it will get worse over the next couple of years. If you can get out of your existing mortgage, do so, sell your house and rent until the crash has finished happening. I hate to sound like a broken record, but do whatever it takes to pay off all of your bills and become debt free, and invest your savings in gold and silver for the nonce. When the crash is over and done with, houses will be a dime a dozen. I'm setting a lot of hope in Ron Paul being able to turn a lot of this around, but this won't happen over night. It'll take time. All Floridians know how to prepare for Hurricane season, so take a lesson and set aside some stores for a rainy day. Won't you? Please? Much love, Doc Blame abounds for housing bust By Patrice Hill December 26, 2007 Of four homes for sale last week on Henry Watts Loop at Rippon Landing in Woodbridge, Va., two were foreclosures. As house prices fall, home equity is lost, making it hard for owners to sell or refinance adjustable loans that reset to reflect higher rates, rendering owners unable to pay their mortgages. That dilemma has sent defaults and foreclosures to historic levels. First of three parts This year's housing bust is shaping up to be one of historic proportions. Sales and construction have sunk to levels not seen since the 1990 savings and loan crisis, while foreclosures and price drops are the largest since the Great Depression — and expected to get worse next year. Many parallels can be seen with earlier housing debacles. Each episode had some combination of easy money, loose lending, greed and fraud that turned a housing boom into a speculative bubble. But few housing bubbles have ended so badly as the one today, when the nation is confronting the prospect of mass foreclosures and family dislocations. John Stumpf, president of Wells Fargo & Co., the second-largest U.S. mortgage lender and a survivor of the housing busts of the 20th century, blames today's crisis on unscrupulous lending practices, which joined in a toxic mix with outright greed and extraordinarily low interest rates to send house prices soaring 90 percent between 2000 and 2006. When the bubble burst, house prices collapsed by 5 percent to 20 percent in cities nationwide. "We have not seen a nationwide decline in housing like this since the Great Depression," Mr. Stumpf told investors in New York last month as major banks and securities firms reported an accumulated $80 billion of losses on their portfolios of mortgage investments and widely cut back on lending as a result. Now the country faces a vicious cycle: As house prices fall, homeowners lose equity in their homes, which makes it more difficult or impossible for them to sell or refinance. Many are not able to refinance their adjustable-rate loans when the starter interest rates expire and reset to reflect higher market rates, and so they are faced with sharply higher mortgage payments they cannot afford to pay. The dilemma has sent defaults and foreclosures to historic levels — with potentially millions more in train in the next two years as more than $1 trillion in mortgages reset nationwide. As homes are sold under pressure, prices drop further and cast a pall over entire neighborhoods, driving down the value of homes of even creditworthy Americans and undermining their biggest source of wealth and security. State and local governments also have been hit hard by the declining revenues from property taxes and real-estate transactions, and the housing slump is dragging down the manufacturing and construction sectors. The whole mess threatens to sink the broader economy the longer it wreaks havoc on consumer confidence and spending power. Page 1 of 2 next | Email | Print | Subscribe Quote Link to comment Share on other sites More sharing options...
Guest guest Posted December 27, 2007 Report Share Posted December 27, 2007 Dear Suz, You may be spot on, but being the eternal optimist, I always like to look at the positive and the solutions that are available. Doing otherwise tends to bring about an apathy that "One can do nothing about it all", and I'd never succumb to that frame of mind. Something can always be done about it. Always. We may very well be confronting WW3 and nuclear holocaust in the next 2 to 5 years, but I postulate man will survive this too IF it happens. I'd rather die postulating the positive in an over the ramparts howling charge, than live thinking negative, apathetic thoughts cowering in some forgotten hole. However, one should also be smart about this and like the Boy Scouts - BE PREPARED! ! ! It is only the unprepared, undrilled ship that succumbs and sinks to the bottom of Davey Jones' locker. Yours in Knowledge, Health and Freedom, Doc susan wrote: I agree with everything BUT the fact that Ron Paul can fix it. There is no way this man is going to be allowed to be President of the United States. Call me crazy but the dye is cast. So....rewrite this and finish it with the ending of Since RP will not be allowed to fix it here is what you need to do. I look forward to your answer. Suz Doc Shillington <DocShillington wrote: Just found this interesting article on the Housing Bust and the Failing Economy, and am wondering why there should be any surprise about this. This entire debacle was created because of "OUT-EXCHANGE" ! ! ! If you GAMBLE */(speculate)/*, you're gonna fall and that's all there is to it. It's a psychotic game that can't be won, and it will get worse over the next couple of years. If you can get out of your existing mortgage, do so, sell your house and rent until the crash has finished happening. I hate to sound like a broken record, but do whatever it takes to pay off all of your bills and become debt free, and invest your savings in gold and silver for the nonce. When the crash is over and done with, houses will be a dime a dozen. I'm setting a lot of hope in Ron Paul being able to turn a lot of this around, but this won't happen over night. It'll take time. All Floridians know how to prepare for Hurricane season, so take a lesson and set aside some stores for a rainy day. Won't you? Please? Much love, Doc Blame abounds for housing bust By Patrice Hill December 26, 2007 Of four homes for sale last week on Henry Watts Loop at Rippon Landing in Woodbridge, Va., two were foreclosures. As house prices fall, home equity is lost, making it hard for owners to sell or refinance adjustable loans that reset to reflect higher rates, rendering owners unable to pay their mortgages. That dilemma has sent defaults and foreclosures to historic levels. ------ /First of three parts/ This year's housing bust is shaping up to be one of historic proportions. Sales and construction have sunk to levels not seen since the 1990 savings and loan crisis, while foreclosures and price drops are the largest since the Great Depression --- and expected to get worse next year. Many parallels can be seen with earlier housing debacles. Each episode had some combination of easy money, loose lending, greed and fraud that turned a housing boom into a speculative bubble. But few housing bubbles have ended so badly as the one today, when the nation is confronting the prospect of mass foreclosures and family dislocations. John Stumpf, president of Wells Fargo & Co., the second-largest U.S. mortgage lender and a survivor of the housing busts of the 20th century, blames today's crisis on unscrupulous lending practices, which joined in a toxic mix with outright greed and extraordinarily low interest rates to send house prices soaring 90 percent between 2000 and 2006. When the bubble burst, house prices collapsed by 5 percent to 20 percent in cities nationwide. "We have not seen a nationwide decline in housing like this since the Great Depression," Mr. Stumpf told investors in New York last month as major banks and securities firms reported an accumulated $80 billion of losses on their portfolios of mortgage investments and widely cut back on lending as a result. Now the country faces a vicious cycle: As house prices fall, homeowners lose equity in their homes, which makes it more difficult or impossible for them to sell or refinance. Many are not able to refinance their adjustable-rate loans when the starter interest rates expire and reset to reflect higher market rates, and so they are faced with sharply higher mortgage payments they cannot afford to pay. The dilemma has sent defaults and foreclosures to historic levels --- with potentially millions more in train in the next two years as more than $1 trillion in mortgages reset nationwide. As homes are sold under pressure, prices drop further and cast a pall over entire neighborhoods, driving down the value of homes of even creditworthy Americans and undermining their biggest source of wealth and security. State and local governments also have been hit hard by the declining revenues from property taxes and real-estate transactions, and the housing slump is dragging down the manufacturing and construction sectors. The whole mess threatens to sink the broader economy the longer it wreaks havoc on consumer confidence and spending power. *Page 1 of 2* next | Email Never miss a thing. Make your homepage. Quote Link to comment Share on other sites More sharing options...
Guest guest Posted December 27, 2007 Report Share Posted December 27, 2007 Smart Girl :-) Doc Annette wrote: That's why we used our equity in house #1 to build a smaller, cheaper house. Sold house #1 so house #2 is free and clear. Now we are just putting the money away in multiple ways. I sold all our stock in August because I could see the signs that things would go south. On Dec 26, 2007 4:43 PM, Doc Shillington <DocShillington wrote: Just found this interesting article on the Housing Bust and the Failing Economy, and am wondering why there should be any surprise about this. This entire debacle was created because of "OUT-EXCHANGE" ! ! ! If you GAMBLE (speculate), you're gonna fall and that's all there is to it. It's a psychotic game that can't be won, and it will get worse over the next couple of years. If you can get out of your existing mortgage, do so, sell your house and rent until the crash has finished happening. I hate to sound like a broken record, but do whatever it takes to pay off all of your bills and become debt free, and invest your savings in gold and silver for the nonce. When the crash is over and done with, houses will be a dime a dozen. I'm setting a lot of hope in Ron Paul being able to turn a lot of this around, but this won't happen over night. It'll take time. All Floridians know how to prepare for Hurricane season, so take a lesson and set aside some stores for a rainy day. Won't you? Please? Much love, Doc Blame abounds for housing bust By Patrice Hill December 26, 2007 Of four homes for sale last week on Henry Watts Loop at Rippon Landing in Woodbridge, Va., two were foreclosures. As house prices fall, home equity is lost, making it hard for owners to sell or refinance adjustable loans that reset to reflect higher rates, rendering owners unable to pay their mortgages. That dilemma has sent defaults and foreclosures to historic levels. First of three parts This year's housing bust is shaping up to be one of historic proportions. Sales and construction have sunk to levels not seen since the 1990 savings and loan crisis, while foreclosures and price drops are the largest since the Great Depression — and expected to get worse next year. Many parallels can be seen with earlier housing debacles. Each episode had some combination of easy money, loose lending, greed and fraud that turned a housing boom into a speculative bubble. But few housing bubbles have ended so badly as the one today, when the nation is confronting the prospect of mass foreclosures and family dislocations. John Stumpf, president of Wells Fargo & Co., the second-largest U.S. mortgage lender and a survivor of the housing busts of the 20th century, blames today's crisis on unscrupulous lending practices, which joined in a toxic mix with outright greed and extraordinarily low interest rates to send house prices soaring 90 percent between 2000 and 2006. When the bubble burst, house prices collapsed by 5 percent to 20 percent in cities nationwide. "We have not seen a nationwide decline in housing like this since the Great Depression," Mr. Stumpf told investors in New York last month as major banks and securities firms reported an accumulated $80 billion of losses on their portfolios of mortgage investments and widely cut back on lending as a result. Now the country faces a vicious cycle: As house prices fall, homeowners lose equity in their homes, which makes it more difficult or impossible for them to sell or refinance. Many are not able to refinance their adjustable-rate loans when the starter interest rates expire and reset to reflect higher market rates, and so they are faced with sharply higher mortgage payments they cannot afford to pay. The dilemma has sent defaults and foreclosures to historic levels — with potentially millions more in train in the next two years as more than $1 trillion in mortgages reset nationwide. As homes are sold under pressure, prices drop further and cast a pall over entire neighborhoods, driving down the value of homes of even creditworthy Americans and undermining their biggest source of wealth and security. State and local governments also have been hit hard by the declining revenues from property taxes and real-estate transactions, and the housing slump is dragging down the manufacturing and construction sectors. The whole mess threatens to sink the broader economy the longer it wreaks havoc on consumer confidence and spending power. Page 1 of 2 next | Email | Print | Subscribe -- Annette Swafford http://www.dolphinladygifts.com/ http://www.gotzippos.com/ http://annetteswafford.googlepages.com/ Quote Link to comment Share on other sites More sharing options...
Guest guest Posted January 3, 2008 Report Share Posted January 3, 2008 Dear Suz, Good for you. It would be awful difficult to try and help others when we couldn't even help ourselves. :-) Glad the CD arrived safely. Give me a holler once you've listened to it a time or two if you have any questions. All the best, Doc susan wrote: I too believe survival is possible. We have for the most part combined households. We are limiting, if not elimating our dependency on government and or any entity not in our best interest. We have cashed out IRA's and bought gold/silver. We are learning from you and others how to take care of our bodies. We have emergency supplies and sources of H2O for the long haul. We are prepared to help others. I finally rec'd your CD, will be getting back in touch to add to our supplies, Total tonic, etc. Thanx Suz Doc Shillington <docshillington wrote: Dear Suz, You may be spot on, but being the eternal optimist, I always like to look at the positive and the solutions that are available. Doing otherwise tends to bring about an apathy that "One can do nothing about it all", and I'd never succumb to that frame of mind. Something can always be done about it. Always. We may very well be confronting WW3 and nuclear holocaust in the next 2 to 5 years, but I postulate man will survive this too IF it happens. I'd rather die postulating the positive in an over the ramparts howling charge, than live thinking negative, apathetic thoughts cowering in some forgotten hole. However, one should also be smart about this and like the Boy Scouts - BE PREPARED! ! ! It is only the unprepared, undrilled ship that succumbs and sinks to the bottom of Davey Jones' locker. Yours in Knowledge, Health and Freedom, Doc susan wrote: I agree with everything BUT the fact that Ron Paul can fix it. There is no way this man is going to be allowed to be President of the United States. Call me crazy but the dye is cast. So....rewrite this and finish it with the ending of Since RP will not be allowed to fix it here is what you need to do. I look forward to your answer. Suz Doc Shillington <DocShillington wrote: Just found this interesting article on the Housing Bust and the Failing Economy, and am wondering why there should be any surprise about this. This entire debacle was created because of "OUT-EXCHANGE" ! ! ! If you GAMBLE */(speculate)/*, you're gonna fall and that's all there is to it. It's a psychotic game that can't be won, and it will get worse over the next couple of years. If you can get out of your existing mortgage, do so, sell your house and rent until the crash has finished happening. I hate to sound like a broken record, but do whatever it takes to pay off all of your bills and become debt free, and invest your savings in gold and silver for the nonce. When the crash is over and done with, houses will be a dime a dozen. I'm setting a lot of hope in Ron Paul being able to turn a lot of this around, but this won't happen over night. It'll take time. All Floridians know how to prepare for Hurricane season, so take a lesson and set aside some stores for a rainy day. Won't you? Please? Much love, Doc Blame abounds for housing bust By Patrice Hill December 26, 2007 Of four homes for sale last week on Henry Watts Loop at Rippon Landing in Woodbridge, Va., two were foreclosures. As house prices fall, home equity is lost, making it hard for owners to sell or refinance adjustable loans that reset to reflect higher rates, rendering owners unable to pay their mortgages. That dilemma has sent defaults and foreclosures to historic levels. ------ /First of three parts/ This year's housing bust is shaping up to be one of historic proportions. Sales and construction have sunk to levels not seen since the 1990 savings and loan crisis, while foreclosures and price drops are the largest since the Great Depression --- and expected to get worse next year. Many parallels can be seen with earlier housing debacles. Each episode had some combination of easy money, loose lending, greed and fraud that turned a housing boom into a speculative bubble. But few housing bubbles have ended so badly as the one today, when the nation is confronting the prospect of mass foreclosures and family dislocations. John Stumpf, president of Wells Fargo & Co., the second-largest U.S. mortgage lender and a survivor of the housing busts of the 20th century, blames today's crisis on unscrupulous lending practices, which joined in a toxic mix with outright greed and extraordinarily low interest rates to send house prices soaring 90 percent between 2000 and 2006. When the bubble burst, house prices collapsed by 5 percent to 20 percent in cities nationwide. "We have not seen a nationwide decline in housing like this since the Great Depression," Mr. Stumpf told investors in New York last month as major banks and securities firms reported an accumulated $80 billion of losses on their portfolios of mortgage investments and widely cut back on lending as a result. Now the country faces a vicious cycle: As house prices fall, homeowners lose equity in their homes, which makes it more difficult or impossible for them to sell or refinance. Many are not able to refinance their adjustable-rate loans when the starter interest rates expire and reset to reflect higher market rates, and so they are faced with sharply higher mortgage payments they cannot afford to pay. The dilemma has sent defaults and foreclosures to historic levels --- with potentially millions more in train in the next two years as more than $1 trillion in mortgages reset nationwide. As homes are sold under pressure, prices drop further and cast a pall over entire neighborhoods, driving down the value of homes of even creditworthy Americans and undermining their biggest source of wealth and security. State and local governments also have been hit hard by the declining revenues from property taxes and real-estate transactions, and the housing slump is dragging down the manufacturing and construction sectors. The whole mess threatens to sink the broader economy the longer it wreaks havoc on consumer confidence and spending power. *Page 1 of 2* next | Email Never miss a thing. Make your homepage. Be a better friend, newshound, and know-it-all with Mobile. Try it now. Quote Link to comment Share on other sites More sharing options...
Guest guest Posted January 3, 2008 Report Share Posted January 3, 2008 Dear Anella, At this stage of the game, I'd say it is almost a foregone conclusion that he WILL win. Never before has there been such a grassroots movement grab an entire nation at one time. It is like a wild fire. Ron Paul has always walked the talk. Always. And his record is impeccable. His message is "FREEDOM", and not even a 16" steel wall can stop that idea. And the reason the message is getting across to so many people is because of his honesty, integrity, and his high ethics level. People just know that here's a man who has the courage to speak the truth. I think the question to ask ourselves after the election is over and done with is, "Did you help bring this about for our country and the World"??? Much love, Doc anella wrote: Well Suz is right when looking at the situation from this side of things (looking forward as opposed to looking backward) it can seem bleak. However, as a student of history I have to pipe up here and say history is just chock FULL of stories about things that were “not doable” . Yet after those same things were done it seemed like less of a miracle especially to those of us distanced by time and space. Major accomplishments always look less daunting when looking back at them than when looking ahead to them. The history of our own United States is packed with trials –and each one seemed un-winnable beforehand. But that did not stop us from trying, thank goodness, because we did do the undoable, we did win the un-winnable. I thank God that people like Washington, Lincoln, Roosevelt, Eisenhower, MLK jr., Gandhi, Joan of Arc, Nelson Mandela, Mother Teresa, Archbishop Desmond Tutu… did not look ahead to their respective tasks saying “we can never do this, it’s too big”. I am not foolish enough to think that we will always win, but we must not allow ourselves to think that we can never win. Why can’t we look forward to the day when future generations read history books about Ron Paul and the great things that he accomplished for our country? Is that day likely? I don’t really know and it doesn’t really matter. What matters most is that right here, right now we have a chance to accomplish something great. Let us not focus on the odds of winning but rather on the fact that there is at least one chance of success. Anella ; PS: Ron Paul has the most difficult task here, all we have to do is get him elected. -----Original Message----- herbal remedies [herbal remedies ] On Behalf Of Doc Shillington Thursday, December 27, 2007 1:38 PM To: herbal remedies (AT) Groups (DOT) com Re: {Herbal Remedies} Why is anyone surprised??? Dear Suz, You may be spot on, but being the eternal optimist, I always like to look at the positive and the solutions that are available. Doing otherwise tends to bring about an apathy that "One can do nothing about it all", and I'd never succumb to that frame of mind. Something can always be done about it. Always. We may very well be confronting WW3 and nuclear holocaust in the next 2 to 5 years, but I postulate man will survive this too IF it happens. I'd rather die postulating the positive in an over the ramparts howling charge, than live thinking negative, apathetic thoughts cowering in some forgotten hole. However, one should also be smart about this and like the Boy Scouts - BE PREPARED! ! ! It is only the unprepared, undrilled ship that succumbs and sinks to the bottom of Davey Jones' locker. Yours in Knowledge, Health and Freedom, Doc susan wrote: I agree with everything BUT the fact that Ron Paul can fix it. There is no way this man is going to be allowed to be President of the United States. Call me crazy but the dye is cast. So....rewrite this and finish it with the ending of Since RP will not be allowed to fix it here is what you need to do. I look forward to your answer. Suz Doc Shillington <DocShillington (AT) Knology (DOT) net> wrote: Just found this interesting article on the Housing Bust and the Failing Economy, and am wondering why there should be any surprise about this. This entire debacle was created because of "OUT-EXCHANGE" ! ! ! If you GAMBLE */(speculate)/*, you're gonna fall and that's all there is to it. It's a psychotic game that can't be won, and it will get worse over the next couple of years. If you can get out of your existing mortgage, do so, sell your house and rent until the crash has finished happening. I hate to sound like a broken record, but do whatever it takes to pay off all of your bills and become debt free, and invest your savings in gold and silver for the nonce. When the crash is over and done with, houses will be a dime a dozen. I'm setting a lot of hope in Ron Paul being able to turn a lot of this around, but this won't happen over night. It'll take time. All Floridians know how to prepare for Hurricane season, so take a lesson and set aside some stores for a rainy day. Won't you? Please? Much love, Doc Blame abounds for housing bust By Patrice Hill December 26, 2007 Of four homes for sale last week on Henry Watts Loop at Rippon Landing in Woodbridge, Va., two were foreclosures. As house prices fall, home equity is lost, making it hard for owners to sell or refinance adjustable loans that reset to reflect higher rates, rendering owners unable to pay their mortgages. That dilemma has sent defaults and foreclosures to historic levels. ------ /First of three parts/ This year's housing bust is shaping up to be one of historic proportions. Sales and construction have sunk to levels not seen since the 1990 savings and loan crisis, while foreclosures and price drops are the largest since the Great Depression --- and expected to get worse next year. Many parallels can be seen with earlier housing debacles. Each episode had some combination of easy money, loose lending, greed and fraud that turned a housing boom into a speculative bubble. But few housing bubbles have ended so badly as the one today, when the nation is confronting the prospect of mass foreclosures and family dislocations. John Stumpf, president of Wells Fargo & Co., the second-largest U.S. mortgage lender and a survivor of the housing busts of the 20th century, blames today's crisis on unscrupulous lending practices, which joined in a toxic mix with outright greed and extraordinarily low interest rates to send house prices soaring 90 percent between 2000 and 2006. When the bubble burst, house prices collapsed by 5 percent to 20 percent in cities nationwide. "We have not seen a nationwide decline in housing like this since the Great Depression," Mr. Stumpf told investors in New York last month as major banks and securities firms reported an accumulated $80 billion of losses on their portfolios of mortgage investments and widely cut back on lending as a result. Now the country faces a vicious cycle: As house prices fall, homeowners lose equity in their homes, which makes it more difficult or impossible for them to sell or refinance. Many are not able to refinance their adjustable-rate loans when the starter interest rates expire and reset to reflect higher market rates, and so they are faced with sharply higher mortgage payments they cannot afford to pay. The dilemma has sent defaults and foreclosures to historic levels --- with potentially millions more in train in the next two years as more than $1 trillion in mortgages reset nationwide. As homes are sold under pressure, prices drop further and cast a pall over entire neighborhoods, driving down the value of homes of even creditworthy Americans and undermining their biggest source of wealth and security. State and local governments also have been hit hard by the declining revenues from property taxes and real-estate transactions, and the housing slump is dragging down the manufacturing and construction sectors. The whole mess threatens to sink the broader economy the longer it wreaks havoc on consumer confidence and spending power. *Page 1 of 2* next | Email Never miss a thing. Make your homepage. No virus found in this incoming message Checked by PC Tools AntiVirus (3.1.0.17 - 9.083.006). http://www.pctools.com/free-antivirus/ No virus found in this outgoing message Checked by PC Tools AntiVirus (3.1.0.17 - 9.083.006). http://www.pctools.com/free-antivirus/ Quote Link to comment Share on other sites More sharing options...
Guest guest Posted January 3, 2008 Report Share Posted January 3, 2008 Dear Suz, I like your idea of buying locally, though when I'm into buying bulk = larger quantities, I usually buy from Southern Coins in LA. I honestly don't think that there is much difference between numismatic and bullion. An ounce of gold is . . . an ounce of gold regardless of its origin or nationality. American Eagles (both silver and gold) are very good, but I wouldn't let that stop me from getting some Kruger Rands, or Canadian Maple Leafs, etc. The only problem with coins = numismatics is that you usually pay a little higher premium for them, but not always. If you're going to buy coin, get the common variety rather than the 'rare' and this way you won't pay too much. Hope this helps. Love, Doc susan wrote: We purchased our gold and silver at a local coin shop. They charge spot prices and you can have the coins that day. Also it is good to buy local so they know you in the future. We stayed away from bullion and bought coins only. More spendable? What is your opinion. We also bought coins of all demoninations. Suz Doc Shillington <DocShillington wrote: Dear Suz, You may be spot on, but being the eternal optimist, I always like to look at the positive and the solutions that are available. Doing otherwise tends to bring about an apathy that "One can do nothing about it all", and I'd never succumb to that frame of mind. Something can always be done about it. Always. We may very well be confronting WW3 and nuclear holocaust in the next 2 to 5 years, but I postulate man will survive this too IF it happens. I'd rather die postulating the positive in an over the ramparts howling charge, than live thinking negative, apathetic thoughts cowering in some forgotten hole. However, one should also be smart about this and like the Boy Scouts - BE PREPARED! ! ! It is only the unprepared, undrilled ship that succumbs and sinks to the bottom of Davey Jones' locker. Yours in Knowledge, Health and Freedom, Doc susan wrote: I agree with everything BUT the fact that Ron Paul can fix it. There is no way this man is going to be allowed to be President of the United States. Call me crazy but the dye is cast. So....rewrite this and finish it with the ending of Since RP will not be allowed to fix it here is what you need to do. I look forward to your answer. Suz Doc Shillington <DocShillington (AT) Knology (DOT) net> wrote: Just found this interesting article on the Housing Bust and the Failing Economy, and am wondering why there should be any surprise about this. This entire debacle was created because of "OUT-EXCHANGE" ! ! ! If you GAMBLE */(speculate)/*, you're gonna fall and that's all there is to it. It's a psychotic game that can't be won, and it will get worse over the next couple of years. If you can get out of your existing mortgage, do so, sell your house and rent until the crash has finished happening. I hate to sound like a broken record, but do whatever it takes to pay off all of your bills and become debt free, and invest your savings in gold and silver for the nonce. When the crash is over and done with, houses will be a dime a dozen. I'm setting a lot of hope in Ron Paul being able to turn a lot of this around, but this won't happen over night. It'll take time. All Floridians know how to prepare for Hurricane season, so take a lesson and set aside some stores for a rainy day. Won't you? Please? Much love, Doc Blame abounds for housing bust By Patrice Hill December 26, 2007 Of four homes for sale last week on Henry Watts Loop at Rippon Landing in Woodbridge, Va., two were foreclosures. As house prices fall, home equity is lost, making it hard for owners to sell or refinance adjustable loans that reset to reflect higher rates, rendering owners unable to pay their mortgages. That dilemma has sent defaults and foreclosures to historic levels. ------ /First of three parts/ This year's housing bust is shaping up to be one of historic proportions. Sales and construction have sunk to levels not seen since the 1990 savings and loan crisis, while foreclosures and price drops are the largest since the Great Depression --- and expected to get worse next year. Many parallels can be seen with earlier housing debacles. Each episode had some combination of easy money, loose lending, greed and fraud that turned a housing boom into a speculative bubble. But few housing bubbles have ended so badly as the one today, when the nation is confronting the prospect of mass foreclosures and family dislocations. John Stumpf, president of Wells Fargo & Co., the second-largest U.S. mortgage lender and a survivor of the housing busts of the 20th century, blames today's crisis on unscrupulous lending practices, which joined in a toxic mix with outright greed and extraordinarily low interest rates to send house prices soaring 90 percent between 2000 and 2006. When the bubble burst, house prices collapsed by 5 percent to 20 percent in cities nationwide. "We have not seen a nationwide decline in housing like this since the Great Depression," Mr. Stumpf told investors in New York last month as major banks and securities firms reported an accumulated $80 billion of losses on their portfolios of mortgage investments and widely cut back on lending as a result. Now the country faces a vicious cycle: As house prices fall, homeowners lose equity in their homes, which makes it more difficult or impossible for them to sell or refinance. Many are not able to refinance their adjustable-rate loans when the starter interest rates expire and reset to reflect higher market rates, and so they are faced with sharply higher mortgage payments they cannot afford to pay. The dilemma has sent defaults and foreclosures to historic levels --- with potentially millions more in train in the next two years as more than $1 trillion in mortgages reset nationwide. As homes are sold under pressure, prices drop further and cast a pall over entire neighborhoods, driving down the value of homes of even creditworthy Americans and undermining their biggest source of wealth and security. State and local governments also have been hit hard by the declining revenues from property taxes and real-estate transactions, and the housing slump is dragging down the manufacturing and construction sectors. The whole mess threatens to sink the broader economy the longer it wreaks havoc on consumer confidence and spending power. *Page 1 of 2* next | Email Never miss a thing. Make your homepage. Be a better friend, newshound, and know-it-all with Mobile. Try it now. Quote Link to comment Share on other sites More sharing options...
Guest guest Posted January 3, 2008 Report Share Posted January 3, 2008 Dear Always, Obviously, you don't fall into this "SPECULATION" band I was talking about, and perhaps I should have made it more clear I was addressing this comm to those who purchased their house(s) on a throw of the die as an "investment". If you are in a position to pay off your existing mortgage, I'd do so ASAP regardless of low interest rate. This also applies to vehicles. Scrape every bill you can find, and get it paid, and this includes mortgages and car payments - if you can. It's obvious, the party's over, and it's time to pay the piper. Now, we need to roll up our sleeves and get to work and straighten all this out. Love, Doc always wrote: Ok, perhaps I missed something...but why sell your house if you already have 30yr fixed at a good rate (one from before the housing craze)? I get the rest of getting out of debt; that always makes sense. Thanks for clearing this up! :~) ---- Doc Shillington <DocShillington wrote: Just found this interesting article on the Housing Bust and the Failing Economy, and am wondering why there should be any surprise about this. This entire debacle was created because of "OUT-EXCHANGE" ! ! ! If you GAMBLE */(speculate)/*, you're gonna fall and that's all there is to it. It's a psychotic game that can't be won, and it will get worse over the next couple of years. If you can get out of your existing mortgage, do so, sell your house and rent until the crash has finished happening. I hate to sound like a broken record, but do whatever it takes to pay off all of your bills and become debt free, and invest your savings in gold and silver for the nonce. When the crash is over and done with, houses will be a dime a dozen. I'm setting a lot of hope in Ron Paul being able to turn a lot of this around, but this won't happen over night. It'll take time. All Floridians know how to prepare for Hurricane season, so take a lesson and set aside some stores for a rainy day. Won't you? Please? Much love, Doc Blame abounds for housing bust By Patrice Hill <phill December 26, 2007 <javascript:NewWindow(600,400,'/apps/pbcs.dll/misc?url=/templates/zoom.pbs & Site=WT & Date=20071226 & Category=BUSINESS & ArtNo=572777982 & Ref=AR & Profile=1001');> Of four homes for sale last week on Henry Watts Loop at Rippon Landing in Woodbridge, Va., two were foreclosures. As house prices fall, home equity is lost, making it hard for owners to sell or refinance adjustable loans that reset to reflect higher rates, rendering owners unable to pay their mortgages. That dilemma has sent defaults and foreclosures to historic levels. ------ /First of three parts/ This year's housing bust is shaping up to be one of historic proportions. Sales and construction have sunk to levels not seen since the 1990 savings and loan crisis, while foreclosures and price drops are the largest since the Great Depression --- and expected to get worse next year. Many parallels can be seen with earlier housing debacles. Each episode had some combination of easy money, loose lending, greed and fraud that turned a housing boom into a speculative bubble. But few housing bubbles have ended so badly as the one today, when the nation is confronting the prospect of mass foreclosures and family dislocations. John Stumpf, president of Wells Fargo & Co., the second-largest U.S. mortgage lender and a survivor of the housing busts of the 20th century, blames today's crisis on unscrupulous lending practices, which joined in a toxic mix with outright greed and extraordinarily low interest rates to send house prices soaring 90 percent between 2000 and 2006. When the bubble burst, house prices collapsed by 5 percent to 20 percent in cities nationwide. "We have not seen a nationwide decline in housing like this since the Great Depression," Mr. Stumpf told investors in New York last month as major banks and securities firms reported an accumulated $80 billion of losses on their portfolios of mortgage investments and widely cut back on lending as a result. Now the country faces a vicious cycle: As house prices fall, homeowners lose equity in their homes, which makes it more difficult or impossible for them to sell or refinance. Many are not able to refinance their adjustable-rate loans when the starter interest rates expire and reset to reflect higher market rates, and so they are faced with sharply higher mortgage payments they cannot afford to pay. The dilemma has sent defaults and foreclosures to historic levels --- with potentially millions more in train in the next two years as more than $1 trillion in mortgages reset nationwide. As homes are sold under pressure, prices drop further and cast a pall over entire neighborhoods, driving down the value of homes of even creditworthy Americans and undermining their biggest source of wealth and security. State and local governments also have been hit hard by the declining revenues from property taxes and real-estate transactions, and the housing slump is dragging down the manufacturing and construction sectors. The whole mess threatens to sink the broader economy the longer it wreaks havoc on consumer confidence and spending power. *Page 1 of 2* next <http://www.washingtontimes.com/apps/pbcs.dll/article?AID=/20071226/BUSINESS/572777982/1001 & template=nextpage> | Email <javascript:NewWindow(450,300,'/apps/pbcs.dll/art_tips?Date=20071226 & Category=BUSINESS & ArtNo=572777982 & SiteData=WT & Profile=1001 & SectionCat=');> | Print <http://www.washingtontimes.com/apps/pbcs.dll/article?AID=/20071226/BUSINESS/572777982/1001 & template=printart> | Subscribe <http://iservices.washingtontimes.com/> Quote Link to comment Share on other sites More sharing options...
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