Wednesday, September 19, 2007

Vanishing Equity

Subprime Borrowers to Lose Homes at Record Pace as Rates Rise

As many as half of the 450,000 subprime borrowers whose mortgage payments increase in the next three months may lose their homes because they can't sell, refinance or qualify for help from the U.S. government.

Posted by alan @ 12:58 PM (1708 views)
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2 thoughts on “Vanishing Equity

  • autopilotengage says:

    Maybe Robert could downsize to a flat, or move to a house in the flightpath of the airport where he works and wear earplugs or make some other trivial sacrifice from his undoubtedly lavish existence. It’s really irritating when people have gambled and lost and then make out they’ve been screwed and have no option but to live on the street.

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  • “Robert Murray of Middletown, New Jersey, said he didn’t pay enough attention when he took out a five-year adjustable-rate mortgage”
    Well, it’s only his home, the very roof over his and his family’s head, why bother paying attention, just follow the masses who say house prices will NEVER go down.
    Maybe he could claim attention defecit disorder and sue?
    Wonder how many people in the UK are praying this never happens to them?
    And Property Ladder couldn’t possibly be wrong, after all, it’s television…

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