Sunday, September 21, 2008
The Crisis is over! Stocks soar on News Of Assistance!” will echo throughout the land.
The American housing market has collapsed and the collapse is still in progress. The collapse of the American housing market means that while a homeowner may have a mortgage on a house once worth $200,000, this house now only can be sold for $125,000.That means that if the house is sold, the bank, holder of the mortgage, is now owed $75,000. Let me tell you all something: Given all the slicing and dicing and resales the criminally greedy banks and lending agencies indulged in, at this point, no one in any lending institution knows who holds the actual mortgage and, believe this, they can never find them. The person who owns the house can be forced into foreclosure but in court, they have the right to confront the mortgage holder.