Homes lost, families desperate as mortgage rates skyrocket in US

Posted by admin on July 27th, 2010 and filed under mortgage rates | 25 Comments »

Tens of thousands of people traveled to Washington, DC to take part in the Save the Dream Program, sponsored by the Neighborhood Assistance Corporation of America, or NACA. NACA helps people facing foreclosure to get a lower rate on their mortgage or a lower interest rate. Some people traveled from across the country, calling this their last hope to save their home.

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25 Responses

  1. LookingGlassStudio Says:

    Slave Protocol 101

    Slave Protocol 101
    Take away land and slaves are born to tyranny.
    We read of deforestation of remaining forests on dead newspaper.
    Hemp, electric cars and community-centered living went down the toilet along with people’s interest in living strong and free together in rural areas – The People’s Marketplace.
    We are the leaders we cry for.
    Shall we become stewards or lemmings of planet Earth…?

  2. GoodChineezeCheeze Says:

    Why can’t they …
    Why can’t they live in flat? If you can’t afford house – go rent flat!

  3. Papwithanhatchet Says:

    @TheRetiredtrucker …
    @TheRetiredtrucker It was George Bush, not Clinton, who destroyed America. Take a look at his June 2002 White House speech in which he declares his administration will provide 5 million homes to those who can’t afford it with the help of Fanny Mae and Freddy Mac.

  4. Tressco Says:

    “People without …
    “People without homes will not quarrel with their leaders. This is well known among our principle men now engaged in forming an imperialism of capitalism to govern the world. By dividing the people we can get them to expend their energies in fighting over questions of no importance to us except as teachers of the common herd.”
    - J. P. Morgan

  5. rockerme4u Says:

    @stangeriam The …
    @stangeriam The bankers are the only ones who profited on the way up and down.
    They, Godman Shafts and Co. are just as good as Bernie Madoff.
    They always win, even if they have to put their own people in the FED first.
    What, news alert: Most FED officials worked at Goldman. Hmmmmmmm.
    It’s nice to know the US taxpayers paid for Lord Blankfiens last 100 million dollar bonus. How much will his contractual paycheck be this year. Or last year, or next year. How much is enough.

  6. JediMasterRick2 Says:

    @wahabkorai28 I did …
    @wahabkorai28 I did. Strange.

  7. JediMasterRick2 Says:

    This is a lesson …
    This is a lesson for the world DON’T BORROW MONEY EVER. The more people borrow the more power banks get. Save your money and buy things in cash. If everyone did that prices would have to fall were people can buy them.

  8. JonaBay Says:

    This is why people …
    This is why people should only have FIXED mortgage rates

  9. danben72 Says:

    At 2:56 “…have to …
    At 2:56 “…have to take our son out of private school”, What fool are you? Just leave your house and rent a smaller one, one you can afford! People are so retarded these days. Its unbelievable if you don’t see it with your own eyes! This will not end pretty Old Good USA, you will have a civil war sooner than you think!

  10. TheRetiredtrucker Says:

    @larasa007 …and …
    @larasa007 …and SINGLE digit unemployment,great health care (sorry ,,,dont believe all the kool aid lies your press spouts, subsidised drug plans…..and healthiest economy and banks in the g8/20

    HAHAHAHA
    And our beers better too :

  11. TheRetiredtrucker Says:

    @dankbot420 …or …
    @dankbot420 …or maybe it was the Clintons forcing the banks to extend mortgages to what they termed UNDERERPRESENTED people,,,ie poor minorities, The reason the banks wouldnt make the loans before is they knew they would not be repaid.. So Bill and Hill decided to insure the loans with freddy and fanny,,,,,and look what happened? The resulting bubble along with spending of bush collapsed the economey……

  12. wahabkorai28 Says:

    i dont see any …
    i dont see any white people there.
    strange

  13. keithmobile73 Says:

    mortgage rates are …
    mortgage rates are the lowest ever you dim witts. these people should never have been approved for mortgages in the first place.

  14. dankbot420 Says:

    @blackknight5050 …
    @blackknight5050 There is a class-action lawsuit going on in Baltimore against Wells-Fargo because emails leaked stating that the lenders were to specifically target middle-class black folks. Apparently, a lot of folks could have qualified for better loans but the lenders pushed them into sub prime. This is the face of the middle-class that Bush helped destroy.

  15. dankbot420 Says:

    This is what …
    This is what America does to its people.

  16. BITARTEN Says:

    Protest doesn’t …
    Protest doesn’t worth anymore.
    Take the bankers and the usure out of the world.

  17. rsnboy08 Says:

    Are they in Africa? …
    Are they in Africa? holy shit!

  18. silversobe Says:

    We need to get our …
    We need to get our act together as a human race. Stop the competition and start the human collaboration to end scarcity on all levels. We can do it. We have the resources and technology.

  19. tbirdky Says:

    @stangeriam We …
    @stangeriam We should cut their heads off.

  20. AlexanderSigal Says:

    Q: What’s long, …
    Q: What’s long, black and stinks?
    A: Line to a wealth-fair

  21. FranklyMsShankley Says:

    @blackknight5050

    @blackknight5050
    Because its in Washington, DC. They’re alot of black people who live there.

  22. blackknight5050 Says:

    Not trying to be …
    Not trying to be racist but why are these people mostly black?

  23. bboucharde Says:

    @ForkYouToo22 You …
    @ForkYouToo22 You are correct. I was thinking about this, too. One answer is that many folks who hold these ARMs have poor credit ratings & low income, so the risk of non-performance is high. (Yes, there are always exceptions.)
    Further, even though the interest rate on 30-year fixed mortgages dropped to only 4.563% last week (average), this rate is reserved for folks with high credit scores & very solid references. But, I wouldn’t buy a house now, because the downside risk is too high.

  24. bboucharde Says:

    @loveisall1000 …
    @loveisall1000 Thanks for the feedback. No, I did not get any medals, but I did work very diligently, & I slashed my living costs to the bone—Not very many middle-class male professionals are willing to commute by bicycle (even in a blizzard), not eat in restaurants for four years, eat boiled potatoes, & never go on vacation or to a club, etc. Anyway, yes the banks & the federal government lured a lot of poor folks into “teaser” mortgages, but why should other working stiffs foot the bill?

  25. guapgueezee Says:

    @hesh2 its like …
    @hesh2 its like communism but corporate.. they serve the state we serve the banks

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