trickle down has hit us all
this is the legacy of reagan
back door deals with the saudi’s
iran contra coming back to haunt us

What it means is that many people bought homes beyond their means financed by lenders more concerned about making a buck in an environment that over inflated prices in a time when people are earning less.

Matt
Rockford, IL

It means that Bush is on track with his plan to improve the wealth of his friends. His lack of oversight allowed this to happen and since many of his friends made a bundle, he is happy.

President Bush sees himself as Teddy Roosevelt, but he’s more like Herbert Hoover.

Ed Reed
Port Aransas, TX

It means too many Bush Years, we need to take a new direction and more of the same just won’t get it done!!!!!!Too many people are losing the dream of owning a home, how much worse does it have to get before people say enough!!Democrats please take back the White House!!!!!!

George Bush proved to us that anyone can become president and anyone can lose his home.

The real question surrounding the current home foreclosure crisis is who is getting rich off this mess? I’d bet my house is isn’t the Democrats.

It means the deregulation of the banking industry has given corporate crooks free rein to bilk the average American. It doesn’t make me feel too positive about John McCain’s candidacy since his primary economic advisor was one of the legislators responsible for it.

Jack, it means a lot of people made a lot of bad decisions. The lenders made bad decisions by loaning too much money, the people made bad decisions by not reading the terms of their loan agreements, and the Government made no decision to step in and regulate the two. You think that after the repeated scandals of Enron, Tyco, and their ilk, the government would learn that if you don’t regulate businesses to some degree, then you are left with a mess. This mess may be one that we will suffer with for a long time.

It means that our economy is in shambles and we better get a Democrat elected to the White House before we’re all out in the street.

That far too many people were living beyond their means. No surprise. It’s simply the economic reaction to poor financial decision-making. For most of those folks, I do not feel sorry for them. But I am certain that a few people are being hurt NOT because of financial mismanagement, but due to the poor economy (i.e. job looses). For those folks, I do feel terrible. But I think they are the minority of the foreclosure population.

Jack, it means at least a million people bought into an idea that really was too good to be true. They bought a lot more house than they could afford betting that prices would keep going up. They lost the bet. Now they expect the government, using my tax dollars, to bail them out. Thanks, but no thanks.

it means Jack, that too many people were encouraged to buy a home that they could not really afford. it means predatory lending practices were allowed to get way out of hand. in short Jack it means stupid government let bad companies hoodwink silly people who should have had the good sense to know better. i guess it was business as usual in the good ol’ u s of a.

It means if this country doesn’t change economic direction, we will be the richest nation of poor people. Its like having a gold plated tin can. A rich government standing on the backs of its poor citizens.

Jack,
It means alot of people are paying the price for predatory lending practices held so dearly by our corporate controlled government. With Bush’s sights being set on Iraq for six years it’s now the insignificant little people in America who must pay the penalty for having no oversight or government regulation. But hey, might as well blame the homeowners who should have read the 300 page legal document they signed.

A million homes in foreclosure points a sad finger at our national obsession with excess.

We don’t want to just own a home: We need to own a BIG home.

We don’t want just a TV: We need a 48″ plasma TV.

We don’t just want a car: We want a gas-guzzling, checkbook-draining status symbol.

And when our finances finally get stretched and pulled too far, we don’t want to just fess-up,admit our gluttonny, and tighten our belts: No, we want to blame George Bush and the rich-people-loving Republicans.

Spend like Democrats, then blame the Republicans for our self-imposed financial problems.

I wonder how Obama plans to change that!

It means don’t vote for McCain if there is a solution to be found. As I undertand it, his key financial advisor is or was a lobbist for UBS, which was instrumental in this crisis. But of course, “W” has to bear part of the blame too.

For some it means individuals are paying for their lack of awareness about buying a home. For some it means that both legislators and lenders have let them down through lack of action or a lack of integrity. It means millions of people are in real distress financially and emotionally and that the whole nation will pay a price for the result. When a segment of the financial community takes advantage of our citizens, Congress needs to take action on their behalf. We have been losing touch with integrity for at least eight years. The effects of Bush’s presidency has been a numbing of the responsibilty in the business culture and this won’t change without awareness and action.

Yes Jack, it’s a sad state of affairs in our country right now. I’ve been unemployed since Jan 2nd, and that great 5.5 fixed rate mortgage is going to be in danger if I can’t find a job soon.This single parent isn’t wanting to become a statistic. House on the market since Feb 19th and not selling. This is my first recession as I really don’t remember one in my lifetime that I didn’t breeze thru and I’m over the hill.

It means a lot of people bit off more then they could chew and instead of going on a diet continued to eat too high on the hog. In other words they spent more then they made. That was bound to catch up with them eventually. Most of those people should have been living in rental property to begin with and now the economy will move them into it.

i hope the house flippers are ran out of business, but feel sorry for the ones that lost there job , because the job went overseas. houses have been overpriced, wages are going down, its only a matter of time till the bubble pops….its the whole system, never before have i had to pay 20% of my income to get gas.

What it means to me is that we Americans have our priorities skewed. The housing bubble was simply a huge pyramid scheme in which all of the players were guilty of greed and none of them paid attention to the basic laws of addition and subtraction.

tampa, fl. that my prediction from 2 years ago is now true, this is just the tip of the iceburg folks, better stake a claim to the area underneath you closest overpass soon, as they are going to fill up fast. instead of economic stimulus checks, they will be passing out free houses after the govt. bails out all the banks for their bad loans.

It means the American Dream is dying. For all the have-nots in America owning a home and raising a family in respectability has been the symbol of a life well-lived. The distribution of wealth in this country is unconscionable. Our first attempt at saving the American Dream ought to be passage of laws that get a quality livable wage in the hands of the middle and lower economic classes. The American dream means living a life of dignity and once people are stripped of that you can anticipate a serious class war.

It means George “Sheriff of Nottingham” Bush has taken from the poor to give to the rich.

Barack “Robin Hood” Obama will create consumer protection laws and salvage what can be saved.

The problem is by January Fannie “Maid Marian” Mae will be well and truly deflowered.

Jack, the public is once again suffering for the sins of the powerful and irresponsible. I didn’t think that I was affected, until my Washington Mutual credit card rate more than doubled along with most of their customers. Come to find out, this company lost billions in this crisis, and is shaking everyone down to recover. Every aspect of American life is affected by this calamity, but the epic foreclosures hurt the most.

It means people need to learn to count.

If you are making 1500$ a month, you probably cant afford a 500$ mortgage, plus food, gas, car, clothes, etc.

Maybe they’ll finally learn their lesson to spend only what they have, and not more.

It means the Republicans are only out to get rich off the backs of the little people, and they have succeeded. Not to mention they have gotten more of our young people killed while they and their cronies make money off the war. Anyone who votes for McCain can’t be in their right mind.

Simply that the housing crisis is not over and that the Bush government and Wall Street are ignoring it and hoping it will not bother them while they both continue to make money off the public.

Jack,
If the banks don’t really want all these houses back then why do they advertise for reverse mortages about twice an hour in prime time.

Paul Austin, Texas

When the Reagan and Bush 41 administrations closed their eyes to allow their buddies (and children in 1 case) to create a catstrophe for the American public during the Savings and Loan scandal of the 80’s, one would have hoped that a lesson was learned. NOT TRUE!. Lack of oversight by the Bush 43 administration has caused another grave problem for Americans. Thank G-d our economy has only 5 more months of Republican stewardship.

Jack, it means that our economic woes prevent so many from being able to meet their mortgage payments. In addition, it indicates so many unscrupulous companies who have given mortgages to people who are not able to meet what is asked with the turn of our economy.

the iraq cabnet set themselfs a salary of 50,000 dollars a month.
Would this be true or false?

There are two main forces that cause this: greed and stupidity.

The mortgage brokers were greedy by using predatory lending practices, and the homeowners were stupid for buying too much house, knowing that they couldn’t afford it.

We need regulation for the banks, and education for the homeowners. Put the two together, and these problems largely go away.

Jack: It is a trend that maybe the alleged recession is starting, however, it only represnets about 3% of the mortgage market. Ninety seven percent still have their home and are making payments……but don’t be fooled by statistical trolls……..if Ed McMann can loose his home……..so can others. I would say that it is an “concern indicator”…..and how much concern depends upon us.

It means that people are personally irresponsible with their money and purchases

Means that we are reaping the fruits of Bushnomics and a good reminder why we need to reassess John McCain’s understanding of the US economy, becasue he is begining to understand the raqi economic but can’t seem to grasp the ABC of our economy. Sadly too, it means that we are in deep trouble.

A few greedy American bankers and real estate speculators are getting rich to match their Arab counterparts. The rest of us can barely afford to drive to work and many Americans have fewer (1 million) homes to go at night.

Jack I was thought that if I can’t say something nice I shouldn’t say anything. I am taking that option on this one.

Jack
It means that we are all living way over our heads and now we are in deep deep do do.

Jack…It means that the fine, upstanding Phil Gram, the advisor and fund-raising lobbiest that is McCain’s right-hand man, did his job so very well. He’s one of the main reasons the banking industry has gotten all the freedom from regulation. Doesn’t this seem a little odd to the McCain backers?

In order to make a large number of loans, and therefore keep the price of their stock high, the large financial corporations pressured homebuyers into risky loans. Then when interest rates went up and property values went down the inevitable tidal wave of foreclosures and bankruptcies ensued. This is, of course, a serious problem for the economy and, if we had any intelligent people in the Bush administration, a serious problem for the government. All these foreclosures stem directly from a lack of government regulation of the financial services industry. The severity of the problem can be lessened by re-regulation of lenders to stop the overreaching and misleading practices that caused the mess in the first place.

There is nothing to worry about. Soon “the decider” will decide to do something and we all will live happily everafter. This is the way all fairy tales end.

Give me a minute Jack. Let me think? Got it! It means we’re in a recession - depression!! My question is who in their right mind would want to be president and have to clean up this administrations mess? God help whom ever is elected. They’re going to need all the help they can get.

Larry in Florida

it means the Phil Gramm led deregulation of the banking and brokerage industries in the 1990’s was a disaster for the American financial consumer. with little or no regulatory oversight, anyone with any common sense would know there was going to be massive market manipulation and outright fraud in the system.

the “Great Ronnie” famously said “government isn’t the solution to the problem, government IS the problem” and after the Republicans had control of the House and Senate for 12 years from 1994 thru 2006 and held the Presidency since 2000, his own political party’s incompetence in governing proved him correct.

Jack,

This problem is not unique to America, and in some ways the economy is in worse shape up here…we pay more for gas in Canada than you do down there! We have shady credit deals and mortgages that are pretty thin too. Unfortunately we lack a leader who seems ready to recognize the problem much less try to fix it….count your lucky stars down there that at least the government is recognizing that there is a problem.

It means there are a lot of people hurting, people who ran out of options. It means our national standard of living is in decline, even while some of our largest corporations are reaping record profits. It means that banks would rather be stuck with maintaining properties that they can’t sell than find a way to keep people in their homes. It means Reaganomics was, is, and always will be a giant hoax. it takes more than Wall Street to make a healthy economy. We can’t call ourselves a prosperous nation if so many people are suffering.

Crossing the ‘million’ threshold is just a reminder that all asset bubbles created by misguided monetary and fiscal policies must eventually burst. And given the accelerating rate of housing price declines, this bubble is far from being fully deflated.

Ben, Chicago IL

I hope the voters remember this is the result of the GOP’s deregulaation of the bankiing and mortgage industries. It’s a hallmark of that party to give full advantage to business over it’s citizens. They have always considered that America exists for the enrichment of those at the top. Trickle down stuff you know…..Give me all your money, and I’ll determine how much you get back. And I bet everyone thought it was done thru taxes imposed by the Democrats. Taxes pay the bills first, free enterprise capitalists pay themselves and stockholders first, then their employees if they haven’t fired them.

It means we need to get priorities in order and find ways to work for the greater good instead of individuals and businesses trying to pad their own accounts at the cost of the average American. But then is Ed McMahon an average American?

It means that all the McCain supporters should jump on board with the Obama campaign before there are two million homes in foreclosure!

Gas goes up even when it’s down, Military folks can’t sell their homes to PCS and thus the military gets the shaft once again! Homes being foreclosed, there was a poor and middle class before all this and the divide just got bigger! The horsemen are ridding, Jack!

It means the middle class taxpayer will have to pay and pay for years to come. It means that the property values of those who made wise choices will be affected as well. I believe it is why Bush is so hell bent on making his tax cuts permanent, he wants to be sure most of the burden falls to the middle class.

It means after this Presidential race is over the economy will come back like in every other election. Foreclosures were going on in 2004 and Kerry couldn’t get in with his economy pitch.

It means more people will be watching “Flip this House” and an endless run of “cash flow” real estate schemes on late night tv.

It means that trickle down economics is in full force. Thanks President Bush, and both the republican and democratic congress’ for your responsible leadership. I am sure none of your houses are being foreclosed upon so you will be able to deny the seriousness of your bad decision making.

I know knothing of high finance, but I do know who has been in the White House for 8 years, and that everything that he has set his hand to has come-up “craps”! As are the thousands of dead in Iraq and Afghanistan staining him and his karma, so is the economic chaos which he has set in motion, nationwide. The blame for such terrible conditions can be laid at no one else’s door but his…the Star-Spangled Idiot to beat them all, who has no idea that he’ll not be able to buy his way out of the spiritual reckoning, which awaits him…

Jack,
It means a lot of people bought houses they couldn’t afford and a lot of banks and mortgage companies made a lot of loans to people they shouldn’t have!

Jack, With over a million homes ih forcloser tell me Bush did a find job
with the economy,you can bet your NONE of Bushs buddys are
losing there homes.

it means that a lot of hard working people were handled by the lending community like a used car salesman selling to middle class people by dangling a dream in their face

it means the govt will spend more money rebuilding homes is Iraq than helping troubled homeowners in the states

it means that even more will lose their homes while congress does a 4 year study on the lending industry - they will get their hands slapped and everyone else will have to fund the loss

Jack,

It means that our economy is in a very clear recession caused by 8 years of moronic leadership at the highest level. George W. Bush and his cronies that he gave jobs that they were highly unqualified for have ruined our country and made it impossible for anyone except for those at the very top of the income ladder to actually move up in the world. I’m sure he’d try to just spin this as a minor fluctuation in a strong economy in a last ditch effort to try and save his “legacy”, but I’m sorry George, your legacy is written in stone, worst president in the history of the United States of America.

It simply means that credit was too easy to obtain and people bought more of everything than they needed. Do not however feel sorry for the lenders as they created their own problems and some of them deserve and need to disappear just like any other business that makes fatal decisions looking for obscene profits. The borrowers would not have made bad decisions if they where properly educated, but unfortunately ignorance is alive and well because our educational system is flawed and our young can drop out too easily. Lack of knowledge leads to all sorts of negative outcomes like crime, suicide, low income, unemployment, etc, etc. etc.

It mean we can not have John McCain who has admitted he has no clue when it comes to economic issues. If he is elected, we can be assured that we will go threw yet another great depression.

So much for the American dream of owning a home. When you try to call your home loan you find out they don’t know where it is. How can home owners try to save their home if the loan is god knows where? Thank you Mr Bush. What a right mess you have got us in.

Maybe John and Cindy McShame can put 20 or 30 families up in their eight mega-homes. Would help a little.

It means we never owned a home in the first place. It takes an average person a lifetime to pay off a house. And our house usually out live us. So, If the home mortage companies find it appealing to have this many homes given back to them at this rate. Then they can pay off the debts for us.

It means that the chickens are coming home to roost. Lenders gave money away to people who could not repay and speculators kept buying so that they could flip their houses to each other. This is just the beginning of the real estate disaster. The worst is yet to come.

jackzilla, it means that instead of serving the best intrests of the American people, our elected officials have been only looking out for whats best for big business, banking, special intrest groups, etc., and it’s been going on for decades. They have allowed these preditors to do anything they want, while the American people take it on the chin, over and over again. Those who took an oath to do whats right for the people , and then did the opposite, will go down in history, in shame, for what they have done to this great nation. Make no mistake, the failure of our leaders to choose honesty, and honor, over the jingling of silver coins hitting their pockets,has put us where we are now. There is still a chance we can get on the right track. but we will need huge, permanent changes. Keep your fingers crossed.

Ahhh… another trick question? It means we are in deep doo doo, the kind that a government stimulis check won’t fix. People much smarter than me have discovered the trick to a shell game that got them a bonus while the ‘good stuff’ rolled down hill to the rest of us, without any hope of finding the bad guys. …and our elected officials spend their time doing what? How about buying a friend with a stimulus check? Mighty fine!

It means that the fear-mongering that Republicans use to scare Americans into voting for them will not work this time. Who cares if the bad guys are going to get us when there is nothing left to get. Hey McCain, do you mind if we camp out on that aircraft carrier, we don’t have anywhere else to live.

It mean that our young rich liberal educated Obama supporters mouths are watering waiting to become the rich new landlords.

Carol

It means the deregulation and privatization of government scam of the Republican Party does not work. They’re “less government” policies over the years always leads to corporate scandals and corruption ( like the S&L and Enron scandals} which always ends up being paid for by the American taxpayer.

It means never vote for a candidate who thinks trickle-down economics is a good idea, never vote for a candidate who has Phil Graham as an advisor, and never vote for a candidate who hugs President Bush.

It means folks that worked their whole life for the American Dream have lost a big part of it. Retire? How about keep working and hope to eat AND fill the heating oil tank this winter!

It means Obama is going to win the election!

Jack,

Our next president barack obama will have alot of fixing to do with foreclosures and other problems facing america. I think he needs a women like Hillary to guide him along for tips. because Barack is new to the field, I think by having Hillary along the ride will make him a great president. because bringing a man and a women together is what this country is about.

More than a million homes are now in foreclosure. Duh.

America has lost it touch.

Nuwan from Houston, TX

American dream is bankrupt.

- Nuwan from Houston, TX

This means that George Bush did a hell of a job on the economy also the do nothing congress also with gas prices how in the hell did they ever elect this man what a legacy this man will have what a country everybody is living the American dream and John Mccain wants to follow Bush’s plan this next election will be a landslide Obama wins old john can’t even read a teleprompter I can under stand why John wants them old town hall meeting

It means that somewhere along the line, people have forgotten how to say no, or more importantly, have forgotten about their obligation to say no. Lenders should have said no to people who they knew could not afford the payments on these trick mortgages once the real payment kicked in. Borrowers should have say no to these same trick mortgages that offered initial low rates, but were sure to go up in the near future. Now we’re waiting and hoping for Congress to come up with a solution to our woes. I’m not sure I have confidence in the people coming to our rescue. Do you?

Well Jack, what it means to me is that too many people put their trust into lenders/mortgage companies. To make matters worse, people who had pensions plans with these type of stocks in their portfolios are also taking a bath because companies are going bankrupt. Everyone & I mean everyone is going to be flushed out to sea. Only the oil companies are making money right now & if I hear 1 more CEO whine about how much money gets put back into exploration I’m gonna toss my cookies.
Patricia
Palmdale, Ca.

Hi Jack:

It means many of them over extended themselves and wen out on a limb to buy a house they could not afford. They did not read the FINE PRINT on the mortgage paperwork.

What escapes me is why the banks green lighted financing for people who were not qualified to buy.

Ron San Diego

When people like Ed Mc Mahon are in foreclosure, you know we are all in trouble. I am so glad that my small place is already paid for, otherwise I would probably be standing in the same line.

It means we were warned it was unsustainable, and are paying the costs for ignoring those warnings. Now what other warnings are we ignoring? What will their costs look like?

Only 1 million..? My guess is that this number is low compared to what the end-result will be.. It means that congress can legislate almost anything that they want, but there is never any thought to checks & balances… or how do we police the legislation…

How many big banks do you see giving back that easy money they were so eager to cash in on..? The rich get richer and the poor get poorer… and the middle class just keeps getting smaller and smaller.

Bring in term limits, OR vote the old goats OUT and get some patriots back in office instead of these self-serving fat cats.

greedy mortgage and real estate brokers…big business at its worst

It means that people got carried away when times were good. If they had lived within their means and kept 6 months’ savings in the bank as recommended, we wouldn’t be having this foreclosure crisis at all.

Boise, Idaho

It means a lot of well intentioned Blue Collar people are seeing Red and feeling blue because of the actions of a bunch of yellow bellied white collar criminals who have escaped with the green! And that’s so cold that it makes me hot and I’m trying to be cool but I’m really heated!

Jack, Real Estate is my profession, It means that we need real tax reform, too many people buy homes they cant afford for one main reason they want the tax break. The second major reason, is that we need safer communities. The second reason people buy homes they cant afford is in order to live in communities that appear to offer safety as opposed to neighborhoods that are more affordable but often riddled with crime. It is taxes and safety Jack. I blame Bush for a lot of things, but this mortgage crisis is just as much the fault of borrowers and buyers, municipalities, and the tax code, as it is Bush, Mccain or Obama/Clinton. We could blame the banks and the builders buy ultimately it was not their fault. Could they have done some underwriting differently yes but still it was not their fault

Jack,
Many people are saying it is people living beyond their means.
It is that to some degree, but it is also the fact that people
thought they had security with their jobs, which they did
not, had a medical emergency that wiped them out
financially, did not budget in $4.00 a gallon gas among
other increases, and these mortage lenders doing
anything for a commission and bonus.
Why there were no government regulations for the money
hungry parasites is a mystery, ha.

I hate to say it, but it looks as though we are headed for a great depression. The haves may call it a recession . . . but if you loose it all, it is a depression.

To me it means a combination of factors created the perfect storm: an overbuilding of homes, a period of easy credit offered to the un-creditworthy, an overpriced housing market, and a government sound asleep at the oversight switch. Even as we speak, the Fed is snoozing away while the inflation monster awakens. When inflation reawakens, homes may once again represent a solid value compared to money, but our problems will be far worse than a few foreclosures.

It means that “Voodoo” or “Trickle-down” economics has proven to be a failure and the price for this darling of the conservative right has inflicted terrible pain upon our economy. It does no good to blame those who embraced adjustable rate mortgages that unscrupulous lenders offered as a way to reach the American dream. It means that we must place safeguards in the system to protect borrowers for their own ignorance and hold carpetbaggers accountable for their lecherous actions. If we do nothing to step in to help these people, we would be as responsible as Herbert Hoover was for the Great Depression. Let’s learn from our mistakes and move forward.

It means the economy hasn’t reached rock bottom yet, but we’re picking up speed on the way down; unless something is done about this economic freefall it’s going to leave a gory mess when we do.

Well, it means these people wanted Bush for four more years and now we have to suffer the consequences. It is so sad.

Let’s hope that those who got us into this situation will learn not to make this mistake ever again. Homes are in foreclosures, people like me are unemployed, gas prices are through the roof and so far things are still at a standstill. People are scared and well they should be.

What it means is that there are at least 2 million people who will not vote for McCain along with the many more millions who have lost their job to overseas competition and the many millions who are tired of paying $4 for gas. The Republicans are on their way out this year!

That the law of supply and demand still applies. Plus the greed of the bankers to sell homes to most anyone is catching up to all of us. We have done this to ourselves so we cannot blame anyone since there is no regulations on these issues, ie less government means more freedom to be greedy.

It means that the economy is going through the same type of adjustement as it did during the dot-com bust — and for largely the same reasons. We let the “good time roll” even though conventional wisdom tells even the most casual observer that a correction was imminent. Dot-com was on Bill’s watch. The mortgage issue is on Bush’s. Oil is on the watch of every administration and congress since 1974. We just lack the national resolve to …well…resolve the tough issues. I don’t know where that went.

We’ll get through this as market forces adjust and some regulatory oversight comes into play (late). But we need to get real with ourselves. No more oratory–no more legislative gridlock–no more filandering with the public opinion for the sake of being elected.

It goes back to deregulation of the banking industry in the 1980’s - The Reagan Era - and with the current Bush cast of characters perpetuating the culture of greed - just remember - John McCain was one of the Keating Five 20 years ago.

Thousand Oaks Ca writing from Paris, France

A few years ago we had the ‘dot com’ bubble burst; now we’ve had the housing price bubble burst.

So many people gambled with the ever -increasing home values and refinanced repeatedly, spending the money on ‘frills’.

For them, there should be no relief.

For the poor souls who just entered the housing market, they deserve some sort of break.

It means we need a tax cut so our money doesn’t go to a bridge to nowhere but to the economy and our bills.That’s exactly what John McCain will do, Obama will only make matters worse. The government needs to leave us alone.
R.M.
Jacksonville, FL

It means that George W. Bush’s home isn’t in foreclosure and he doesn’t care.

It means we are in a serious fiscal pickle in the USA~the list is long and sad. My concern is how this ever be “fixed”; or if it can be “fixed” at all.

It is a very sad state of our economy; thanks to the Bush administration and all those who voted for him. Disgusting, sad and embarrassing to our nation.
Peg~Saratoga Springs, NY

It means that over 1 Mil. people in the USA are living beyond their means. America is anomored by having a new house and living from paycheck to paycheck. I don’t think I should pay or the gov’t should pay to bail you out stop living beyond your means . I live in a modest area and I have a two story home with 4 bedrooms,I could have built a new home a few years ago but I did not want to go in debt ,so I don’t feel sorry for some people.You get what you pay for not what you want

It means that our current administration cares more about the well being of other countries than it does about it own people. Katrina is another example of this. I know its not about caring but politics, but we put them in office.

Jack: It means that I have been in my home for the last 28 years, paid my mortgage on time and is now not able to sell my home so that I can move to another State. The enormous amount of foreclosures on the market have driven the value of my home down . If I want to sale I would be practically giving my house away. I guess I will have to stay put for a while longer. A lesson to the people who want to buy homes: get a 30 year fixed mortgage!! The problem with most people is that they were greedy and thought that those low interests rates were great and that they were going to save a lot of money. People also bought larger homes than they could really afford. Other people used their homes like credit cards taking out home equity lines of credit , buying cars, taking vacations, paying off credit cards, getting home improvements, etc. , they have no one to blame but themselves.

Hopefully it means I can finally buy a house at a reasonable price.

It means we’re screwed Jack. Obama is going to have a big mess to clean up by next January.

It means we are at great risk of increasing the chasm between the rich and the poor. It means that those that foreclose may never realize the American dream of owning a home again. It means more homeless. It means less retail sales. It means fewer taxes for infrastructure improvements such as bridges, roads and education. It means a depressed population both fiscally and emotionally. It means we should be angry for letting this administration get us into such a financial downturn. It means we should vote Democratic November 4th.

It’s called money laundering of historic proportions. And America is broken. I agree people took loans they thought they could afford and probably could afford at the time. But didn’t realize they were being taken advantage of by predatory lenders. Then the jobs left and salaries dropped. Then the market bulls got pockets full the banks got bailed out. And everyone else were told to deal with it. Now the World Trade Organization is mad that congress passed a farm bill. Other nations prosper and we get more food stamps. What’s wrong with this picture.The answer is NAFTA. Now they don’t want to extend unemployment benefits to fund the war. Where is the 158 billion the pentagon can’t account for? This mis-government should be ashamed of themselves.

The American dream of a chicken in every pot, gas in every tank and a house with a white picket fence was essentially started by Bush and Greenspeak. Pity the people who believed in them. My only problem is when the hell are the prices of condos coming down in Manhattan?

Jack, it means that there were a lot of people who need to learn to read contracts.

That contracts need to be written in plain English, not double speak and that Credit Agencies Should Be Picking Up The Tab For This Disaster….

What does it mean when more than a million homes are now in foreclosure?

It means more than a million families without homes

It means more than a million households will not pay local, state and federal taxes

It means that more than a millions workers jobs will be in jeopordy, i.e. mortgage, city workers, etc..

We can bail our Bear Sterns, but we can’t bail out Americans?

Let’s not forget all those family pets that are left behind in empty foreclosed homes to die or the animal shelters busting at the seems for those who were lucky enough to get dropped off..

Jenna
Roseville CA

What does it mean? It means that this nonsense that multi-billion tax breaks to the wealthy will somehow benefit us all is … well, nonsense. (I would have used other words, but I wanted this note to have at least a chance of getting on the air.)

A sad, sad, tragedy. There are a lot of people who bought “too much” home with too little money, too much Credit card debt, auto debt…….. and now they are in trouble. America needs a wake up call!

Unfortunatly the American dream has always been to own your own home, but the largest. I don’t blame them as much as the loan companies that made loans they knew that were shaky (100-125 % of the value of the home. Those are the people that should be in prison.
Does anybody see the cost of gasoline and the economy as responsible for this.
The last 7 years hasve been a disaster. If you loose your job you can’t make your payments.

Here is a prime example of a distinctive difference (among many) between Hillary and John. Hillary wanted a freeze on current prime mortgage rates. John McCain is against it and basically says that mortgage holders “screwed themselves” and it is not the feds’ responsibilty to intervene. Hilllary supporters need to reflect for a awhile and see the numerous diametrical differences between what she supports and what McCain supports. Address the issues!

I and my husband worked all our lives to put ourselves through college, put our kids through college, pay for our home and save some for retirement on a teacher’s salary. I surely don’t want to pay for someone’s big house that I couldn’t even afford. If you buy what you can’t afford you just have to give it up.

Hey John,
It does not seem like enough pressure is being put on Mortgage Servicers in regards to handling the current housing/foreclosure crisis. Mortgage servicers do not own mortgages. They simply get paid to handle the collection of payments so they do not lose anything if the loan goes delinquent. Instead, they get paid MORE to service delinquent mortgages. Being that it is most profittable for Mortgage Servicers to foreclose on a home rather than modify the loan, many of these servicers of mortgages are simply letting their ineptness to handle this crisis increase their own profits. Mortgage servicers like Ocwen, ASC, GMAC and SPS are just as responsible fo the 1MM homes in foreclosure as the greedy mortgage companies that wrote stated income loans for people who could not afford them.

It probably means a million people bet on the “come” and lost

House values go up and down. To sell now, you need to give a bargain but you’ll buy at a bargain so it’s a wash. People moving out of a home they put zero down on and paid a perversely low mortgage on are going back to an apartment. They’ve either lost little or lost what they were willing to gamble - just like the rest of us.

No this is not Bush’s fault. People need to take responsibility for their financial decisions. If you can’t afford it don’t buy it. It is really pathetic to see people whine about the government rather than exercise personal responsibility.

It is amazing how people do not take responsibility for their actions. Yes, the mortgage companies had preditory practices, and sold mortgages to people they should not have. HOWEVER, we the people are responsible for our actions, and that includes reading the contract!

Read before you sign, and know what you can afford.

It means the economy crashed, leaving a lot of people without the ability to pay the mortgage costs for houses that they never should have bought based on credit that they never should have obtained. The current administration caused this by there dislike for regulation and the GOP fat cats get the money policy is responsible.

I never knew Bush was so powerful. It’s amazing how he made foreclosed Americans commit the sin of gluttony. Many of them had no problem buying homes beyond their means, stripping the equity to buy mac-daddy SUVs or lounge out on the sands of Waikiki Beach while sipping $10.00 Pina Coladas. But they conveniently forgot about those pesky things called consequences.
Donna
Hendersonville, TN

This is an example of what happens when capitalism is not regulated. Our country is deeply in debt because of tax breaks given to the very rich during a rime of war. Our infrastructure is collapsing because we are shipping our money to Iraq and to China. Bad government brings bad problems and we have both.

It means we have squandered economic prosperity so that W can play “war” with real soldiers (Didn’t they give him enough toys when he was a kid?)
It means that our economy is in for more trouble…the housing market has traditionally served as an indicator for the longterm health of the economy as a whole. Housing market down = economy down.
It also means that I’m a little bummed out. I am a Realtor, which right now feels a little like being an igloo builder looking for work in the Amazon.

It means we should expect to see American Corporations becoming more and more corrupt if McCain is elected President.

OBAMA 08

It means game, set, match - the capitalists, with the support of Washington, are taking the last bastion of working peoples assets. The Resolution Trust Corp version 2 is about to appear on the scene. The people will get the debt and the capitalists will get the money!!

The republicans have deregulated everything! When you have the foxes guarding the hen house what did you think would happen? The American people need real leadership. We all need to pray.

I don’t see any end in sight to housing chaos unless we stop the banks from repossessing. It means more and more people will be out of their homes without any help from the government. Same government that let them into this mess to begin with. We need major changes in our banking industry but I doubt that it will ever come.

it means someone has to do something with this outrageous oil price issue. im a single mother and i own my home. i make about 30,000 dollars a year. how long do you think i can afford these prices? someone has to do something!!

The foreclosure crisis is simply one measure of an economy that is spiraling deeply downward. Every indicator seems to be heading into the tank. it seems to get worse every day. One-million foreclosres may just be the tip of the iceberg that eventually sinks America.

I live in Florida and it was like a three ring circus down here with people buying and flipping homes, condos or refinancing to pull the money out of the false equity. This is one area I agree with McCain, although I am a Obama supporter. There should be some personal responsibility to owners that signed on the dotted line even though they knew they couldn’t afford the payments. Many of them hoping to make a dollar. However, I feel that people who own the home they live in, and are in trouble there should be something to save their domicile for them. However, I have no
pity on the speculators.

Many of people losing their homes are suffering from their own impatience.

My husband and I were prequalified for a mortgage 4 years ago, and we decided not to take it, because we didn’t want to have our payments increase, and we didn’t qualify for a fixed rate. Instead, we worked to improve our credit, saved more money for a bigger downpayment, and waited.

Last month, we were prequalified again, this time for a mortgage with a fixed, low interest rate. We also bought a home listed for half of what we were approved for, because it was a forclosure.

Our patience paid off, and I don’t feel sorry for the people who are now in foreclosure because of their impatience.

It means someone screwed up. Anyone want to take a wild shot at who those “someones” might be?

It means our government never misses an opportunity to repeat bad history. Remember the savings and loan crisis? Minimal oversight in critical financial markets is not good policy - it’s no policy. If you want proof that bad history will continue to repeat itself, ask yourself - what ever happened to those “Keating 5?” That’s right ,one of them is running for President and he still believes minimal oversight is good policy.

That mean we the people been screwed once again by the gop.

It means that, since McCains’ economic planner was a lobbyist for UBS, the European bank that is still benefiting from this mortgage meltdown and largely caused it, we should vote for him since Barak Obama is black, “inexpereinced”, a sercret muslim, and last I heard the anti-christ. Think people…think.

It means the ecomony is in great shape!

McCain ‘08!

Jack:

It means the country is going to hell in a handbasket.
When foreclosures hit people with multi million dollar homes like like Ed McMahon, what’s the little guy to do. The gov’t found the money to bail out Bear Stearns. Where is the help for those citizens who were taken advantage of by greedy brokers.

My husband and I owned our house and had to morgage it for more than what it’s worth to pay for his hospital and medical bills. We owned it and are now in debt for another 30 years and we are living on his social security disabillity. Not everyone did this to themselves by wanting what they thought they could afford never realizing that the interest rate could be increased so incredibly high. What’s wrong with wanting a home for your children. It’s part of the American dream. This whole mess is heartbreaking and scary. Don’t blame the victims.

It means what we have known for some time. With the war in Iraq - totally unnecessary -, the outsourcing of jobs, allowing businesses to bring in as much cheap labor as they want, failure to secure our southern borders, and failure to regulate subprime mortgages, there are few jobs that will sustain the middle class. Adding insult to injury, our elected officials appear to be unable to tweak the oil industry and find out how it is manipulating the price of a barrel oil. Remember, the price of a barrel oil, is a far cry from the cost.

If we fail to come together collectively to solve what ails the country, one million homes in foreclosure is a drop in the bucket. And we ain’t seen nothing yet!

It means that foreclosures of homes (more than a million) are mainly due to job losses (more than a quarter-million in the first four months of this year). Job losses are due to bad economy that in turn is due to wasteful spending of tax money in the Iraq war that was voted by the senators including Hillary Clinton and John McCain and executed by the current administration. President Bush won election due to choosing Liebermann the then half hearted democrat as running mate of the democratic nominee for the presidential election. Liebermann has turned into an Independent and has promoted the campaign of McCain to be the republican nominee this time. So, Senator Barack Obama should be very careful to choose his running mate. There is a talk in the media that Hillary has the option to run for the president as an independent.

Shafi Alam
Austin, Texas
Now Tokyo, Japan

Well, since one of them is mine - an investment property that the loan never should have been approved on as it turns out - it means a lot. While I won’t be out on the street my once stellar credit rating is now in the toilet. It will take years to recover from the hit. No blame, my bad decision. We do, however, need to take steps to strengthen the underwriting standards for mortgage loans, and 100% financing ought to go away. It makes it too easy for people to make bad decisions since there is no price to pay at the time of closing.

It means that builderswanted to make a quick buck, and they kept making houses at a fast pace. Offcourse they did that because the demand was there. But the question is, why the demand was there? well, a lot of lenders and real estate agents were not checking closely to peoples backgrounds, and they were giving credits to anyone who had a social security number. Again, wanting to make the quick buck. Now builders here in Az are filing bankruptcy, the prices are going down dramatically, small businesses are closing, people are being laid off, and finding a job that has a decent pay, at least enough to pay your bills, they don’t exist. Then, banks and lenders don’t care about the people, they want their money, and this provokes foreclosure on your house.

It means it’s getting ugly out there, Jack. Between the economy and these elections, who needs to worry about global warming? It looks like it’s already the end of the world as we know it.

I wasa mortgage guy for three years, I am loosing my rental house and this guy is spot on…It’s partialy my fault and part the economy….regardless, blamming Bush for this is a joke. Greenspan left the rates to low, for to long and congress was not looking at the lenders…

I agree 100% with this guy!

Matt from Michigan

million homes in foreclosure points a sad finger at our national obsession with excess.

We don’t want to just own a home: We need to own a BIG home.

We don’t want just a TV: We need a 48″ plasma TV.

We don’t just want a car: We want a gas-guzzling, checkbook-draining status symbol.

And when our finances finally get stretched and pulled too far, we don’t want to just fess-up,admit our gluttonny, and tighten our belts: No, we want to blame George Bush and the rich-people-loving Republicans.

Spend like Democrats, then blame the Republicans for our self-imposed financial problems.

I wonder how Obama plans to change that!

It shows that “trickle down economics” really means tinkle-down on the middle class.
The GOP has been putting to the middle class for way too long; and yet that very group has kept them in power.
Duh….

It means that the Bush Administration, in conjunction with the neocons, has successfully redistributed the wealth of this country.

It means more people will be renting U-Haul trucks and moving, but not up. George Bush’s things will soon be sent across country back to Texas. Whew, am I glad. The sad part is that he didn’t move out of the White House soon enough and now millions more are having to move too. Should have invested in some Mayflower stock.

Its means we are in a “DEPRESSION,” and people of the Congress is ignoring it as our future President of the United States of America, BARACK HUSSIAN OBAMA and or JOHN MCCAIN.

Joe (Elkhart, Indiana)

I hate to say it, but this is nothing more than the entitled members of the DNC finally figuring out that they really weren’t entitled to the house that they couldn’t possibly afford. Of course, they can always hope that Obama will bail them out in exchange for their votes in november. That would be keeping with the Democratic ideal that we are entitled, but not necessarily expected to work or live within our means.

this shows that the lenders were so caught up in making money from people who they probably knew would not be able to afford the mortgage payments in the long run, it’s the greed from the lenders and the uneducated buyer to blame for the housing crises.

I have one feeling about the foreclosure crisis….This is scary.

It means we need a new and competent president, Jack.

It means that George Bush is STiLL president!!!

It means that Dame Edna’s now officially in better shape than the ecomomy. Never thought I’d live to see the day.

Here in Las Vegas the “Flippers” are being flipped! Good time to buy if you can qualify..

the federal government has to come up with another ingenious idea to bail out another “bear sterns”……. that might help.

It means I have to hurry and write this e-mail as the movers are taking my comput…….

Jack,

It means that the scruffy faced character from Bugs Bunny cartoons asking to “help a fellow down on his luck” will be our neighbors and family members sooner than later…

Jack, It means that American’s don’t know how to handle their money. The only person who is to blame are the people who take out loans they can not afford.

Forget Recession, we’re on a clear path to a depression with a new breed of ex-homeowners traversing the country in their vehicles looking for the jobs - the ones mostly illegals do - that once made them turn their noses up.

The new “Oakies” are on their way. And God help us all.

Jack,

No problem. One million isn’t much, if you live in the White House. Why bother?

PA

Jack, a million foreclosures shows that at least the war on the middle class is a going well.

John Cuprisin

It mean that officially AMERICA IS ON SALE- open house to all around the world who wants a piece. We all got George W Bush to thank. So consumed with Iraq that he lost sight of what was happening here at home. Mom says ” charity begins at home and then ends abroad” i guess for Presdident Bush he begins abroad and ends there. John McCain seems to share his seem views.

What happens? We all lose. Even if you don’t have an “alternative” mortgage, we have all lost value. For those of us who have to sell our homes for things like a new job or family emergency, its near impossible to do. This just forces more into then never ending spiral downward. The only solution is some sort of government action to force the mortgage companies to be more help than they have been.

All this has happened under Bush’s watch! It means this high school teacher dontated to Obama once, donated to Obama twice and the third time will be a charm. I told people in the 2000 election and the 2004 if any middle or lower class person votes for Bush they were idiots and would live to regret it. Looks like I called it right Jack!