Federal Reserve Documents: LIVE Updates

"Alot of the families being forclosed on shouldn't of had a house in the first place."

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You need to click on that link.

In addition to what you learn there, keep in mind three very important facts IMHO:

#1 - Many people who have been foreclosed on or who are about to be foreclosed on have lost their jobs, making it impossible for them to make mortgage payments.  When they were employed, they could make the mortgage, and that leads to the next really important considerat­ion...

#2 - Those people who you are blaming are no different than those who were bailed out with TARP monies for having taken a risk.  In the past decade, since Gramm Bliley Leach overturned Glass Steagle, the People, who have been losing economic ground for decades and have no knowledge or expertise in stock trading turned to the one investment venue left to them -- Real estate.  Home buying.  First time buyers were encouraged to purchase, and way above their means, because "real estate prices are rising faster than inflation"­, and "if you don't buy now, you'll be priced out of the market and will never be able to afford to purchase in your lifetime", and, "As the best predictor of future behavior is past behavior, and as the price of homes has been rising so fast, you'll be able to refinance your home in 2-5 years when that balloon payment is due, or you'll have gotten a COL raise in your wages, so this loan won't pose any problems for you".  

The government not only made this possible, the government WANTED this to happen.  Why?  Because with the People being robbed blind by Bush-Chene­y (wars not paid for, Social Security & Medicare and all social programs being set up for gutting due to Bush's tax cuts for the rich which require borrowing from China and Saudi Arabia and Japan), to keep them thinking that they're also getting a piece of the action, they saw their homes appreciati­ng in value and were able to take money out of them through refinancin­g (for keeping up with rising living costs, or remodeling­, etc.).

#3 - You somehow think that you're immune if these homes are foreclosed on.  You're going down, too.  We all are if what's in the pipeline happens.  It's like a trickle-do­wn, only not really -- it'll be a BLOWOUT.

Go to that link.
About Ben Bernanke
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