Ten Million American Families Sliding Towards Foreclosure

Sherwood Ross

Infowars.com


November 8, 2011

 

Of the 55-million families with mortgages, 10.4-million of them “are sliding toward failure and foreclosure”—a tragedy that will depress the U.S. housing market for years to come, a result of too many houses for sale and too few buyers.

 

That’s the blunt conclusion of distinguished economics journalist William Greider, to be published in an article in the November 14th issue of The Nation magazine.

 

America’s “Economic recovery will have to wait until that surplus (excess houses) is gone, because the housing sector has always led the way out of recession,” Greider says. “The more housing supply exceeds demand, the more prices fall. The more prices fall, the more families get sucked into the deep muddy. The vicious cycle is known in the industry as the death spiral. So far, there’s no end in sight.”

 

Greider says the solution is to forgive the debtors: “Write down the principal they owe on their mortgage to match the current market value of their home, so they will no longer be underwater. Refinance the loan with a reduced interest rate, so the monthly payment is at a level that the struggling homeowner can handle.”

 

Forgiving the debtors is the right thing to do, Greider continues, “because the bankers have already been forgiven. The largest banks were in effect relieved of any guilt for their crimes of systemic fraud or for causing the financial breakdown—when the government bailed them out, no questions asked.”

 

Far from a show of gratitude, Greider notes the response of the banks has been ugly. “Right now, these trillion-dollar institutions are methodically harvesting the last possible pound of flesh from millions of homeowners before kicking these failing debtors out of their homes—the story known as the ‘foreclosure crisis.’”

 

The largest and most powerful banks are standing in the way of the solution and the Obama administration “is standing with them,” Greider adds, “because bankers and other creditors would have to take a big hit if they were forced to write down the debt owed by borrowers. The banks would have to report reduced capital and their revenue would decline if homeowners were allowed to make smaller monthly payments.”

 

http://www.infowars.com/ten-million-american-families-sliding-towar...

Views: 430

Comment

You need to be a member of 12160 Social Network to add comments!

Join 12160 Social Network

Latest Activity

Profile Icon via Twitter
RT @CMU_420: For #NPC s ... the Struggle is REAL! https://t.co/inGf4gEdzv
Twitter16 minutes ago · Reply · Retweet
Profile Icon via Twitter
Twitter16 minutes ago · Reply · Retweet
Profile Icon via Twitter
RT @Timcast: 33,000 dollars.... THIRTY THREE THOUSAND Damn, Peterson putting his money where his mouth is https://t.co/RTQMNGzLfp
Twitter23 minutes ago · Reply · Retweet
cheeki kea favorited Gralton's photo
44 minutes ago
Profile Icon via Twitter
RT @CMU_420: -- Video - WhY yOu GoTtA bE sUcH a RaCiSt? - Salmon Andy @lifesmavrek #WomensMarch2019 https://t.co/KYVB1EqyuL
Twitter54 minutes ago · Reply · Retweet
cheeki kea commented on Raz Putin's blog post Attention all you aging Vampires: "Creepy Startup Selling Young People's Blood to the Rich Now Accepts PayPal"
"Good point MG, Blood donors in my zone get nothing more than a cup of tea and a chocolate biscuit. Donors are motivated to give to help others in dire need, believing they are doing that. I've set the record straight though and said it's…"
1 hour ago
cheeki kea commented on Boris's video
2 hours ago
Boris commented on Boris's status
"This GUY !! - Women's March - Video - #WomensMarch2019 - Salmon Andy @lifesmavrek"
3 hours ago
ron proul favorited Chris of the family Masters's discussion Alert to all Americans: Prepare for emergency action in the 3D world… the orchestrated assault on your mind, your country and your president is approaching its final chapter
3 hours ago
Deep Space commented on Deep Space's blog post Off The Deep End - 'Deep Space' Free-Flow Thoughts (An Ongoing Eruption)
"You wanna know what freaks me out more than 9/11? It's people who witness three obvious controlled demolitions & blame Saudi Arabia for it while giving israel a pass."
3 hours ago
Deep Space commented on Deep Space's blog post Off The Deep End - 'Deep Space' Free-Flow Thoughts (An Ongoing Eruption)
"That was almost two decades ago & if I tell anyone that 9/11 was an inside job they look at me like I'm crazy. Brainwashing apparently works. I have to acknowledge that fact. Something can happen right before your own two eyes & CNN can…"
4 hours ago
Deep Space commented on Deep Space's blog post Off The Deep End - 'Deep Space' Free-Flow Thoughts (An Ongoing Eruption)
"18 years later & still most people have no idea what a controlled demolition looks like. WTC 7 - Side by Side Comparison to Controlled Demolition "
4 hours ago
Deep Space commented on Deep Space's blog post Off The Deep End - 'Deep Space' Free-Flow Thoughts (An Ongoing Eruption)
"18 years later & still most people have no idea what a controlled demolition looks like. "
4 hours ago
Doc Vega commented on Doc Vega's blog post 411 More Strange Disappearances in National Forests and Parks Part V
"Gralton, I agree with you. I think Dave is genuine and has the credentials to prove it. I think a lot of these disappearances are heart breaking."
4 hours ago
Ted X commented on Boris's status
"White women who participate in such marches deserve to be genocided.  The Laws of Natural Selection grantee the genetic improvement of the Aryan Race as a result."
4 hours ago
Raz Putin replied to Raz Putin's discussion Reuters:"Johns Hopkins, Bristol-Myers must face $1 billion syphilis infections suit"
4 hours ago

Please remember this website is supported by your donations...

© 2019   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2015 - all rights reserved. unless otherwise noted