Sub-Prime Fallout

classicman · 01-28-2008, 09:40 AM

60 minutes ad an interesting piece on the forclosure issue last night. Very interesting to learn that many of those homes, no % given, were because people CHOSE to default. They explained by saying that the value of their home had decreased so much that it made no sense to make such a large payment on a home the would never sell for as much as they paid for in the first place. They were "advised" to default on the loan. I was amazed at that.

Yes there are many who cannot afford to make the higher payments and they are losing their homes because of it, but it isn't every one.

01-28-2008, 09:40 AM	#1
classicman barely disguised asshole, keeper of all that is holy. Join Date: Nov 2007 Posts: 23,401	60 minutes ad an interesting piece on the forclosure issue last night. Very interesting to learn that many of those homes, no % given, were because people CHOSE to default. They explained by saying that the value of their home had decreased so much that it made no sense to make such a large payment on a home the would never sell for as much as they paid for in the first place. They were "advised" to default on the loan. I was amazed at that. Yes there are many who cannot afford to make the higher payments and they are losing their homes because of it, but it isn't every one. __________________ "like strapping a pillow on a bull in a china shop" Bullitt

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