Comments on: Free Rent for All

By: ruaninvestor

ruaninvestor — Tue, 25 Jan 2011 09:57:01 +0000

The U.S.A., the only place in the world where it pays to be irresponsible.

By: How it all ends

How it all ends — Wed, 18 Nov 2009 02:25:53 +0000

[...] and through sales taxes into government coffers as well. Foreclosure Truth also estimates that 400,000 households in California are not making payments. The nationwide monthly filing are over 300,000 per month. While the [...]

By: Sean

Sean — Tue, 14 Oct 2008 00:01:25 +0000

It is a very conservative guess. We know that there are 280,000 properties in some stage of foreclosure from our own data. We also know that there are twice as many mortgages in default than in foreclosure according to the Mortgage Bankers Association. Finally we regularly hear stories of folks still in their homes long after the bank has foreclosed which we also don’t count.

By: Tom in RB

Tom in RB — Mon, 13 Oct 2008 23:54:22 +0000

Where is the 400,000 number coming from? I am not saying I don’t believe this is true. Just wondering how you arrived at this number.

By: RenoJim

RenoJim — Mon, 13 Oct 2008 23:27:42 +0000

If we completely forget that the banks put people in brand new homes with unsustainable mortgages, and they had absolutely no concern for the fact that they were loading up neighborhoods so that they had to colapse, and thus, dragging down the values on a great many home buyers that actually put $100,000 or more down… and even with that 20% down payment they are now dragged into foreclosure because of this debacle… then, we would have to overlook the fact that those innocent buyers might be able to stay in their homes and partially re-coupe their $100,000 investment by not paying approximately $30,000 in mortgage payments that they normally would have paid. But even at that… the good home buyer loses $100,000 to wreap the benefit of $30,000. Conversely… the buyer that put nothing down is just playing the suckers for all that he can… and the banks took that wrisk unwisely, that’s for sure, but they took that loss when they made the loan. Jim

By: Sean

Sean — Wed, 24 Sep 2008 03:37:01 +0000

Not that it is much consolation – but of my friends the debt free ones are far happier then the ones with all the debt laden toys. I think the current credit crunch might be a chance for folks to find out how great it is to be free of debt. Some may find that losing everything was the best thing that could have happened to them.

I do believe 30 year home loans make sense – as they make for a wonderful inflation hedge (house payment stays flat as rents go up over time). I also think debt to fund a business or education makes sense – as those things create future income streams that should offset the interest costs.

By: mae

mae — Sun, 21 Sep 2008 16:17:17 +0000

So while I’m paying incredibly high rent, the people down the street who remodeled their house and have BMW’s in the driveway are probably not even making their house payment? The U.S.A., the only place in the world where it pays to be irresponsible. What a sucker i am.

By: dp

dp — Mon, 15 Sep 2008 04:00:58 +0000

If anything it incentivizes others to default as well.

Completely agree. Politicians love plans that make good head-lines but are doomed for failure.

I mean, what sounds more noble than "saving homes from foreclosure"?