23 Oct 08 Commenting on the Mortgage Meltdown
First the “subprime mortgage meltdown”, then the foreclosure crisis, next the government announce the $750 billion dollar bailout and finally the stock market tanks. After watching the 3 presidential debates and listening to a few of their mortgage foreclosure speeches, in which both candidates promised financial assistance to homeowners while blaming the “big banks”, I realized – this country is in denial. Like an alcoholic claiming “they just like a few glasses of wine with dinner”, Americans have a spending problem. Think about it – every year credit card debt breaks the previous year’s record and somehow people who don’t even have jobs are watching big flat panel TV’s and walk around in expensive “name brand shoes.”
According to mortgage data, debt to income ratios continues to rise while the average incomes for Americans have actually been declining slightly. After a decade of lavish spending, 2006 will be the year remembers because the mortgage companies started going bankrupt and the housing bubble finally bursted. Home values have continued to drop rapidly because so many homeowners had adjustable rate mortgages and mounting credit card debt that they could no longer afford. Homeowners no longer had the luxury of refinancing the home loans and unsecured debt and people began losing their homes. The lending tightened with a credit crunch and it has ultimately become a foreclosure epidemic of the greatest proportion since the Great Depression. The problems swam upstream and now the banking institutions began to fail because with the increasing home loan defaults created a liquidity problem that prevented banks from lending to each other. > Read Full Complete Article. – by Bryan Dornan
09 Oct 08 Welcome to the Bryan Dornan Blog!
Welcome to the Bryan Dornan blog for SEO, lead generation and search marketing services! Whether you internet marketing assistance or want to discuss the Lakers or getting shacked in Baja, I am here to assist you.
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