NW-Bound
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- Jul 3, 2008
- Messages
- 35,712
On another thread, I wondered how the American Dream became the American Nightmare.
The AARP bulletin (Oct 2008 ) I just received has an article on the new homeless - "ordinary" middle class people who are now sleeping in their car. With all the recent turmoil and more bad news promising to come, of course I got interested.
So, I immediately read this article, which posts a picture of a surely ordinarily looking middle-class woman and a city social worker, sitting on the tail gate of her SUV parked at a city park, where she spends her nights.
"I figured I'd always have money", says the woman, 55, who preferred to remain anonymous and recently owned two homes worth nearly $2million. "I never dreamed this woud happen". Unable to sell her homes or shoulder the $10,000-a-month mortgage payments, she declared bankruptcy in 2005. A year later, she lost both properties, becoming an early statistic in America's foreclosure crisis.
What? What was she doing with two expensive homes? By the way, she lives in Santa Barbara, CA. So I reread the preceding paragraph, which explained all.
No one knows she is homeless - not her coworkers at the coffee shop where she earns $8 an hour nor her colleagues at the real estate firm where she spends time each week trying to rebuild a business.
So, this woman was a realtor, trying to flip homes. Obviously, she did not have much equities in these two houses, because she had a tough time unloading them, even in 2005, way before the bubble burst.
Good grief! This is no CRA home mortgage, I don't think! What banker lent her money? Did the guvmint make her banker lend to her?
The AARP bulletin (Oct 2008 ) I just received has an article on the new homeless - "ordinary" middle class people who are now sleeping in their car. With all the recent turmoil and more bad news promising to come, of course I got interested.
So, I immediately read this article, which posts a picture of a surely ordinarily looking middle-class woman and a city social worker, sitting on the tail gate of her SUV parked at a city park, where she spends her nights.
"I figured I'd always have money", says the woman, 55, who preferred to remain anonymous and recently owned two homes worth nearly $2million. "I never dreamed this woud happen". Unable to sell her homes or shoulder the $10,000-a-month mortgage payments, she declared bankruptcy in 2005. A year later, she lost both properties, becoming an early statistic in America's foreclosure crisis.
What? What was she doing with two expensive homes? By the way, she lives in Santa Barbara, CA. So I reread the preceding paragraph, which explained all.
No one knows she is homeless - not her coworkers at the coffee shop where she earns $8 an hour nor her colleagues at the real estate firm where she spends time each week trying to rebuild a business.
So, this woman was a realtor, trying to flip homes. Obviously, she did not have much equities in these two houses, because she had a tough time unloading them, even in 2005, way before the bubble burst.
Good grief! This is no CRA home mortgage, I don't think! What banker lent her money? Did the guvmint make her banker lend to her?