Tuesday, September 23, 2008
Sub-Prime Mortgage Meltdown - Lives Ruined Equity Lost
Today, George W. Bush holds the shot gun to our heads and mocks: “There will be ample opportunity to debate the origins of this problem" as he demands that Congress acts fast as he rewards the banks that implemented the dynamics of his "Ownership Society”.
Watch this video on youtube and pay special attention to the "Bush 2004 Campaign Ad - Ownership" and see how we got to this point. While you are watching look at "McCain has flip flopped on every issue" and "McCain's Contradictions and..." to see why he's no different to George W. Bush but a carbon copy.
Email, write, phone your Congressman and tell them that "You do not Approve George Bush Pork Barrel Action plan" to use your money to give his cronies a hefty handshake. Don't let these people read and spell for you, think America, this is serious. If a C-average student and another one that was 894 out of 899 in his class can understand it, so can you - use your common sense.
This CNN investigative video clearly shows how the sub-prime mortgage meltdown played out in the real world and impacted on real people lives.
People's lives are in distress and their homes are auctioned on the court house steps of Atlanta. Sub-prime loans were given to people to buy homes without full disclosure that these adjustable-rate mortgages would reset at much higher interest rates.
These sub-prime loans start out with very affordable fixed-rate terms for two or three years. At the renewable dates, rates suddenly jumped by 3-percentage points or more and then re-adjusted in six months to a year at even higher rates. For example, a $200,000 mortgage would reset and add nearly $400 to these poor people's mortgage payment.
These people were doomed from the start but where is their bail-out package? If these are the people responsible for sinking homeowners into despair, why are we now helping them so they can start over?