And, that number is growing.
Who are they?
They are the victims and refugees of The Mortgage Wars.
A Horrific Credit-Debt Financial War that was crafted and executed right here on our own soil....in our backyard. Right under the well-paid noses of all of the checks and balances of our vast economic system. The blame lands fully on the greed barrons that we allow to have the privilege to serve our system.
They sucked the last life out of it with their bizarro investing products, exotic mortgages and trickery lending practices.
If you think that I am off on this, do some research on banks, subprime lending, the federal reserve and hedge funds. Most of them are/were tied to both sides of the mortgage grid. They made money on all aspects and pumped up the phantom equity in asset values. This makes junk bonds and Michael Milken look like kitty cats, compared to the voracious raptors that ripped through the system in creating the mortgage crisis mess. Lex Luthor would be jealous of their diabolic labyrinthine skills!
After the main course of chewing up your home equity: They strapped on the belt extender and went back to the buffet for seconds...and thirds.... The Gordos-Of-Greed ganged up on homeowners with their promises of super low rates now that they could refinance out of later before the adjustable.
MMMmmmm, yummy... greed is tasty ...your home .... your financial security ... your peace ... your well-being ... your family ... your dreams ... digested down into the great financial gullet!
Today - over 9,000 homes are going into foreclosure everyday and there are an average of 4 people per home that are now lost and seeking refuge.
There are an estimated 4.4 million people that are now in this growing population.
And, there is no sign that the number will drop.
On the contrary, that foreclosure population number is growing.
We have had the 6th straight quarter of record foreclosures reported.
Now, there are 1.5 trillion in serviced mortgage loans that are due to reset.
And, when they do...more foreclosures will be the result.
And, even more refugees.
I read in another post on the web that the borrowers that signed their mortgages should have known better. And, it was like being told by your parents to not touch a stove. You did it anyway, and got burned. So you learned your lesson.
I see it a little differently....
this was like being told by your parents that some of the stove burners are red hot ... some are somewhat hot ... some are a little warm ... not all of them will burn you. Avoid the ones that will burn you. Here, sign this piece of paper called a disclosure to verify that we warned you.
So, you were curious ... and appropriately naive ... you touched the stove anyway.
And your entire arm combusted into flames!
Oopsie, looks like you picked the wrong one.
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