Interesting Article on the housing crisis

[bjl584]

Homeowners who just walk away - MSN Money

[jIM_Ohio]

The costs of the second and third house were quite high.

We don't need to protect people from their own stupidity, we just need a way to profit from it.

Capitalism at its best.

[Spud]

In California, YouWalkAway charges homeowners $995 to guide them through the process. ("If you are walking away from more than one property, the second property is half price," the company's Web site says.) YouWalkAway has sold its advice to about 1,000 customers and has opened operations in 11 other states: Arizona, Colorado, Connecticut, Florida, Illinois, Nevada, New York, Michigan, Ohio, Oregon and Washington.

Nice.

[BillsGirl]

who the heck is the IDIOT who approved a $370k mortgage for a man who makes $40k a year???? A blind man would have seen that one comming 20 years before it hit!!!!

I agree that we don't need to protect people from their own stupidity, but unfortunately THEIR stupidity has affected everyone!!!! Because of these foreclosures people are buying houses for less, and thus everyone has to reduce prices just to keep up! Now we are marketing up against banks!
It's SICK SICK SICK SICK!!!!!!!!!!!!!

Okay It;s really sad too! Cause before I wouldn't have cared but now we are seeing what the reality of this loooks like, we bought our house for $100k UNDER appraised value, and yet a realtor just told us we couldn't even sell it for that price, we'de have to sell it for far less.