OMG-Paulson on Cspan: 108 million mortgages going to reset over next 2 years

[kelligesq]

108 MILLION homes with the subprime mortgages that people will not be able to pay
when they reset higher....land besides they wont be able to refinance either.

Foreclosures of 108 million houses??????

And we are not going into a depression?

I know somebody whose mortgage reset, guy with wife and 5 kids, hardworker, a cabinet maker, got suckered into one of those 2 year arms at $1500 a month. Just
reset at $1900 a month. He thinks he's going to lose the house, cant pay it.

boooosh spoke today before Paulson. Now I know why Gold went up to $913.oo an ounce today. every time boooosh opens his mouth the dollar goes down and gold goes up

$913 is the highest its ever been in history.

[Viva_La_Revolution]

1. All those houses won't be foreclosed, but the one's who do manage to make the payments

will have to pull that money from somewhere else... The Economy.

So yes... it's going to get very, very bad. :(

[jlake]

2. Not all of those houses will be forclosed. Adjusted for inflation, gold has a high of $2200/ounce

we are far from that.... we are in tough times, but not careening towards a depression.

[kelligesq]

4. what does that mean "nominal high of $2200" ? please

:duh:

[jlake]

5. adjusted for inflation. In 1980 Gold was equal to $2200/ounce in today's dollars

[kelligesq]

8. I dont think we can figure that way. My first car gas was .35 cents a gallon, so

would I figure how much I should be paying for gas by inflation now?

naaah.

[jlake]

10. Well, that is the way it is measured.....

[kelligesq]

11. uh - jlake - who measures it that way ?

for what purpose is it measured that way...to measure inflation..but not say
it would really cost 2200 surely. Doesnt make sense

[jlake]

13. Anyone who measures the true worth of something has to take inflation into account.

There is a cost to money. It does not make sense not to adjust for inflation because you are comparing apples to oranges.

[RUMMYisFROSTED]

6. Nothing at all.

[angstlessk]

3. wait just a dern minute..we are a country of 300 million and 108 million

homes are under the gun..how many people live in each home??? seems to be 3/4 of the nation is in deep doo doo?

[kelligesq]

7. I think we're 350 million but not everyone owns a house, so

if 50% own homes (I dont think it's that high though) 175 million and 108

million are going to reset??? No matter, it's an awful lot of population going to be in trouble or on the streets. Again I'm saying this is like 1929 when people lived on the streets and in camps and sold apples on the street - no jobs

FDR made all those programs to make safety nets for people so it could never happen again'

Boooooosh and the thugs since Reagan have been doing their best to undo everything FDR put in to save people..that's why privatizing social secuirty and puttin gthe money in the stock market. Can you imagine after seeing the market drop 600 points today what would happen to the people whose social security was in the stock market?

guess we could google statistics of homeowners in America

[angstlessk]

9. That is if only one person lives in each house...if the average family is 3

108 x 3 = ??? sheesh!

[kelligesq]

12. That is an awful lot of people - here in Florida even multi million

dollar houses and 500,000 housee are going to foreclosure. So that is higher earnigs people.

House next to me is in foreclosure too, and 30 houses (about 12%) in community are empty and others up for sale , nobody buying

[demnan]

14. When I bought my condo in 2004

All informed sources were saying this. I was a single woman and first time home buyer and I had an honest Mortgage company and the guy told me to come back and refinance my adjustable in 2 years. I read a lot and I refinanced after the first year instead, in 2005, because of what I had read and got a 5.5 fixed rate mortgage on a not inflated as much rate on the condo. Good thing too as I lost my job and had to go down $25K in salary. This saved me or I would be back in an apartment now.

If I had not been really vigilant in observing these things, I would be in the foreclosure area now. The thing I want to stress to all is really, really, really pay attention to your loans and the financial things. It's horrible that we have no one to look out for us. The government is basically against us in health care, mortgages, etc. So my point is that in these bad times we must educate and help each other to realize what is going down. The housing fianance meltdown should be no surprise to anyone who really investigated things or looked at DU or other websites over the last few years. People on DU helped me by educating me and I'm grateful for that.

So let's stand together as we can. It's going to be a bad situation all around, we should help and educate people if we can do it as knowledge against this disaster is the only weapon we have.

[kelligesq]

15. Sadly so many people wouldnt listen and fell for the subprime mortgage pushed at them- You're

very lucky.

This is my third house and I would never take anything but a fixed morgage.

Just heard a report on tv that housing is expected to fall to 25% of their appraised value.

Shudder.