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Forecloseure Coverage On CNN and Lou Dobbs Rants About It

submitted by marinara

1 decade 6 years 11 months ago

Politics

Andrew Jakabovics of the Center for American Progress tells CNN's Lou Dobbs Tonight that according to a recent CAP study, 38% of new home loans are underwater -- in other words, the mortgages are worth more than the houses. Dobbs' commentary after the report skewers the Bush administration's response to the housing crisis.

3 Comments

holy crap, does Dobbs do this a lot? He sounds (and looks) exactly like Pat Robertson, just free-wheeling off on his own unscripted opinion.

As an optimist, it sounds like a buyers market out there!
Maybe I'll break out of the apartment cycle sooner rather than later... if I can just get a good mortgage rate...

Comforting the afflicted, and afflicting the comfortable. AWESOME.

Support helping people so they don't lose their homes. Thought they have to figure out how to fix the crazy bubble in housing prices.

When a person realizes that banks operate on fractional lending, and that when the house forcloses they become the owners of the house, it's almost as if they bought the house for nothing, and made a few grand on top of it while the previous owners could afford the mortgage payments.

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