One of the tragedies facing many Americans right now is the loss, or potential loss of there home and everything they have invested in buying the home. In the popular imagination this is largely due to people who were not qualified being allowed to buy homes, but the reality is much more complicated. Many of those who got the dangerous sub-prime loans were qualified for prime loans without the difficult balloon payments. Often there credit was fine, but the bankers could make more money on selling the sub-prime loans. The consequences of the balloon payments have taken there homes and ruined there credit ratings. Others were barely qualified and cajoled into taking larger loans to by more expensive homes Many people with prime loans, who formerly were economically secure, have lost there jobs or substantial portions of there income and as a result are now behind on there payments. If unemployment stays at over 9% there will be more people still ...
A blog about life on the economic margins of America and the world. The writer will also share personal experiences,and comment on spiritual, economic, artistic and other matters including books, films and music. This blog is heavily influenced by the Catholic Workers Movement. Please share our posts and follow us by email or subscription.