Sunday, March 16, 2008

Wall Street Killed The Unions - The Home Owner Union Returns the Favor

I have always encouraged groups with common interests to band together as a negotiating tactic. Be careful of what I ask for. Greedy CEOs have used chronic marketing of credit to allow rabid resource consumption to achieve instant gratification has finally reached its melt down phase. You may not believe in global warming, but one can bet if this trend becomes a tidal wave, then the whole system comes down. True or False?

The Housing Bubble Blog
The San Francisco Chronicle reports from California. “Foreclosure used to be a last resort, something that hard-pressed homeowners would scrimp and plead to avoid. But some are deliberately choosing foreclosure as an early option. ‘It’s throwing good money away after bad’ to pay an escalating mortgage on a home that’s plunging in value, said Army Sgt. 1st Class Nicklaus Skaggs of Vacaville. He and his wife, Tishara, stopped paying their mortgage in February.”

“They have no regrets about their decision. ‘I feel like the pressure has lifted off my shoulders; before I was trapped,’ said Nicklaus Skaggs. ‘In the long run, I think this is the best financial solution. I have to do what’s right for my family. I don’t care if someone judges me. I certainly wouldn’t put my family in a position to lose $150,000 if I can help it.’”

“A Discovery Bay man who asked not to be identified said he is ‘upside down’ on his house by about $260,000. Instead of bemoaning the situation, he plans to capitalize on it.”

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