bostonbubble.com

[Hard Rain]

http://www.boston.com/news/local/articles/2008/03/30/owners_of_hub_homes_get_a_lift/

Details on today's victims featured in the Boston Globe:

Ms. Brown bought her home for 99k as a foreclosure in 1998 using a 96k mortgage, great, a place to live with a payment she could afford. Unfortunately it doesn't end there, it never does. She continually pulls out free, unearned, fun money using the usual suspects; Freemont, Ameriquest and Countrywide. In 2006 she refinances with countrywide agreeing to a 320k mortgage with an initial 2,337 dollar monthly payment. With a stated income of 40k three quarters of her yearly income was required for the mortgage payment alone.

Mrs Delacruz purchased her Hyde Park home in 2005 with no money down and grabs a quick 50k cash a year later by refinancing.

Mrs Anderson with the help of loose lenders and Wall Street gets a home she has no way of paying for, because and I quote “I wanted a house”, and why not it's the right of every American to own a home whether they can afford it or not.


Fear not folks, with your tax dollars and the leadership of John Kerry these people will not suffer, prices will not fall, and you will never own a home....

“Senator John F. Kerry, who dropped by yesterday's forum, said he was working to secure $10 billion for states to use to help first-time home buyers and prevent foreclosures”