HELOC LOANS WORTHLESS

12debt.html?_r=1&ref=business EDITOR’S NOTE: It is ironic how reality eventually catches up with illusion. While we have been pounding on the issue of principal reduction as the only realistic way out of the recession, and while the financial industry has been busy convincing people that principal reduction is somehow immoral, the contraction of home prices back [...]

Mortgage Meltdown: Enough Distress to go Around

It is hard to compute the total damage to everyone, but it seems pretty clear at this point that EVERYONE is effected. Every government agency involved with real estate taxes, and government service funded by real estate taxes, every homeowner who sees his home equity decline, every neighborhood that turns into a “deferred maintenance” junkyard [...]

Mortgage Meltdown: The High Cost of Racism

There are lots of things we do as human beings that are counterproductive in the sense of preventing ourselves from getting what we want. One of them is racism. Whether you harbor some small or large negative feeling toward one race or another consider this: Negative red lining: In order to carry off the largest [...]

Irrational Economics: What You Should know About Money

Gambling establishments know it, amusement parks know it, retailers know it — anything that separates your perception of spending your own money from the reality results in your spending more. And in the case of the American consumer, we are spending consistently more than we earn and more than we could ever pay back.    [...]