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America is in trouble. People are willing to lose their homes than pay for them.
"Bloch paid $385,000 for the two-bedroom in 2006, when prices were still surging. Comparable homes are now selling in the low-$200,000s. At 66, the retired psychologist doubted she'd see her investment rebound in her lifetime. Plus, she said she was duped into an expensive loan.
The way she sees it, big banks that helped fuel the mess all got bailouts while small fry like her are left holding the bag. No more.
"There was not a chance that house was ever going to be worth anywhere near what my mortgage was," said Bloch, who is now renting a few miles away after defaulting on the $310,000 loan. "I haven't cheated or stolen."
Banks that caused the problem, Fannie and Freddie that created the problem, all got bailouts and made "whole".
Now decent people are saying enough. And walking away.
Our society is disintegrating before our eyes. The collapse of our economy will happen, the only question now is when.
More...
"Bloch paid $385,000 for the two-bedroom in 2006, when prices were still surging. Comparable homes are now selling in the low-$200,000s. At 66, the retired psychologist doubted she'd see her investment rebound in her lifetime. Plus, she said she was duped into an expensive loan.
The way she sees it, big banks that helped fuel the mess all got bailouts while small fry like her are left holding the bag. No more.
"There was not a chance that house was ever going to be worth anywhere near what my mortgage was," said Bloch, who is now renting a few miles away after defaulting on the $310,000 loan. "I haven't cheated or stolen."
Banks that caused the problem, Fannie and Freddie that created the problem, all got bailouts and made "whole".
Now decent people are saying enough. And walking away.
Our society is disintegrating before our eyes. The collapse of our economy will happen, the only question now is when.
More...