“Once a nation of homeowners…”

From Reuters…

“Once a nation of homeowners, U.S. turns to rentals”

The percentage of people who own a home dropped to 65.9 percent during the second quarter — the lowest since the first quarter of 1998. That was down from a peak of 69.2 percent reached in late 2004, according to the U.S. Census Bureau, when lax lending standards were fueling home sales.

The change appears to be gaining momentum.

“Even in cases where it might make more financial sense — or it might actually be cheaper on a monthly basis to own a home rather to rent one, a lot of people are not making that purchase,” said Oliver Chang, head of U.S. housing strategy at Morgan Stanley.

“The trend that we’re on is going to continue,” he added.

Next… “Once a nation of renters, U.S. turns to tents.”

And next… “Once a nation of campers, U.S. turns to cardboard boxes.”

And… “Once a nation of shanty towns, U.S.turns to litter boxes” or whatever.

Lookin’ forward to four more years of Obama and his Republican playmates!

New mortgage trap increases taxpayer risk, if it works!

Feeling distressed about mortgage payments?  The government would like to help.  Just press the little red button.


Who is HAMP Helping?

h/t to Huffington Post

This will be relatively short as my outrage meter seems to be peaking again.

As the next wave of defaults is churning its way through the prime mortgage market our saviors in Washington have come up with a new way to scam the general populace. Its called bailing out the banks, part II.