Debtor's Dilemma: Pay the Mortgage or Walk Away

Well, in the post immediately preceding this one, we see that there are people whose financial situation is such that they have to [The Burning Questions]worry about eating between getting their monthly food stamp allotment.  That’s not the full story of the financial crisis as we’ve another group of people who, while not needing to concern themselves with food stamps, nevertheless seek to place themselves on the government dole... Read More

The "ARM" and leg that's not being talked about

Over the past couple of weeks there have been a few headlines about housing prices and home sales increasing along with an overall economic recovery.   The so-called economic recovery is fragile and bifurcated in the sense that Wall Street is having a party while the regular folks worry about having jobs and covering the mortgage.   The headlines are deceptive and as bad as things are, they’re set to become much worst. ... Read More

Houses for $ 500 in Detroit, but no takers

They’re auctioning houses in Detroit for $ 500 and still have no takers.  It’s almost as if something like Katrina has hit Detroit.  This article is from Reuters. Detroit house auction flops for urban wasteland Photo By Kevin Krolicki DETROIT (Reuters) – In a crowded ballroom next to a bankrupt casino, what remains of the Detroit property market was being picked over by speculators and mostly discarded. After five hours of calling... Read More

Financial Crisis Addresses Skewed Income Distribution

A big issue over the past decade has been the skewed income and wealth distribution here in the US.  It appears that the financial crisis has contributed towards mitigating this as the wealthy have lost big money over the past year.  This in from the New York Times Rise of the Super-Rich Hits a Sobering Wall Chris Richards for The New York Times John McAfee is auctioning off this property in New Mexico to pay bills. His worth has fallen to about... Read More

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