Bloomberg TV: 7 Million U.S. Properties Are Underwater

7 Million U.S. Properties Are Underwater

Jan. 28 (Bloomberg) — Graham Fisher Managing Director Josh Rosner discusses Fannie Mae and Freddie Mac allowing one-time borrowers to walk away from homes. He speaks on Bloomberg Television’s “Market Makers.” (Source: Bloomberg)

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3 Responses to “Bloomberg TV: 7 Million U.S. Properties Are Underwater”
  1. kate says:

    Bobbi – Bloomberg sold out long ago as did many other (news) agencies. This is the government’s way of a “fix”. The banks created this bubble. Get as many homes as possible to put back on the market with a lower more realistic value. The new buyers reap the benefits of realistic home prices, therefore bringing down the inflated values of all homes, the banks made out like bandits and the government won’t piss off people by reducing the principal for “deadbeat” homeowners. Everyone walks away happy except the original homebuyer and the investor. The worst part is seeing how many people just simply buy in to whatever they they are fed by the media. That’s exactly how sheep get led to the slaughter.

  2. Bobbi Swann says:

    @ Kate – Your hearing is fine and your reasoning is perfect!!!! This video is sickening. Considering Bloomberg I cannot believe these two reporters reacted like this was such a good thing. Has Bloomberg finally given in to the mass media way of thinking????

  3. kate says:

    Let me rephrase what I think I just heard but really can’t believe I heard what I heard:

    1. We want your house and our patience is running out, damn it, because somehow you are still making the payments.

    2. We don’t want to face the expenditures and time to wait until you stop paying and foreclose; we want to speed up the process and have you agree that it is a good idea for you to just WALK, or as we the bank would prefer, RUN away and just leave the house clean and in good condition and politely agree we can have your home. Do not be foolish and think that you will get a modification or a reduction of principal. When we re-sell your house for a much lower price, the new buyers will reap that benefit completely unearned.

    3. For this “sweet” deal, we will promise not to prosecute you or try to go after any more money from you. However, becuase you have somehow managed to make your payments this long, while we have patiently waited for you to default, the time has come to put this silliness to rest so you can move on (and get on with your crummy little life).

    4. Because of number 3 above, and that we were not able to just take your home because you were making these ungodly payments, your punishment will be that we will make sure your irresponsible behavior regarding money does not go unrecognized. We will make sure that we report your walking/running away from your mortgage is reported to the credit bureau, thereby completely wrecking your credit for many years to come making it difficult to even find rental housing. However, that being said, we the bank and government feel that this will be sufficient punishment for the PROBABILITY that you will eventually stop making your mortgage payment. As Mr. Moynihan of Bank of America announced yesterday; “there is going to be a new Bank of America that will focus on fantastic customer service”.

    P.S. We would love to see a big smile on your face when you turn over your house and we then blast your credit to oblivion, so we know that our new “customers first” campaign is showing signs of success as well as the sucess of our best buddies, Fannie and Freddy.

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