Post by The Great Aztec Joe on Aug 15, 2010 7:22:06 GMT -8
The delinquency rate on home equity loans is higher than all other types of consumer loans, including auto loans, boat loans, personal loans and even bank cards like Visa and MasterCard, according to the American Bankers Association.
Lenders say they are trying to recover some of that money but their success has been limited, in part because so many borrowers threaten bankruptcy and because the value of the homes, the collateral backing the loans, has often disappeared.
The result is one of the paradoxes of the recession: the more money you borrowed, the less likely you will have to pay up.
Folks, not only are primary home mortgages delinquent and defaulting all over the nation (Mostly in California, Nevada and Florida.), but Second Mortgages are defaulting and Home Equity lines of credit are defaulting.
The rich sons of bitches who could afford all of the secondary loans are probably all Fat Assed Republiscam Tightwads (FARTs), and they will have enjoyed all the pleasures that money bought (vacations, new cars, fancy restaurants and all that $#!+), and now those arseholes are going to just walk away and let the taxpayers pick up the tab for all their extravagance and ostentation.
I think legislation should be passed to find a way to make the FARTs repay the government. At the very least the taxpayers should be able to garnish the FARTs social security payments if not their offshore trust funds or hidden bank accounts.
Lenders say they are trying to recover some of that money but their success has been limited, in part because so many borrowers threaten bankruptcy and because the value of the homes, the collateral backing the loans, has often disappeared.
The result is one of the paradoxes of the recession: the more money you borrowed, the less likely you will have to pay up.
Folks, not only are primary home mortgages delinquent and defaulting all over the nation (Mostly in California, Nevada and Florida.), but Second Mortgages are defaulting and Home Equity lines of credit are defaulting.
The rich sons of bitches who could afford all of the secondary loans are probably all Fat Assed Republiscam Tightwads (FARTs), and they will have enjoyed all the pleasures that money bought (vacations, new cars, fancy restaurants and all that $#!+), and now those arseholes are going to just walk away and let the taxpayers pick up the tab for all their extravagance and ostentation.
I think legislation should be passed to find a way to make the FARTs repay the government. At the very least the taxpayers should be able to garnish the FARTs social security payments if not their offshore trust funds or hidden bank accounts.
