US mortgage crisis threatens tenants – 6 Dec 08
Filed Under (News) by admin on 22-11-2009
AlJazeeraEnglish asked:
The mortgage crisis that helped trigger the US recession is hurting more than just home owners. An increasing number of tenants are being forced out as well. That is because once the banks take possession of a home, they evict whoever is in it – even if they’ have never missed a month’s rent. Al Jazeera’s Tom Ackerman reports on the plight of one such family in the Midwest state of Indiana.
This is what happens when you want a big house and can’t pay for it. Most of these families take out loans with no intention of paying them back, when they can’t afford payments, there goes the house in foreclosure. Banks should have forseen this when lending money to losers.
Everyone predicts that this crisis will be over in 2-3 years. LOL! Try 10-20 years! When real estate was booming at a fast rate I knew for a fact that the balloon was going to bust! None of my friends listened to me and all went on bought homes. Now 2 of my friends lost their jobs and the others are skating on thin ice! I knew it was a scam from the begining. My grandfather taught me one important lesson in life n he said ” if it smells fishy it is fishy!”
Thankyou for the insight and real news AlJazeeraEnglish.The crisis is getting worse. I live in PA,USA. I look across the street there is a foreclosure, you can’t even walk down a block you see for sale signs in yards. In the video you would think the bank would let the people stay since the guy does work and can pay.
most of these replies are some of the posters who have posted on the yt
I have to agree with you there.
I feel your pain, I feel their pain, I wished there was someway i can help the poor families.
hmmmm this is intersting. I never known this was going to happen.
I have to tell you this, I am not going to sit by and let you run down my country because of its financial conditions. USA has taken care of the dictatorship of Saddam Hussein. Now you have a Republic of Iraq now in standing. Its rebuilding up slowly with time. Remember, Time heals.
In america people have no families. The allmighty dollar is the americans’ god and family. You think USA is Europe? Think again. USA is the biggest shithole money oriented nation on earth; that’s why they are where they are today. Alone and hated.
Unbelievable. Where the hell are their family members? Mother/father? Brothers/sisters etc.. how can u let them live like this? Shame on you relatives..Family is numero uno!
N W O, is now, why do the banks not rent them out, no they chose to let the houses rot, the banks are a big part of N W O….get ready for the F E M A camps!!
I feel so sorry for this poor family – and millions of families like them all across the country.
I hope that everyone responsible for creating this housing crisis pays through the ass for what they’ve done to these struggling families.
Capitalism didn’t cause this economic crisis.
THE U.S. GOVERNMENT, WALL STREET & MANY GREEDY AMERICANS did.
The U.S. government changed the banking & mortgage laws many years ago – making it possible for Wall Street banks & the real estate industry to peddle these unaffordable “prime” mortgages to the American people.
And many Americans took the “prime” mortgages – even though they couldn’t afford them in the long run.
Capitalism works. Greed and short-sightedness doesn’t.
It would be nice if they could assume the mortgage…
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Really?Is that all you can contribute?You must be a dinosaur,a McCain Palin supporter & narrow thinking beer weakened man. Tatoos? Piercings?Mama pays your rent.Your cigarettes sink & news means nothing other than a place to stage your ignorance.Surface clinging people see nothing beyond their own insufficent value as a part of a meaningful community.
This is the family that this is about. It does suck that we were paying the landlord money and he didnt pay the mortgage. It can happen to anyone BLACK or WHITE. We are just like everyone else trying to make it. We are just thankful and blessed we have somewhere to go, as a family. If you want to know more about us you can go on our myspace page and type in William$Alason, there you can see more pictures and how we are just a normal family trying to make it!!! Thank you for seeing our story.
Lol, it’s pretty funny to read all these commments.
Actually, I’m the Brother of the Mom, and Uncle of all the children.
I feel terrible for them, but I’m glad they’re somewhere safe, staying together.
Damn never knew 1 man (Mr. Bush) could cause all of this trouble to America. Tough times man, tough times.
and its just going to get worse! paulson and others should be hung in public!!!
both.
these banks are assholes! sell these houses for what they are worth!!!! so u lose some money but they get enough money from the governemnt to make the differnce. this is retarded. you cant keep proping up these prices, the bubble popped let the prices go down. they arent following a free market. prices come down sometimes. look at oil. these guys are stubborn.
are those kids white or black?
Bush screwed us all…okay, okay, I know – not the top 5%!
jobless fuck kiss my ass
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