Mister Eclectic (howeird) wrote,
Mister Eclectic

Underwater Adventures

Something didjiman said on his LJ which needs answering, but it's trending off-topic in that thread so I'll be a good netizen and clutter up my own journal with it instead.

He asked if I expected the problem of houses "underwater" to have been fixed in two years. My original comment on his page was not about underwater, it was about foreclosures, two very different things. But my short answer is I expected the foreclosure flood to be stopped by government action within 6 months of Obama's taking office.

Houses being worth less than what you paid for them is a paperwork issue. If you want to live in it, it doesn't matter what it's worth. Until you sell the house, it doesn't matter what it is worth compared to what you owe. And don't give me any arguments about home equity loans - your home is not a bank account, and if you treat it like one that's your own fault.

Foreclosures are simply the bank's decision to take back a house because you have failed to meet its payment schedule. A bank can choose to not foreclose, and the whole point of a bank bailout, I thought, was to give the banks the assets they would otherwise lose when they made the decision to not foreclose. Trillions of dollars. The banks took the money and continued kicking people out of their homes. A strong attorney general could have fixed that. Can anyone even name our attorney general? I can't.


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