Children are the biggest victims of the current housing crisis

Children are the biggest victims of the current housing crisis

In 2008 - Wall Street got bailed out – and homeowners got sold out. And now – it’s the children who are the biggest victims of the ongoing housing crisis. According to a new report from First Focus and the Brookings Institute – more than 8.3 million children are facing the direct consequences of home foreclosures.

Already – more than two million children have seen their homes foreclosed on since 2008, and another six million children are at risk of being foreclosed on. In California alone – more than a half-million children have gone through the foreclosure process – seeing firsthand what it’s like to have their home taken away from them.

Families that are foreclosed on have a higher risk of living in poverty – and children growing up in poverty – as nearly 16 million currently are in the United States – are more likely to drop out of school and commit crime. Not only did Wall Street steal $7 trillion worth of wealth from the middle class – but they also stole a generation of young people too.

And yet still – not a single bankster is in jail.

Comments

bewildered1's picture
bewildered1 2 years 26 weeks ago
#1

If parents entered into mortgage contracts they couldn't afford, aren't they responsible. I live in CA, and the game here is to buy one you can't afford, and then flip it. Unfortunately, it is a lot like musical chairs. You also have to consider, that if they bought in the subprime market, they didn't lose anything, because they didn't have anything invested.

Then there is the refinance group. Now they had equity in their homes, many purchased at the bottom of the last bubble. What do you do with all that equity. In CA, you get that cash out and spend it. So who here is responsible?

then we hear bankster, bankster, bankster. What I don't understand, is what happened to those lawyers who are required at closing in many states. I bought and sold a house in Illinois, it is only now that I am told that the lawyer was a worthless political expense, because if anything went wrong - IT WAS THE BANKSTER.

dean.cleaveland@comcast.net's picture
dean.cleaveland... 2 years 26 weeks ago
#2

I just received from my congressman Ander Crenshaw (Fernandina Beach Fl) - his economic update which basically is the same thing fox has been saying last few day - it mentions of coarse the deficit and the 5 trillion new spending - of coarse what it doesnt mention why i.e the iraq and afghanistan wars etc which are im sure a large part of this new spending - the stimilus im sure would be another large part -bush tax cuts etc - i have a question - the bank bailout was nov 2008 and obama took office in 2009 - does the bank bailout carry over to obama ? is there any information anywhere that details just what this 5 trillion is or is and how much of it is a leftover from bush etc - think this information would be helpful when talking to republican backers this spring summer etc - another ? also - im recently retired and i admit im not good on computers but im learning - hopefully youll answer my question but im not sure where i will find it

Sauron's picture
Sauron 2 years 26 weeks ago
#3

Banksters equate with used car salesmen. Sales contracts are multiple pages of legalese and fine print that the average layman cannot decipher, and the banksters blow smoke where it shouldn't be just to drum up business. If you don't ask, they don't tell you what a floating interest rate is or what it does when intrest rates go up, and that the payment at sale may double or triple depending on the rate at the moment. They set up people who they know cannot afford the payments if ( when ) the rates go up. Many of the people set up by these snake oil salesmen were not well educated and were easily enticed into the bottomless money pit that was bound to swallow them up. Set up to fail, I believe was the term they used. Then bundling and selling the paper to unsuspecting investors and mortgage companies, who also went under. Just icing on the cake. Outside of the banking business, that would be called a scam, and the perpetrators would be tried and jailed. But since they were deemed to be "Too Big to Fail " the suckers they fleeced bail them out with taxpayers money and they're good to go again. I am retired and have my home paid for, but I still got screwed by the banksters. Ah well, Only in America!

nonclassical's picture
nonclassical 2 years 26 weeks ago
#4

Thom,

I would like people to tell the TRUTH about what has happened...how mortgages were turned into securities, what Wall $treet does with securities, using as collateral to borrow against, to drive (along with hedge funds) commodities futures and derivatives...then taking mortgages to offshore subsidiaries, turning into "tranches"=combined with credit card, student loan, car loan debt...turned into MBS or "mortgage backed securities", to be sold off after rated by bank paid raters, all over the world to pension funds, government program investement funds...then there's MERS-"Mortgage electronic registry system, a computer cloud, essentially, whereby mortgages were falsely registered, state taxes avoided, criminally.

Look, the U.S. $6.5 trillion, world $16.5 trillion per year economies have been destroed for over 3 years already, on the way to 10=20 more..fanni-freddi's less than $7 trillion total, less than $2 trillion subprime, simply don't add up to enough to destruction of these levels...here's what does-derivatives, valued $2 trillion circa 2001, $680 trillion today-documented here:

http://cje.oxfordjournals.org/content/33/4/563.full

Palindromedary's picture
Palindromedary 2 years 26 weeks ago
#5

I just read the sales history of a house that was recently sold in a city near Phoenix where a couple bought a house at a foreclosure price of about $200,000 less than it was previously sold for and the new owners, after owning it for only 3 months, turned right around and sold it making a $76,000 profit. Wow, $76,000 profit in 3 months...now that is "flipping" a house. I don't understand who could be stupid enough to fall for that. I'd live in a tent, or my car, if it would mean that I would be helping someone make $76,000 profit in 3 months and get stuck with the new inflated mortgage. Don't these people do due diligence before making such an important purchase? No wonder bubbles are created...pop! Those real estate people are real weasels...that's for sure. Along with putting banksters in jail, we need to put a lot of other people...like real estate brokers and lending agencies and appraisers...in jail as well. People like that are very likely Republicans anyway.

Palindromedary's picture
Palindromedary 2 years 26 weeks ago
#6

Along with putting banksters in jail...maybe we could throw in some merchants...like $upermarketeers who try to cheat people in their Supermarkets. The largest name brand $upermarkets I've shopped at are usually the biggest thieves. Is it really "Safe" way of shopping? They steal from the customers by advertising one price, even right in the aisles where the prices are posted..but when you get to the check out....unless you scrutinize what they ring up...you will be cheated. This happens all the time. It holds up the line..but I say So What! It is the fault of the supermarkets...not mine.

I suspect most people don't even check their receipts. A lot of people are paying way more than they should have to because they are more interested in getting in and getting out than they are in creating a fuss. I saved $18 on a purchase of $60 just yesterday just by catching them on the difference in the posted price from what they rang up. They send someone back to check on the price and, sure enough, they verified that I was correct. A lot of people are lured in by a "sales" price but fail to ensure that they are actually being charged for the "sales" price and end up paying the original full price.

Telemaque's picture
Telemaque 2 years 26 weeks ago
#7

Unfortunately, many people who enter into mortgage contracts aren't educated on financing. Furthermore, they might have even less knowledge about the legalese of mortgage contracts. In combination with the constant message that the American dream is home ownership, people take the "so called" experts at their word. When they convince people that they can afford a home with no money down and that the mortgage will come down when they refinance in a couple years, people become victims. People were getting approved for mortgages way beyond their means and when they went with a mortgage 10 to 20% below the amount they were approved for, they still might not have really understood all of the hidden cost of home ownership.

If we operate under the "buyer beware" philosophy, with no oversight, wouldn't America become a place where consumer confidence disappears. Considering 70% of our economy is based on consumption, wouldn't that be bad for everyone?

nigle77's picture
nigle77 2 years 26 weeks ago
#8

How are you coming along,

you like to know about the homes going back to the banks ?

well it was on June of 2005, when G.W.Bush got on TV ans told the American-people to go to the Malls and go and buy Homes

right now the Home are good to buy (not to high that what G.W.Busch told the American-people on that hot Summer Day in June also G.W.Bush was on Fox, abc, cbs, nbc, and CNN

That is the Truth

in 2006 G.W.Bush & the Republicans send the Mums & Dads jobs "Over-Sea" and to "China", but G.W.Bush Lie to the American-people about the "War" so when there was no jobs the Womens & Mens was going to War on a Lie !

But the Womens & Mens had kids to thinks about

Right now in Americans we have ove 1 Millions Woens & Mens who came back from the War, who do not have a Home to go to !

Go you thinks the Republicans Cares ? No they do not ! also we are in debt ! Why ? over G.W.Bush who Lie to the American-people If I miss spell, forgave me as I has 2_Heart Attack and now I live with Only a half of a Heart

God Bless American, Thank you for your time, nigle77

zawii 2 years 26 weeks ago
#9

Fantastic Questions. We The People are getting screwed again. Poverty increasing, children hungry and Homeless, uninsured, Parents unemployed. Where is the "Intervention and Prevention" on Poverty and Foreclosures? Clearly Noting has worked.

PLSzymeczek's picture
PLSzymeczek 2 years 26 weeks ago
#10

Can we get the banksters for child abuse, as well as theft?

bewildered1's picture
bewildered1 2 years 26 weeks ago
#11

I agree. Most people are functionally illiterate and arithmetically challenged. To maintain a no fault existence, it should be the responsibility of the state to provide, free of charge, all the wants and needs of the population.

MaryMary's picture
MaryMary 2 years 26 weeks ago
#12

Well P,

You stumbled on to one of the Republican secrets. I'm able to attend the super secret meetings of top Republicans. Who are I'm sure you know, some of the top managers of major department stores. A card reader was developed that will read the chip secretly planted in voter cards. The reader can identify democrats or republicans. Because democrats are so easily duped, when one is identified, the prices are changed on the items about to be purchased an more profit is made from the unsuspecting democrat. The price change was unsuccesfully attempted on you. I believe you must have been a republican in an earlier life. Democrats are usually too dumb to catch the price changes. :))

Palindromedary's picture
Palindromedary 2 years 26 weeks ago
#13

Never was a republican. But, was always surrounded by them. MM you actually might have something about the merchant knowing whether a customer is a republican or a democrat. If you use a customer discount card, as I do ...maybefoolishly..they can easily detect just who customer is...including political affiliation. I no longer use credit cards or checks..only cash..but that discount card is the trick. There is a database somewhere that shows every single thing I have ever bought. Now they will be using RFID chips, even if you don't wave it in front of a reader....they will still be able to read it ripout out of your wallet or purse.

MaryMary's picture
MaryMary 2 years 26 weeks ago
#14

You so underestimate us P. Unless you only use small denomination bills or coins, we know how much money you have in your pockets the moment you walk in the door. Our scanners read the chips in the money. Using the discount card makes it a little easier to identify you, but our facial recognition system will identify you quick enough. In fact, we have alot of information about you when you pull into the parking lot. Motor Vehicles provides a lot of info from your registration information. So please, you are smarter than the average democrat, but we love a challenge.

Palindromedary's picture
Palindromedary 2 years 26 weeks ago
#15

Yup, we're doomed! In fact the more we type on this, or other blogs, the more they can analyze and pigeon-hole us. Hitler used IBM cards...thank you IBM! But it is so much easier now for the brown shirt gestapo bully boys to round us all up when the time comes. And with the newest attempt at spying on us and controlling us...CISPA — the "Cyber Intelligence Sharing and Protection Act" ...the new on-line spying bill...may have a good chance of being pushed through this time.

Palindromedary's picture
Palindromedary 2 years 26 weeks ago
#16

Oh, and don't forget to have your computer scanned by the FBI (for the DNSchanger virus..you know..the "internet doomsday virus"..yeah, right). I smell a major sting operation here. "Operation Ghost Click" may be a double entendre for let the ghosts scope out your hard drives. Is it any wonder why they have kept extending the so-called deadline for removing the "clean" servers that have supposedly been protecting us. Now it is July 9...who trusts the FBI anyway? I suspect they are not any more trustworthy than the click jackers.

Eric Frankson's picture
Eric Frankson 2 years 24 weeks ago
#17

Think Outside Yourself.

I'm having to watch a neighbor, a single woman in her 40's with 2 teenagers, suffer through the losing of her food stamps due to her earning 'too much'. 'Too much' for a poor person is just-missing rent and trying to keep a beater car together to get to cleaning gigs. She's tried so hard to be a good parent, it's tragic to see the horror she lives in now. The food stamps helped feed her and the kids. And the Summer is coming. If you live in the desert, you know what that means. Bye-bye income till October. Scary.

So why am I discussing this with you? I'm hoping you'll 'think outside yourself' and help that neighbor of yours; the single one with teenage kids. We ALL have neighbors like that. I'm not advocating giving your shirt to charity, but concern, guidance, and help for the failing family, when ever possible, can make a difference between hope and defeat. It's between you and your God to decide what and how much you care and help.

This poor friend of mine deserves better, and though a hard-worker, she's about to fall off the financial cliff of Capitalism. Where's the Govt. to fall back on? Oh yeah, I forgot, there's no money for 'entitlements'. The GOP has waged war on 'entitlements'. So my unfortunate friend is considered 'entitled'? To what? Losing her home? Starving her kids?

The GOP, the producers of 2 unfunded world wars, and an open-ended money drain to corporate Energy and the military complex, have set up MILLIONS OF WOMEN to become destitute. Thoughtless, heartless elite like Mitt Romney and Newt Gingrich, laugh at attempts to question their pedigrees, and wrap themselves in the flag when asked why they are willing to fund killing in far away lands, but unwilling to fund helping American families on the brink. Yet THEY speak for women, for marriage, and the family. Absolute absurdity. And a use of Hitler's 'Big Lie' strategy taken to an extreme.

I'm going to go pray about this. I'm going to pray for forgiveness of the ignorance and greed of others, especially those who support the Republican party, the Koch brothers, and the Globalist overthrow of our rare form of indirect Democracy. Forgiveness for my unbridled anger toward the Republicans screwing my beloved country, my family, and neighbors. I will continue to seek the path that leads to justice, compassion and redemption. But I'm not going to ignore the truth, either.

I am going to think 'outside' myself. I'm going to care. And I'm going to vote a straight Democrat ticket this November. But that's then and this is now. Right now there's a food care-package I have to put together for a friend in need.

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