Foreclosure -- Grass is Brown / Pool is Green

MooPig's "Housing Watch Dog" Department:
Retrieved by Pat Darnell
[SOURCE: HERE and HERE] Watch the Video --

Episode 101 | Foreclosure Alley, by Correspondent Lisa Ling
September 23, 2008 11:02 PM

Inland Empire in Riverside County has been one of the fastest growing counties in the state - home to a major housing boom. But now the Inland Empire is pretty much the poster child for the foreclosure crisis.

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Comments:
.."Although it was horrible to see the reality of Foreclosure Alley, I can't help but recall how I was never able to purchase a home due to the soaring prices caused by the "feeding frenzy" of all those who jumped onto the sub-prime mortgage bandwagon.

"No one forced those people to buy into what they could not afford, now they must suffer the consequences of their own ignorance and greed. Read the contract- it's just like pulling out that credit card: you can buy it now, but you better be darn ready to pay when the bill comes."

-- and --

"..Most of these homes were 100% financing or 95% and values dropping up to $150k or more due to short selling this is why the foreclosure market. Wall Street sold mortgage back securities in bulk to investors. Do you ever notice when you buy or refinance a loan your loan is sold to another lender? Your loan is sold in bulk by the thousands to investors and the investors make money on Wallstreet and they want the taxpayers to pay for their mess? I say NO DEAL.-"