That Sunday, The Resurrection Project was the only organization in Chicago that could organize and staff an event of that size that included not only HUD-certified financial counselors but free attorneys from the Illinois Office of the Attorney General. That team led a strong collaboration to help 583 people representing 326 troubled households in a single day. Access to affordable rental housing is a right for hard-working families who are underpaid. Home ownership is still a privilege for families that are willing and able to provide sustainable income. By definition, housing is only affordable if 30% or less of your monthly income is allocated towards a mortgage or rent, utilities, and property taxes (if applicable).

Remember that time is money. If you see signs of trouble with your housing situation, contact a HUD-certified financial counselor immediately. Don’t let time run-out and never pay anyone for foreclosure intervention-related help. Your tax dollars support HUD-certified financial counselors. Visit the Housing and Urban Development home page http://www.hud.gov and click on Foreclosure Avoidance Counseling to locate a certified team near you.

Bottom line, NINJA loans were made because Dodd, Rangel and Frank threatened to investigate how many low income people were getting Fannie Mae/ Freddie Mac (government sponsored enterprises) loans. NINJA loan= No income, no job or assets.

Interest rates rose. Sub-prime mortgages had to be paid. If your home loan was $2000.00 per month now you had to pay $2400.00/ month. That cut into peoples gas money. People need gas to get to work. Gas prices rose. People had to choose between making their mortgages or going to work.

They lost their homes because the bought homes without thinking that times would not always be sunny.

Period!

No one forced anyone to take out a sub prime loan.

Responsible, prudent buyers still own their homes.

“Wall Street” is a very ambiguous way to indict the entire market system. What SOME of brokerage firms did was to package home loans into a derivative called “credit default swaps.” But this is merely an insurance policy of sorts. Admittedly, It did make it very difficult, if not impossible, to find out who your lender was so that you may offer to renegotiate your loan so as not to lose your home to foreclosure. However, had the buyer been PRUDENT in the beginning they would not be facing foreclosure in the first place.

Lastly, your comment makes no mention of the banking industry’s “market to market” rule which works great when housing prices are rising but bites you in the rear when prices fall.

The war caused a budget deficit with a devalued dollar, which continues to get FAR worse under Obama. A sharp rise in oil prices created a shock that rippled through the economy. Demand for durable goods fell not just as a result (of the above) but also as part of the normal economic cycle.

Lehman Bros went broke. Goldman Sachs got bailout money from Obama after he promised he would not hire from the Wall Street employee pool. Low income homeowners that should not have borrowed the money in the first place got bailout money. People were rewarded for not be responsible.

While prudent buyers didnt get NOTHING.

Bottom line, make unwise decisions and get bailed out; be successful and have your income taken from you by the politicians through higher taxes.