We're #1 - in mortgage foreclosures!

[SpeedwayDemocrat]

Just across the wires via the IndyScar's daily e-mail:

Indiana again leads nation in mortgage foreclosures
Indiana led the nation with the highest rate of mortgage foreclosures for the final three months of 2005, according to the Mortgage Bankers Association. Nearly 1 percent of all Indiana mortgages tipped into foreclosure for the quarter, topping No. 2 Ohio and No. 3 Michigan. Indiana trailed only Ohio in the percentage of mortgages delinquent 90 days or more. Indiana has had among the highest foreclosure rates for several years due partly to its manufacturing base losing jobs to technology and foreign competition.
(sorry, no link yet, as the Scar's web site hasn't updated since this morning)

Ahhh, sooo many folks to thank for this one...
-- Heckuva job, Mitchie!
-- Kudos also go to Congress for those wonderful changes to the bankruptcy law!
-- And lets not forget all those predatory lenders, focused on screwing the poor and making a profit.

So much blame to go around and so many folks to thank - guess you'll all just have to share the golden egg award for this one.

Guess we're all just one major illness away from being on the streets...

Edit: link added; <http://www.indystar.com/apps/pbcs.dll/article?AID=/20060317/BUSINESS/603170537>

[IndyOp]

1. Situation Normal All Fucked Up. (n/t)

:grr:

[thinkingwoman]

2. yeah when thousands of jobs go bye bye

so do mortgage payments.

Repukes are sooooooooooo shortsighted.

[DrGonzoLives]

3. Didn't we also used to lead in bankruptcy too?

n/t

[LisaLynne]

4. The "newspaper" here in South Bend ran an article about ...

how it's really the fault of those taking out of the mortgages because they're just not ready to own homes. Yeah, right -- as if *'s failing economy which is great for the corporations but killing the workers -- doesn't have something to do with it. :grr:

[hippiechick]

5. well .....

... I think some of it might have to do with predatory lenders who are all too willing to grant "No downpayment" (but ridiculously high interest rate) mortgages and loans to folks who, by all rights, shouldn't be taking on that much debt, so in the heat of the moment they get into a house they can barely afford - not considering utilities, taxes, maintenance, insurance, etc; one medical disaster strikes, and boom ~ they're being foreclosed on.

I've been in the process of trying to get my shit cleaned up so I can qualify for an FHA mortgage. At the moment, my finance folks are all like "woo hoo - you qualify for a nonconventional mortgage NOW! Look NOW! Buy NOW!" knowing full well that it's about 3-5% higher of a rate than an FHA, which would jack my monthly payment up to a point of being do-able but uncomfortably tight.

They play off folks' desires to 'have the American dream NOW' - just like predatory credit card, auto and payday loan companies do.

JMHO ~

[LisaLynne]

6. I think you're right there, too.

I've seen friends of mine who have been approved for amounts that I personally do not see how they can possibly afford. They will loan you an amount that would require that would mean that you'd have an entire $100 left over each month for all food (okay, I'm exaggerating -- a little) and they act as though that's perfectly okay. They don't mind making these loans because they have the house as collateral, I guess.

[salin]

7. Do I read this to mean

you are looking to buy here? Or planning a move - color me a wee bit surprised if it is the former (to commit to staying here.)

When I was looking to buy two years ago - there were a whole lot of forclosures on the market, I asked the realtor if there was a spike - he said no - there are always big forclosures in Indiana due to very lax lending laws, and many loans knowningly made to folks who can not afford the size of the loan. Looks like you are experiencing what he was describing in terms of folks trying to get you into something that is more expensive than it should be - but trying to appeal to the Do It Now! mentality.

THat said, I wouldn't look at news about Indiana's foreclosure rates as an indicator of broader economic trends, we apparently set up a system that facilitates the situation. Now other states spikes in foreclosures - those are better broader indicators.

Good luck in your homeownership/FHA quest! :loveya:

[hippiechick]

8. Yeah, I'm pretty much staying ...

... just too dang old and lazy to make a life-altering move anymore.


:hi: :hug:

[salin]

9. well knock me over with a feather!

at least we have each other - and other hoosier DUers to remind us that the entire world isn't as nuts as living in Indiana sometimes would suggest (per views, political issues, etc.) :hi: :hug:

[hippiechick]

20. House update:

I just heard from my mortgage people and guess what ?
I qualify for a mortgage amount up to $115,000 !!!
My yearly net salary is about 1/3 of that!
They're telling me I can buy a house with a mortgage equal to more than 2 weeks' salary !
No money down !
Start looking NOW and I can be in a house of my own by the end of May !
Party party !

Gimme a break. :eyes: They must want me to be among the next generation of foreclosures !
No wonder the economy and people's lives are in the crapper, with no-sense-whatsoever predators like that running loose! :mad:

[BillORightsMan]

10. Foreclosures in No. 2 Ohio

Do you have a group called Dominion Homes in Indiana?
Yes their name reflects their world-view of God's Dominion over America!

They have been jockeying people into buying McMansions in the Columbus OH area that they can't afford.
Now they are being sued!

Homeowners sue Dominion Homes
at the Columbus Dogpatch

In a coincidental one-two punch, homeowners in three subdivisions filed lawsuits yesterday against the Dublin-based builder.

The lawsuits, filed in different courts, could affect thousands of Dominion customers in central Ohio.

"Buyers always are going to be suspicious from this day forward," said Delaware resident Jim Newton, the chief economic adviser for Commerce National Bank. "To dig out of this kind of mess is pretty tough."

~snip~
"The effect of the scheme employed by Dominion Homes is to sell homes . . . worth far less than the amount financed and less than the amount of the appraisal," says the lawsuit, filed in Franklin County Common Pleas Court by attorney Edwin Hollern.

Residents at the Village at Polaris Park subdivision in southern Delaware County filed the other lawsuit because their Federal Housing Administration loans were converted secretly to mortgages for borrowers with poor credit.

~snip~
Dominion, which also arranges mortgages for its customers, has been under scrutiny since September when The Dispatch reported that its customer default rate was double the state and national averages.

More at link..

~snip~

From the legislation I've seen coming out of Indiana lately, it sounds like you've been taken over by the regressive religious right, much like your neighbor to the west (that's me!)
We even have one of these crazies runnig for Governor - after his successful rigging of our elections.
You might recall the name...
Blackwell’s Un-American Scheme:
Under the Guise of “Character and Civic Renewal”
Ohio State Foists a Religious Moral Code upon Its Citizens

Read http://www.theocracywatch.org/ to find out more about Dominionism.

And share this article with your friends, at the Yurica Report:
The Despoiling of America

The more we expose the regressives, the better chance we have getting them out of office.
The hard part is the de-programming of so many!

:patriot: in CLE OH

imbillorightsmanandiapprovethismessage



EDIT: COPYRIGHT..PLEASE POST ONLY 4 OR 5 PARAGRAPHS
FROM THE COPYRIGHTED NEWS SOURCE PER DU RULES.

[salin]

11. Interesting story - thanks for posting it looks like the sort of

items that I follow.

The regressive religious right has been here for quite sometime - they are just more emboldened right now. Fortunately biz oriented gov Daniels is making repubs less and less popular, religious or not.

Does Blackwell really have a serious chance? I would think that most Ohioans would be ready to run the Pay To Play republicans out of Columbus.

[BillORightsMan]

12. Blackwell's chances

I really don't know how he is doing. He has a primary in May vs. another criminal negligent, our AG Jim Petro. Watching a local politics show this AM they showed Blackwell visiting with black ministers up here in Cleveland (oddly, in the same church where we met with Stephanie Tubbs-Jones (D-OH13) and Rev. Jesse Jackson in Jan 2004 to discuss the stolen election!); only ONE of the four or five they showed comments from suspected Blackwell's nefarious intentions.

Personally, I cannot see the vast swaths of rural southern and western Ohio filled with bible-thumping white folk would pull the lever for Blackwell. The GOP primary is shaping up to be a brutal fight. And don't forget Blackwell has his Patriot Pastors all lined up (ugh)
(See 'Patriot pastors' recruited at the Cincy Enquirer for more on that.)

One must remember Blackwell (as SoS) had his own chicanery going on during 2004. He's approved Diebold touch-screens here. Plus, with the newly-enacted HB3, our vote-counting (and recounting) are in serious question. We can hope he gets tied to Tom Noe, John Boehner, coin-gate and other corrupt officials and companies.

Stop by the DU Ohio board. There's usually some crap about Blackwell over there.
:patriot:

[mabus42]

13. one good thing...

i'm in the market for a house... guess there's alot of cheap foreclosed-upon houses for me to move into.... i've never bought a house before.


although, looking at the bigger picture, this is bad for us as a state and it does really sadden me.

[newyawker99]

14. Hi mabus42!!

Welcome to DU!! :toast:

[Sadie5]

15. All sorts of foreclosures in my area

After the building boom started I wondered how they found all those people to buy the houses. HUD has 39 homes listed in my small area alone. Don't know how many in the rest of the county.

[torporindy]

16. we're number one in child abuse too!

I know the story broke a few days ago.

http://www.indystar.com/apps/pbcs.dll/article?AID=/20060407/OPINION/604070335&SearchID=73241160204668

[salin]

17. what a sad reality. I missed the item

thanks for posting.

And belated welcome to DU!

[BiggJawn]

18. And now we're #1 in the number of kids who can't get student aid...

...because of falling afoul of Mark Souder's "Drug-Free Education Law".

And they wonder why high-paying jobs are not coming to Indiana...

[LisaLynne]

19. Just keeps getting better.

:eyes: