The subprime meltdown isn’t slowing down, says CNNMoney. The usual suspects Florida, California and Ohio continue to supply us with a tsunami of foreclosure filings in this month’s report. [CNNMoney]
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Great quote from an attached article about subprime mortgages in Cleveland:
Rokakis told of a 78-year-old Cleveland woman recently saddled with an unaffordable, 30-year ARM arranged by her minister, a mortgage broker. “I asked him why,” said Rokakis, “you would give an elderly woman an ARM. He said, ‘She wanted the house.’”
Roakakis shook his head. “I want a date with Uma Thurman,” he said, “but you have to be realistic.”
Living in Cleveland is my definition of sub-prime.
Wow, Las Vegas slid down the list a bit. We were #1 per capita for a while.
No, irresponsible consumers who don’t understand the contracts they are signing, or are able to handle basic personal finance, continue to supply us with a tsunami of foreclosures. Now they have social acceptability of filing as they see everyone else doing it.
Life is hard. It’s harder when you’re stupid. Buying too much home on an ARM and living beyond your means with no savings == stupid.