Over 20 million mortgage holders are underwater. It is amazing that a few years ago, Deutsche Bank estimated that at the ultimate trough of the housing market, nearly half of all mortgages would be underwater. This “doomsday” scenario seemed extremely farfetched. Today, another 10 percent nationwide price decline would put us there. Even without prices declining further, having 20 million Americans underwater is not a good sign going forward. You figure over 7 million people are one payment behind or in foreclosure. But what about the other 13 million? This enormous group is basically a large cohort of renters but in a worse financial situation. They are stuck.
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Yes with all those homeowners underwater why won’t politicians stand up with them? Why won’t politicians demand lenders who sold home buyers
cooked mortgages be put in jail?
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