Families and the Mortgage Crises

[Moondance]

I hate seeing this trend but it has been going on for years. Adults complete their college degrees, then have to move back into the parental home because they can't find work, or they can't find work that pays enough. We can now add the failing economy to the reasons this happens.

I have a sneaking suspicion that we will see this become a permanent trend as more families have to pool resources just like families in third world nations.

With this in mind, shouldn't those McMansions that have been foreclosed on, become part of a new housing program allowing extended families to pool their financial resources for homes with enough space to comfortably house more than 5 people?

 

[Daydreamer1]

This might be the only way for banks to get even a fraction of those mortgages paid for.

I wonder why they didn't do this on their own. A little money would have better than the zero that foreclosures lead to.

 

[Taggart]

Yesterday on CNN I saw a congresswoman recommending to her constituents that they not vacate the homes that they could no longer keep paying for unless they were served with legal paperwork forcing them to move.

There seems to be a trend of people squatting in the homes that they can no longer pay for.

 

[alaine]

I like the idea of squatting. I mean, at this point, what can they really do? If enough people squatted their homes when it came to that point, maybe something would change. I also like the idea of using McMansions to house families. That's a great idea!

 

[Taggart]

It's good that there are politicians who stand up for the people in hard times.

I remember another one standing up for apartment tenants who were being evicted through no fault of their own, but because their landlord had defaulted financially.

 

[heretoday]

I recall that there was a period of time during the 80s when things got tight like this and there were some people who had to move back in with their parents to make ends meet. That recession lasted a couple of years if I remember correctly.

 

[Taggart]

I recall that there was a period of time during the 80s when things got tight like this and there were some people who had to move back in with their parents to make ends meet. That recession lasted a couple of years if I remember correctly.

I remember in the early 80s, I was working with guys older than myself who were renegotiating their mortgages and they went to the banks not entirely sure that they could swing them at the new higher rates.

There's a similarity to what some people are facing now, but I'd say the reasons for the problems are different.

I don't remember that situation lasting for more that a year or two either.

I wasn't a home owner back then.

 

[SageMother]

Yesterday on CNN I saw a congresswoman recommending to her constituents that they not vacate the homes that they could no longer keep paying for unless they were served with legal paperwork forcing them to move.

There seems to be a trend of people squatting in the homes that they can no longer pay for.

When congressional representatives start telling folks to resist, you know a revolution may be at hand.

 

[katharina]

When congressional representatives start telling folks to resist, you know a revolution may be at hand.

That's a very interesting observation, SageMother. In what way do you mean... what kind of revolution, and by whom?

 

[Laughingmouse]

That's a very interesting observation, SageMother. In what way do you mean... what kind of revolution, and by whom?

It needn't be as bloody, but the Bolshevik Revolution and the French Revolution had the same sort of "aura" between the wealthy and those who weren't.

The move toward putting citizens ahead of profit, and in our case just getting the two on par, would probably be the revolution we will see here.

Not as bloody...but just as pronounced.