Also should just note that the 1st paragraph of my statement was simply a quote from an earlier poster, in which I then commented upon.

farfnik:
My post clearly stated that it was a state run-communist country.
It is however; unlike any communism regime of past era's. There financial system is basically state sponsored capitalism, which gives it very definitive advantages. The country is also very much an intricate part Republic-democratic places, like ours; as their currency (the RMB) is pegged to the US dollar. That; however, was just announced (by the Chinese governmnet) that it will now be relinquishing. Something I am still analyzing as to the real reasons for. Many theories have been thrown out there today across the financial circles, and it created a lot of waves in the world markets (making it a rather eventful day to trade).

Darwin - the majority of the money banks loan out comes from the individuals in the community in the form of deposits, not the government.

Sorry for the double post:) My internet line has been acting up lately......

Truth.....many loan modifications involve taking the amount that was originally borrowed and reducing the principal owed so that it reflects the current market value. The bank is expected to completely forgive the difference that the borrower is upside down and rewrite the loan based on the current market value.

Truth.....many loan modifications involve taking the amount that was originally borrowed and reducing that amount to the current market value. The bank is expected to completely forgive the difference that the borrower is upside down and rewrite the loan based on the current market value.

I should correct that, and say two millenniums ago, not two centuries.

"Of course China, which was growing by almost double-digit rates ANNUALLY before the recession, weathered it quite nicely (some analysts think they did feel the effects in job losses, but economic growth may only have slowed from around 9% to anywhere between 3% to 7% annually in 2009). Mainly, however, China was smarter than almost every other world government in enacting a massive stimulus and doing it quickly. As a result Asia overall is being lifted out of recession more speedily than either the US or Eurozone, both of which were hampered by political considerations that limited the initial size of their stimulus programs and ended them more quickly."
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The big difference is that China is not financing all their stimulus on debt; like we, and the euro zone are. They are the new factory of the world, and quickly becoming like the US was during the late 40's and 50's when we had this massive manufacturing base, and created huge wealth and prosperity as a result.
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China still is not doing as good as you may think by the headlines of double digit growth. That growth is having big run away inflation concerns, and it is why their markets are near 52 week LOWS. Much of the growth is based on very tentative numbers put out by the central planners of their state governmnet that have no way to be verified (just going off the word of a communist governmnet). China could also have massive political upheaval-revolution; as they have throughout their history. The people have been oppressed by different regimes since the rise (and overthrowing)of the Qin dynasty over two centuries ago. Today is no different. Of the over 1.4 billion people; well over 800 million still live in poverty. If you think the rich get richer, and the poor get poorer here, you have really seen nothing!

916- Who said anything about "forgiving debt completely"?....I think we're all talking about modifications.

Darwin--You could possibly have the market cornered as far as being an ignorant jerk is concerned:) How would rewarding people who were irresponsible and, in many cases, driven totally by greed actually help everyone? I think that Obama's "stimilus" is a complete joke and I definitely didn't agree with the bank bailout, but at least they are charged with paying that money back. Simply forcing the banks to wipe away debt that people agreed to pay with no repercussions makes no sense at all. Possibly extend mortgages to 40 or 50 years, but to forgive debt completely should not be an option. People need to be held responsible for the obligations they take on.

No debtor's prisons??
I'm not personally affected, but I've heard if you don't pay your ordered "child support" you will go to jail/prison....how is that not debtor's prison??

Holy crap, you people clearly have little understanding of how our economic and financial systems work. The money the bank borrows these people comes from OUR government. The fed (US) borrows the money to the bank, the back marks up the interest and then borrows it back to US. Since, the banks were bailed out by US, it isn't wrong to want some relief for a period of time. In fact, it would actually help everyone. However, most ordinary people seem more concerned with stabbing other ordinary people in the back and kicking them while they are down for wanting a better life. Evidently, your house being foreclosed on is bad but being an ignorant jerk is quite acceptable.

This sort of thing should be privatized out, hire some ex-cons and give them nightsticks and tazers and turn them loose. And if we had debtors' prisons again, we wouldn't have half the trouble we're having these days. If we close the schools and bar the windows, we'd have them up and running within weeks. Come on folks, adapt, improvise, overcome.

916- I'm sure that works in many cases but in many cases not and not in all areas....I despise the kind of behavior you described too, those kind of people should be starving to death.....What I really wonder about the most is how does it come about that all the renters get kicked out when apartments are foreclosed on?...It would seem that would be the easiest thing to prevent, PAYING renters nonetheless....Again, we've got D and R politicians cashing their paychecks in this whole scenario.

Truth--The houses do not become neglected wrecks. They are typically bought by people who have been renting and saving throughout this time period. Realtors have set up "foreclosure bus tours" where these houses are being featured and quickly sold. The reason they sit is because the foreclosure process is way too long and drawn out. I personally know of one couple who didn't pay their mortgage for over a year before they finally got evicted. It would be very nice not to have to have any housing expense for over a year. These people also had cell phones, flat screen televisions new cars, etc. The banks shouldn't "modify"(which is basically asking them to absorb more of the loss for the irresponsible people). People shouldn't be rewarded for not meeting their obligations--what does that say to those that did the right thing and bought within their means?

The upshot is now some people are giving a lawyer a couple hundred bucks to keep from getting evicted and paying NOTHING.....At least SOMEONE is using their head...LOLOL

How easy would it be for "banks" to modify payments when SO many people can't make them in full?...But NOOO, foreclose and kick them out so now its empty and becomes a neglected wreck or spend more in the transfer process than they would be out keeping the original owner , smart eh?....That'll get the investors their money back now won't it?......NOT.....Or, foreclose on an apartment building and kick some paying renters out....Yah, smart....DUH......Our great and vaunted leaders of both "parties" have really helped too eh?

+1 RAF.....I love the mentality of those that think that bad decision making should never have any consequences......However you want to spin it, it is the bank's money which is invested in these foreclosed houses. It many cases people lived way above their means or thought of their home as an appreciating asset that they could cash out and make a lot of money on. These people would have never thought to share the profits on a home sale with the bank that put up the money, but then go crying to the government expecting them to require the bank to absorb the loss. The banks should foreclose--the previous "owners" will simply have to rent for a couple of years while their credit is built back up and with a little luck they will be more responsible the next time around. Meanwhile there is an entire segment of people who were renting and saving who will be able to take advantage of this down market and get into a house-- responsibly--at a great price......

“Regardless, few people seem to understand why it's important to bail out homeowners as home values decline”
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The sad reality is other people EXPECT government to bail people out of bad decisions. It is NOT the responsibility of tax payers to fund poor choices made by other; excluding elected officials.

Purchasing a home because you can “just” make the payments does not mean you can afford a home. Living on the edge of your financial ability is what leads to situations like this. Bailing out people for these poor choices rewards stupid behavior.

Of course China, which was growing by almost double-digit rates ANNUALLY before the recession, weathered it quite nicely (some analysts think they did feel the effects in job losses, but economic growth may only have slowed from around 9% to anywhere between 3% to 7% annually in 2009). Mainly, however, China was smarter than almost every other world government in enacting a massive stimulus and doing it quickly. As a result Asia overall is being lifted out of recession more speedily than either the US or Eurozone, both of which were hampered by political considerations that limited the initial size of their stimulus programs and ended them more quickly. The US is actually more forward-looking than Europe right now, which is in the fits of a fiscal austerity panic because of a handful of governments edging near default.
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Regardless, few people seem to understand why it's important to bail out homeowners as home values decline, and the few programs available only help a small percentage. This certainly isn't helping the banks, which have ended up with loads of unsaleable inventory, but they fear the transparency that cramdown legislation would bring, showing what their mortgage holdings really are worth.
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It isn't true, by the way, that the bank owns your home when you have a mortgage. They only have a lien -- a claim against its value. This is why the foreclosure process exists, so they can convert that lien to cash, or failing that, ownership.

He entered Jericho and was passing through. And there was a man named Zacchae'us; he was a chief tax collector, and rich. And he sought to see who Jesus was, but could not, on account of the crowd, because he was small of stature. So he ran on ahead and climbed up into a sycamore tree to see him, for he was to pass that way. And when Jesus came to the place, he looked up and said to him, "Zacchae'us, make haste and come down; for I must stay at your house today." So he made haste and came down, and received him joyfully. And when they saw it they all murmured, "He has gone in to be the guest of a man who is a sinner." And Zacchae'us stood and said to the Lord, "Behold, Lord, the half of my goods I give to the poor; and if I have defrauded any one of anything, I restore it fourfold." And Jesus said to him, "Today salvation has come to this house, since he also is a son of Abraham. For the Son of man came to seek and to save the lost." ( Luke 19:1-10)

And before the comments about it being a "worldwide" recession.....I bet China isn't having much of a "recession".

"America Last" self-serving politicians have ruined our economy/jobs over the last 30 plus years....the dominos are dropping.....Maybe the "people" will start paying attention to this someday but I won't hold my breath.

Janesvillean, who died and made you Elvis? What, am I suppossed to express regret for every story here? I don't have time to express regret for every damned thing in life that goes bad for everybody. Perhaps you do. Perhaps you need to do so to feel better about yourself. Perhaps it inflates your sense of self-worth. News flash buddy, NOBODY'S life is improved one iota because you and the rest of the usual gang of bloggers that denote themselves the social conscience of Gazette Extra express their regret about anything! Read the first poster's comment. It is belief systems like his that need to be corrected if we are to actually start improving anything.

Certainly the deputy has no cause to feel personally responsible, but it can't be a nice feeling to know the personal circumstances surrounding an individual foreclosure. Most are due to job loss or other financial stress such as medical bills.
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Glad you're able to see such a difficult situation so cavalierly, Seabee. I imagine you sending cards like "Hey! Sorry about the car accident, but you knew you were going too fast!"

Umm....the families don't own the homes. They gave a mortgage to a bank to borrow money to buy the home. They defaulted, bank takes possession. Pretty simple concept.

Glad to hear he feels badly when he kicks families out of their homes.