Comments on: Study: Prime Defaults and Foreclosures Rising, Job and Income Loss Cited as Primary Cause http://www.behindthemortgage.com/2009/04/study-prime-defaults-and-foreclosures-rising-job-and-income-loss-cited-as-primary-cause.html?utm_source=rss&utm_medium=rss&utm_campaign=study-prime-defaults-and-foreclosures-rising-job-and-income-loss-cited-as-primary-cause Alex Stenback | Twin Cities Blog on Mortgages, Rates, and Real Estate Thu, 05 Jan 2012 22:38:40 +0000 hourly 1 http://wordpress.org/?v= By: Adam Jewett http://www.behindthemortgage.com/2009/04/study-prime-defaults-and-foreclosures-rising-job-and-income-loss-cited-as-primary-cause.html/comment-page-1#comment-6274 Adam Jewett Fri, 29 May 2009 04:59:59 +0000 http://behindthemortgage.com/behind_the_mortgage/2009/04/study-prime-defaults-and-foreclosures-rising-job-and-income-loss-cited-as-primary-cause.html#comment-6274 Hello, I disagree with you Adam. Even though your name is Adam also, I can not side with you. The mortgage type does matter. I foolishly signed up for an interest only loan. I had a beautiful house 3900 square feet. I was on top of the world, flying high as a area manager for Checker Auto Parts. I was up and coming. All of a sudden the bottom fell out of the mortgage industry. I found myself behind on these interest only payments. I had no equity built in this house. Checker was going under....I was going under, like the Leonardo in the titanic......What was I to do? This has all been a slap in the face. Long story short, I sit here in a library downtown Minneapolis, wearing only my addidas shorts and my reversable kobe bryant/kevin garnett jersey. I am homeless with 72 dollars to my name. All due to interest only loans. Any thoughts? Hello, I disagree with you Adam. Even though your name is Adam also, I can not side with you. The mortgage type does matter. I foolishly signed up for an interest only loan. I had a beautiful house 3900 square feet. I was on top of the world, flying high as a area manager for Checker Auto Parts. I was up and coming. All of a sudden the bottom fell out of the mortgage industry. I found myself behind on these interest only payments. I had no equity built in this house. Checker was going under….I was going under, like the Leonardo in the titanic……What was I to do? This has all been a slap in the face. Long story short, I sit here in a library downtown Minneapolis, wearing only my addidas shorts and my reversable kobe bryant/kevin garnett jersey. I am homeless with 72 dollars to my name. All due to interest only loans. Any thoughts?

]]> By: Adam http://www.behindthemortgage.com/2009/04/study-prime-defaults-and-foreclosures-rising-job-and-income-loss-cited-as-primary-cause.html/comment-page-1#comment-4942 Adam Thu, 07 May 2009 20:50:29 +0000 http://behindthemortgage.com/behind_the_mortgage/2009/04/study-prime-defaults-and-foreclosures-rising-job-and-income-loss-cited-as-primary-cause.html#comment-4942 Alex, With all due respects, one cannot say that 'mortgage type' has nothing to do with foreclosure rates. While the majority of mortgages foreclose due to \Lost Income\ or similar reasons,sub-prime mortgages are typically, but not always, held by those most likely to lose their primary source of income in any economic downturn, and lack the sufficient means to maintain their obligations, until a new source of wages is found. For one to say that an individual with a sub-prime mortgage is more likely to foreclose than any other type of mortgage, is neither completely true or untrue; however, it is plausible that those with sub-prime mortgages are more likely to lose their jobs if the recession continues, and thus, be subjected to foreclosure. I enjoy the website and commentary, Alex,

With all due respects, one cannot say that ‘mortgage type’ has nothing to do with foreclosure rates. While the majority of mortgages foreclose due to \Lost Income\ or similar reasons,sub-prime mortgages are typically, but not always, held by those most likely to lose their primary source of income in any economic downturn, and lack the sufficient means to maintain their obligations, until a new source of wages is found.

For one to say that an individual with a sub-prime mortgage is more likely to foreclose than any other type of mortgage, is neither completely true or untrue; however, it is plausible that those with sub-prime mortgages are more likely to lose their jobs if the recession continues, and thus, be subjected to foreclosure.

I enjoy the website and commentary,

]]> By: Dan http://www.behindthemortgage.com/2009/04/study-prime-defaults-and-foreclosures-rising-job-and-income-loss-cited-as-primary-cause.html/comment-page-1#comment-4579 Dan Wed, 29 Apr 2009 22:48:00 +0000 http://behindthemortgage.com/behind_the_mortgage/2009/04/study-prime-defaults-and-foreclosures-rising-job-and-income-loss-cited-as-primary-cause.html#comment-4579 Since this data contradicts my political and social beliefs I choose to ignore it. Besides, it has long been documented that excessive risk taking by mortgage bankers caused this mess. Since this data contradicts my political and social beliefs I choose to ignore it. Besides, it has long been documented that excessive risk taking by mortgage bankers caused this mess.

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