HowardBon Jovi Hits the Real Crash
October 10th 2007 12:30
Lost his clothes in the Mortgage Collapse?
Daddy’s out selling some crack;
He lost his South Beach condo;
Now he can never go back, can’t go back;
(Do, do, doo, doo)
Sister’s out selling her bod;
She works in an abandoned house;
Making ends meet, but things are hard;
Things are hard;
We gotta hold on;
In the new economy;
The Mortgages are crashing and the hedge funds are sleaze;
We feelin’ the aches from our heads to our knees;
For love- we’ll do what we please;
Refrain:
Oh, the crash is here, oooooh, haven’t got a prayer;
Take my hand, we could get so far;;
OOOh Ohh, back to FDR!!!
Picture from: Really Long Link
http:// vietnamnet.vn/dataimages /original/images767995_JonBonJovi.jpg
Mentions of the real estate crisis engulfing the country, and people will conjure up images of urban blight and inner city decay. But some of the worst cases of unsaleable real estate, and the highest rates of foreclosures per square mile, are sitting on Miami's high-priced beach-front property, says an article in Monday's Biz Journal.
A report produced by Miami-based Condo Vultures [sic] Realty, says that three of the buildings with the highest number of foreclosures are clustered in the pricey Brickell district of downtown Miami. The Club at Brickell is number one with 54 foreclosures, The Vue at Brickell is number three with 49, and the Jade at Brickell is fourth with 42. Together the three account for more than $113 million worth of unpaid loans.
Sunday's Miami Herald reveals another aspect of this hyperinflationary bubble. Since 2005, the article says, Miami homeowners have signed on to "exotic" mortgages "at twice the rate in the rest of the country." That means, they signed on, thinking that maybe they could pay $1500 a month now, and get a raise in 3 years and pay $2300 a month, but it didn't happen most of the time.
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Comment by S.L.
The Political Brief
Home ownership, it was their goal.
The payments rose and rose like crime,
They were cheated by the famed "sub-prime."
They spent until they had no more,
Now wolves are beating down the door.
They signed upon the dotted line,
And now they're stuck and out of time.
Should the Fed be forced to pay,
T'was their own lives they signed away....
Comment by Howard
Real Crash