Posted on | July 31, 2010 | 129 Comments
OK, folks, no kidding around this time, it’s time to help a friend in urgent need:
Home foreclosures are continuing at a brisk pace, according to an article by McClatchy News. Many of the first foreclosures that began three years ago, when the housing bubble began to burst, were for subprime mortgages. Now, however, a fresh batch of foreclosures is occurring because people have lost their jobs and can’t pay them. I am now in that category. I didn’t pay my July mortgage payment and probably will miss August as well. I haven’t been answering the phone, which rings constantly from bill collectors.
Our savings kept us afloat for a year. When it was gone, I borrowed the equity out of my life insurance. That’s gone too. We were hoping to ride out this recession, to survive until it was over. However, it is the longest lasting and deepest recession I have ever seen. . . . .
It’s just a matter of weeks before I lose my home. . . . I am a college graduate and a CPA. Accountants were supposed to be immune from unemployment. Not any more. . . .
GO HIT STOGIE’S TIP JAR NOW! Every $5 or $10 helps, folks. This post will be sticky at the top of the page for a couple of days, and I’ll urge my blogger friends to join this campaign.
Coincidentally or not, the news today highlights how Obamanomics has failed to address the kind of situation Stogie is facing. Here’s a Huffington Post headline:
Dwindling Retirement Savings ‘Undiscussed Explosive Bomb’ Of Recession
. . . Aside from stagnant wages, soaring unemployment and plummeting home values, the major tragedy of this recession is the havoc it has wreaked on the retirement incomes of millions of Americans who have planned and saved their entire lives, only to watch that money drain out of their accounts much sooner than they anticipated.
Retirement statistics are grim. The percentage of American workers who said they have less than $10,000 in savings grew to 43 percent in 2010, according to a recent survey by the Employee Benefit Research Institute. . . .
And even liberals like Chris Hayes of the Nation are now denouncing the “HAMP” mortgage-adjustment program as “the single biggest failure of the Obama Administration” — which is some pretty stiff competition!
Stogie says thanks to those who’ve hit his tip jar during this emergency, and if you haven’t contributed yet, please do so today.