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<blockquote data-quote="1989" data-source="post: 714536" data-attributes="member: 10280"><p>7.9 million Americans are not paying their mortgages. <em>More than 1.1 million loans that were current at the beginning of January 2010 were already at least 30 days delinquent or in</em> <em>foreclosure by February 2010 month-end. </em>Paul Jackson, publisher of Housingwire.com, wrote a fascinating article last week that put this into real cash perspective. He cites an older stat of 7.4 million delinquent loans, but you'll get the picture. </p><p></p><p>First he describes a case study of someone who applied for the government's Home Affordable Modification Program.</p><p>The person had an $1,880.00 monthly mortgage payment on which they'd defaulted, but said person's monthly bank statement showed payments to a tanning salon, nail spa, liquor stores, DirecTV bill with premium charges, and $1,700.00 in retail purchases from <strong><strong>The Gap, Old Navy, Home Depot, Sears</strong></strong>, etc. </p><p>Writes Jackson: </p><p style="margin-left: 20px"><em>Even if you assume that just half of the current 7.4 million currently delinquent mortgages fit this sort of ’spending profile’ (that is, they are spending their mortgage) and you assume a $1,000 median monthly mortgage payment for most U.S. homeowners — you get a $3.7 billion boost per month to consumer spending. It’s certainly enough spending to matter in the overall scheme of things.</em></p> <p style="margin-left: 20px"></p><p><em></em></p><p><em>Even if you assume that just half of the current 7.4 million currently delinquent mortgages fit this sort of ’spending profile’ (that is, they are spending their mortgage) and you assume a $1,000 median monthly mortgage payment for most U.S. homeowners — you get a $3.7 billion boost per month to consumer spending. It’s certainly enough spending to matter in the overall scheme of things.</em></p></blockquote><p></p>
[QUOTE="1989, post: 714536, member: 10280"] 7.9 million Americans are not paying their mortgages. [I]More than 1.1 million loans that were current at the beginning of January 2010 were already at least 30 days delinquent or in[/I] [I]foreclosure by February 2010 month-end. [/I]Paul Jackson, publisher of Housingwire.com, wrote a fascinating article last week that put this into real cash perspective. He cites an older stat of 7.4 million delinquent loans, but you'll get the picture. First he describes a case study of someone who applied for the government's Home Affordable Modification Program. The person had an $1,880.00 monthly mortgage payment on which they'd defaulted, but said person's monthly bank statement showed payments to a tanning salon, nail spa, liquor stores, DirecTV bill with premium charges, and $1,700.00 in retail purchases from [B][B]The Gap, Old Navy, Home Depot, Sears[/B][/B], etc. Writes Jackson: [INDENT][I]Even if you assume that just half of the current 7.4 million currently delinquent mortgages fit this sort of ’spending profile’ (that is, they are spending their mortgage) and you assume a $1,000 median monthly mortgage payment for most U.S. homeowners — you get a $3.7 billion boost per month to consumer spending. It’s certainly enough spending to matter in the overall scheme of things.[/I] [/INDENT] [I] Even if you assume that just half of the current 7.4 million currently delinquent mortgages fit this sort of ’spending profile’ (that is, they are spending their mortgage) and you assume a $1,000 median monthly mortgage payment for most U.S. homeowners — you get a $3.7 billion boost per month to consumer spending. It’s certainly enough spending to matter in the overall scheme of things.[/I] [/QUOTE]
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