Comments on: GM loses $15.5 billion, GMAC not immune to losses, Indy files, Freddie steps up work-out payments, Hedge Funds Buying Mortgages http://mortgagenewsclips.com/2008/08/01/gm-loses-155-billion-gmac-not-immune-to-losses-indy-files-freddie-steps-up-work-out-payments-hedge-funds-buying-mortgages/ Mortgage Industry News Sun, 29 Aug 2010 22:49:16 -0700 http://wordpress.org/?v=2.8.4 hourly 1 By: Valances http://mortgagenewsclips.com/2008/08/01/gm-loses-155-billion-gmac-not-immune-to-losses-indy-files-freddie-steps-up-work-out-payments-hedge-funds-buying-mortgages/comment-page-1/#comment-8393 Valances Sat, 02 Aug 2008 03:55:05 +0000 http://mortgagenewsclips.com/2008/08/01/gm-loses-155-billion-gmac-not-immune-to-losses-indy-files-freddie-steps-up-work-out-payments-hedge-funds-buying-mortgages/#comment-8393 Even though we are told of instances of foreclosure in terms of statistics, to so many, it’s a story of a family member or friend that they know. I’m not sure who to blame - the owner who could’ve taken different actions to avoid foreclosure or the banks and government who do such a poor job of keeping homeowners informed with all their small-print info. It’s a spiral where everyone is chasing and blaming someone else. But one thing that we all can agree on in difficult times like this is that it’s a downward spiral that is collectively drowning us as a whole nation that once was prosperous and less wounded. Even though we are told of instances of foreclosure in terms of statistics, to so many, it’s a story of a family member or friend that they know.

I’m not sure who to blame – the owner who could’ve taken different actions to avoid foreclosure or the banks and government who do such a poor job of keeping homeowners informed with all their small-print info.

It’s a spiral where everyone is chasing and blaming someone else. But one thing that we all can agree on in difficult times like this is that it’s a downward spiral that is collectively drowning us as a whole nation that once was prosperous and less wounded.

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