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Connecticut halts all foreclosures for all banks

blumenthal2.JPG
(Photo Credit: Jessica Hill/AP)

Connecticut Attorney General Richard Blumenthal on Friday ordered a moratorium on all foreclosures by all banks for 60 days--the most radical action taken by a state on issue of document irregularities.

California also expanded the moratorium on foreclosures it announced last week on Ally Financial foreclosures to include those by J.P. Morgan Chase.

Calling the companies' review of key foreclosure documents "a ruse," California Attorney General Jerry Brown (D) ordered J.P. Morgan to prove it is following the law before it continues foreclosures in the state.

Both J.P. Morgan Chase and Ally have frozen foreclosures in 23 states because some employees had signed off on foreclosure paperwork without properly reviewing the files.


Colorado and Illinois have stopped foreclosures by Ally and at least seven other states have launched probes into the issue. But Connecticut is the first to institute an industry-wide ban.

in Connecticut, Blumenthal said in a statement that he is investigating J.P. Morgan Chase and Ally, formerly GMAC, which is the recipient of a $17 billion federal bailout and majority-owned by the U.S. Treasury, as well as other lenders.

He said the actions of J.P. Morgan and Ally are a "possible fraud on the court undermining the integrity of the legal process and consumers' ability to fight foreclosures.

"This freeze should stop a foreclosure steamroller based on defective documents and enable effective remedies," Blumenthal said.

Ally Financial had already voluntarily suspended evictions and resales of homes in 23 states that require a court order for foreclosures. J.P. Morgan's actions were a bit broader--the bank suspended all foreclosures in the same 23 states. Connecticut was on the original list of 23 but California was not.

Both Blumenthal and Brown are running in high-profile races for higher office in their respective states in the Nov. 2 election -- Blumenthal for U.S. Senate, and Brown for governor.

Complete coverage in The Washington Post:

Sept. 20: Ally suspends evictions on foreclosed homes in 23 states

Sept. 21: A single Ally employee, Jeffrey Stephan, signed over 10,000 documents a month without reading them

Sept. 22: Fake documents, forged signatures plague foreclosure system

Graphic: 'Robo-signer' Linda Green's changing signature

Who is Jeffrey Stephan anyway?

Sept. 23: Mortgage documentation problems could affect other states not included in Ally's 23-state moratorium

Sept. 24: Lawmakers question Fannie on 'foreclosure mills'

Document: Letter from Congressmen to Fannie Mae CEO

User poll: What should happen to foreclosure documents approved by "robo-signers?"

Sept. 28: Luis Fernandez's foreclosure documents never looked quite right

Sept. 29: As J.P. Morgan Chase freezes foreclosures, pressure on the rest of the industry

Sept. 30: OneWest Bank employee: 'Not more than 30 seconds' to sign each foreclosure document

Sept. 30: U.S. regulators order Bank of America, Citibank, HSBC, PNC Bank, U.S. Bank and Wells Fargo to review procedures

By Ariana Eunjung Cha  | October 1, 2010; 2:41 PM ET
Categories:  Housing  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz   Previous: N.Y. Fed chief Dudley: 'Further action likely to be warranted'
Next: Parsing statements by Citigroup and Wells Fargo on the foreclosure issue

Comments

While it's silly not to give these documents the proper "due dilligence", at the end of the day are the people paying their mortgages or not?

How hard is it really to get this paperwork together?

Posted by: Benson | October 1, 2010 3:33 PM | Report abuse

While it's silly not to give these documents the proper "due diligence", at the end of the day are the people paying their mortgages or not?

How hard is it really to get this paperwork together?

Posted by: Benson | October 1, 2010 3:34 PM | Report abuse

Blumenthal says, "...The actions of J.P. Morgan and Ally are a "possible fraud on the court undermining the integrity of the legal process and consumers' ability to fight foreclosures."

These aren't homeowners, but SQUATTERS who have become DEADBEATS. Since when does the Attorney General of a state, have the power to override the court system?

When one hasn't made a payment in 12-14 months, they are nothing more than a common bum, and a public official is interfering with a contract and depriving someone else of a house and investors, their money, is acting no better than the criminal that sticks-up a liquor store.

If a foreclosure is handled improperly, let the owner seek legal redress in court, not have "Big Brother" make political points. 99.9% of these people are DEADBEATS.

Posted by: Computer_Forensics_Expert_Computer_Expert_Witness | October 1, 2010 3:39 PM | Report abuse

Where's the Federal government in all this? Shouldn't the Federal government have acted before the states?

Posted by: Mike McDermott | October 1, 2010 3:48 PM | Report abuse

Computer,

99.99? As someone that works in the real estate business, I can assure you that your statment is complete BS. This problem is far more complicated then the generalized all encompassing rant you posted. Some of them may be deadbeats but if you truthfully believe what you posted then you are an idiot.

Posted by: Gambrills4 | October 1, 2010 3:53 PM | Report abuse

This is exactly why the Fed needed to keep their nose out of the bailouts (bank and auto) and just let them go bankrupt. Now the average Joe thinks he can just walk away from an obligation. Why? Because the banks screwed up and they got bailed out. So the average guy figures, "If the banks aren't going to be punished, then why should I?" And now gov't, including state gov't, feels it has the right to interject itself into this junk? Why not, it does in every other facet of our lives.

The bankruptcy laws are there for a reason and they should've been used. Is anyone that naive to think that big-time investors wouldn't have swooped in on these bankrupt banks and bought and saved them? Of course they would've. And if they had, we'd be a lot further out of this mess than we are now!

Posted by: Anonymous | October 1, 2010 3:59 PM | Report abuse

Free rent for two months. If I were in CT., I'd ride the wave, save my money, etc.

Posted by: Anonymous | October 1, 2010 4:16 PM | Report abuse

Brown and Blumenthal... hmm aren't they running for something?

Posted by: ThomasH12 | October 1, 2010 4:32 PM | Report abuse

I hope those of you who are quick to accuse these people of being deadbeats get a taste of the downside of this economy at some point. As someone who lost my home to foreclosure after making a substantial downpayment (half the value of the place), then still losing it due losing my job through no fault of my own, I can tell you many aren't. What's wrong with the government stepping in to protect the rights of the ones who paid the bill for the fiasco the banks created? Granted they should have stepped in well before now, but better late than never.

Posted by: Anonymous | October 1, 2010 4:37 PM | Report abuse

It's incredible how we continue to subvene deadbeats and losers. Of course, what would you expect from the connecticut ag who still thinks he is a war hero?

Posted by: jibe | October 1, 2010 4:57 PM | Report abuse

Without reading any more than the headline I knew this to be the work of Dick Blumental. Political stunt that will simply make it harder or more costly for everyone to get a mortgage in CT. Sad ....

Posted by: lovinliberty | October 1, 2010 4:57 PM | Report abuse

I agree with Anonymous about not putting everyone in the same catagory when it comes being deadbeats. some people loss homes because of a job loss, a sickness and not always because of them buying homes they could not afford. In anything when there is a mistake made some will benefit by staying in there homes without paying or for those who were offered loan modifications and paper work gets misplaced or not recorded properly. I just pray for those who have not faced this it will never happen to you. its easy for those who have not faced this to stand on there high horse and point fingers.

Posted by: Anonymous | October 1, 2010 5:05 PM | Report abuse

The people who are calling these people deadbeats sure haven't read the articles I've read -- houses sold out from under people who bought them for cash because the banks, in their greedy frenzy, could not and will not keep the paperwork straight. They don't even really know what they own -- but they'll go after it anyway.

Posted by: Anonymous | October 1, 2010 5:06 PM | Report abuse

Great news. I knew there would be no consequences for me not making my mortgage payments.

Let the suckers pay their debts, not me.

Posted by: Anonymous | October 1, 2010 5:15 PM | Report abuse

Well, Blumenthal saw his poll numbers diving and decided to do something about it -- anything, anything!

Posted by: suegbic1 | October 1, 2010 5:28 PM | Report abuse

A lot of comments by the uninformed about deadbeats. Now here is a deadbeat for you:

The clown makes $300k a year, his million dollar home is now worth far less so he mails in the keys as a "strategic default". That's a deadbeat, not the poor slob who is struggling because he lost his job, has a loan he should never have been offered, that had an inflated appraisal, and the loan originator fudged the documents to make sure the loan was made. Massive lender fraud from the likes of Countrywide (now BAC), IndyMac, GoldenState (Wachovia now Wells Fargo), Washington Mutual (now Chase) not to mention many other now defunct mortgage companies. Many of these mortgage packets are no doubt good evidence to support charges against fraudulent originations.

Posted by: chucko2 | October 1, 2010 5:29 PM | Report abuse

Connecticut halts all foreclosures for all banks

JUST IN TIME FOR ELECTIONS !!!!

SHILLS

Posted by: Anonymous | October 1, 2010 5:34 PM | Report abuse

Whatever happened to fiscal integrity? You pledge to pay a certain amount over a certain period of time. If you fail, you lose. End of story. Go rent a nice apartment.

Posted by: Anonymous | October 1, 2010 5:38 PM | Report abuse

lots of meanness on here as well as lack of empathy. remember the old adage: walk a mile in someone's else shoes before you judge him. i assume none of the mean people follow any faith or consider themselves christian, because they're not, based on their comments.

Posted by: Anonymous | October 1, 2010 5:42 PM | Report abuse

Does not a blanket prior constraint of foreclosures violate the Constitution’s Article I, Section 9?

“No State shall . . . pass any . . . ex post facto Law”, or Law impairing the Obligation of Contracts. . . ”

Posted by: whatley1 | October 1, 2010 5:45 PM | Report abuse

This is what America has come to...If there is one documnet not correct ..you do not have to pay to live in your house forever ???

Where has the decency gone ???

Pay you mortgage or move out !

Personal responsiblity !!

Posted by: Anonymous | October 1, 2010 5:45 PM | Report abuse

The use of the word 'deadbeats' can be applied to both banks and mortgagees alike. As always, the truth is somewhere in the middle.
The banks loaned money with risk factors as never seen before, to make their bottom line look better, and their CEO's et al, receiving outrageous pay raises and options.
Mr & Mrs America took advantage of a new no-rules lending regimne and made the most of it. Some came off winners, and some came off losers. That is the way it always goers -no surprises there!
The banks catch a cold, and yet cry foul even as they accept Federal handouts.
The foreclosure problem is HUGE as lenders never had had (and still do not have) the infrastructure to cope, and are unwilling to invest in ways to solve the problems.
I too, caught a cold, when my company stopped trading, and I was unable to pay my mortgage. Does this make me a 'deadbeat'?
I have tried for over three years to get the bank to negotiate. First the bank (BankUnited FSB) went bust, FDIC took over, investors came in and paid $900M with $billions shared and forgiven with FDIC. Newco bank (BankUnited) now makes profits, but still refuses to negotiate loans reflecting the current market. After two mediations (and 3 years), I finally find out why. FDIC will not negotiate any principal reduction, and bank makes out big-time because of PMI paybacks.
So, are the banks being truthful with their foreclosure documentation? It only takes a few cases (or even one) of dishonest statements to make the whole process an utter shambles.
Incidentally, I am neither an attorney or even employ an attorney. After many years as a CEO, I simply look at the documents and ask very simple questions in court based upon the plaintiffs documentation. Three years later I am still asking what are basic simple business questions.
Am I a 'deadbeat'? - no, but rather one who is applying a business technique I learned from the banks. Leverage your assets baby!

Posted by: TomT3 | October 1, 2010 5:47 PM | Report abuse

The issue is not about squatters and deadbeats. The issue is not about whether the homeowners deserve to be foreclosed on. The issues is that the banks doing the foreclosure in many cases don't even own the mortgage they're foreclosing on. That's fraud. On the part of the bank. In some cases the mortgage has been sliced and diced and resold so many times in so many ways that nobody can even prove who the homeowner should be sending his mortgage checks to in the first place.

Posted by: Anonymous | October 1, 2010 5:48 PM | Report abuse

I have been waiting for nearly 2 years for a loan modification. I am in line waiting for the underwriters and have been for months. I was sold an aggressive mortgage, lost my job, had a critically ill spouse who could swallow or talk much less work and went thru retirement savings and ruined my credit to save my large investment, my house of 21 years. So don't tell me to pay my mortgage or move out! HOW DARE YOU you self righteous jackass. Tax payers bailed out these thieving banks after they caused the financial crisis and when we ask them for help in turn they are going to help us!

Posted by: Anonymous | October 1, 2010 6:13 PM | Report abuse

It's simple, if you don't pay your mortgage for whatever reason, you get evicted. You simply can't pay your bills and need to modify your lifestyle. Don't count on some 'technicality' of paperwork to save you. Don't blame the bank for 'selling you an aggressive' mortgage.

Posted by: alientech | October 1, 2010 6:26 PM | Report abuse

good for the state of CT - about time somebody put those Wall Street fat cats in their place - steal money from poor to give to rich and they cry when poor don't want to be stolen from again - increase taxes on the richest back to Ronald Ray-gun days - after all he wasn't a pinko commie left winger tree hugger now was he?

Posted by: Anonymous | October 1, 2010 6:29 PM | Report abuse

What does increasing taxes on the rich have to do with banks not following foreclosure paperwork procedures or homeowners not paying their mortgages?

Posted by: alientech | October 1, 2010 6:42 PM | Report abuse

It saddens me to read some of these comments,with folks believing that foreclosures are the result of deadbeats. What an ignorant statement. This type of thinking fuels the banks in having their we will leave them in home modification hell and take their home anyway. I applaud Connecticut, I don't care if he is running for office, the only one who can cause action against the banks is the government official, which he is. My home was foreclosed by Chase, while I was paying under a forebearance agreement. And no, I am not a deadbeat. At the time of my purchase, I was an executive at a major US company. Life happened. I was divorced from an abusive spouse and became disabled. The banks have profited from the HAMP Program and have not tried to help the homeowner. I hope this freeze extends across the 50 states. Foreclosures hurt everyone. Like it or not, we are all in this together. I, like other middle class Americans, who have been hit by hard times, have become the new homeless. Liberty and justice for all, remember that one?

Posted by: psalms121 | October 1, 2010 6:43 PM | Report abuse

I have been waiting for nearly 2 years for a loan modification. I am in line waiting for the underwriters and have been for months. I was sold an aggressive mortgage, lost my job, had a critically ill spouse who could swallow or talk much less work and went thru retirement savings and ruined my credit to save my large investment, my house of 21 years. So don't tell me to pay my mortgage or move out! HOW DARE YOU you self righteous jackass. Tax payers bailed out these thieving banks after they caused the financial crisis and when we ask them for help in turn they are going to help us!

Posted by: Anonymous | October 1, 2010 6:13 PM | Report abuse

*******

Have you talked to a bankruptcy attorney? When you file for bankruptcy, (depending on the state you live in), there are some protections for your primary home. It at least stops them from foreclosure for awhile. While the judge can't do much about the interest rate on real property (your home) he or she may be able to reduce the burden of your medical bills and unsecured debt. You should consider it, and I wish you and your spouse the best of luck and a speedy recovery.

Posted by: brt929 | October 1, 2010 7:01 PM | Report abuse

psalms121, no, we are not in this together, you weren't paying your mortgage and you lost your house. Not me, or anybody else. Don't expect the rest of us to pay your bills because "life happens" and you can't pay your bills anymore.

Posted by: alientech | October 1, 2010 7:07 PM | Report abuse

The banks don't hold the morgages. Fannie Mae and Freddie Mac do.

Posted by: kevten | October 1, 2010 7:09 PM | Report abuse

This is exactly why the Fed needed to keep their nose out of the bailouts (bank and auto) and just let them go bankrupt. Now the average Joe thinks he can just walk away from an obligation. Why? Because the banks screwed up and they got bailed out. So the average guy figures, "If the banks aren't going to be punished, then why should I?" And now gov't, including state gov't, feels it has the right to interject itself into this junk? Why not, it does in every other facet of our lives.

The bankruptcy laws are there for a reason and they should've been used. Is anyone that naive to think that big-time investors wouldn't have swooped in on these bankrupt banks and bought and saved them? Of course they would've. And if they had, we'd be a lot further out of this mess than we are now!

Posted by: Anonymous | October 1, 2010 3:59 PM | Report abuse

******
There is nothing like the voice of pure ignorance. Wouldn't another "Black Friday" have been fun. Imagine, depositing your pay check on Friday, and on Monday, you can't touch it! What a delight!

We were close to a total meltdown, do you even understand that? Do you know how many other countries were forced to step in and securitize their banks? It didn't just happen here.

Here is some unsolicited advice: pick up a book on economics and learn something before you espouse your opinion. Stop mimicking Rush Limbaugh's (or whoever)
ludicrous points.

Posted by: brt929 | October 1, 2010 7:34 PM | Report abuse

alientech. If you live in a neighborhood that is going to become full of foreclosed homes,and your property value continues to nosedive, yes we are in it together. If the unemployment rate continues to climb, yes we are in it together. Apparently you have never been in the position of not being able to pay your bills and you are enjoying sitting in the judge seat.

Posted by: psalms121 | October 1, 2010 8:46 PM | Report abuse

alientech is one of those amazingly ignorant and selfish people who apparently believe that a society is nothing but a mob of individuals. That being a member of society does not carry any responsibilities. That he's a self-made man who never leaned on anyone else.

I really wish these self-serving America-haters would just go Galt like they keep threatening and stop polluting the rest of the country with their sociopathic ideas.

Posted by: jiji1 | October 1, 2010 11:53 PM | Report abuse

I'm guessing that all the people who were working in the foreclosure divisions, who now have to sit on their hands for 60 days, have decided to spam the comments section as a way to spend their free time.

Posted by: rick_desper | October 2, 2010 4:58 AM | Report abuse

The logic involved in some of the comments is priceless.

1. Lots of people default on their mortgages and their banks go bankrupt

2. ?????

3. Everything's better!

Posted by: rick_desper | October 2, 2010 5:02 AM | Report abuse

http://www.change.org/petitions/view/usa_national_foreclosure_moratorium_now

Posted by: Anonymous | October 2, 2010 8:55 AM | Report abuse

this should be done nation wide

Posted by: Anonymous | October 2, 2010 9:42 AM | Report abuse

The sociopaths are out on this one. It seems the coming election is more about a vote for empathy than anything else. I used to feel sorry for these self haters and their comments, now I wonder how there could be so many of them.

Posted by: Anonymous | October 2, 2010 11:02 AM | Report abuse

When will Wells Fargo make its announcement?

This is how Wells Fargo foreclosed our home.

www.wellsfargomortgagefraud.com

Posted by: WellsFargoFraudVictim | October 2, 2010 12:38 PM | Report abuse

Seems like the issue here is not about substantial justice, but about whether we should hold up foreclosures because of immaterial errors in documents (gee, that name is misspelled on page 32!). Blumenthal is just pimping for votes on this one.

Posted by: Anonymous | October 2, 2010 2:08 PM | Report abuse

The banks do not loan a penny of their own money or their depositors money. When a homeowner signs a promissory note it is deposited as credit to the bank. They get the equity in your property for Free and they appoint a servering company to collect (steal) the payments again, with interest, on the promissory note. They have already been paid once in credit to the bank. The bank cannot sign a "Contract." The promissory note has only one signature on it; yours. Look at the Doctrine of Ultra Vires. The bank is a corporation and therefore cannot sign a "Contract."
Lawyers have produced fradulent paperwork to process most of these foreclosures. I have seen a lot of it in the courts. There are hatcheries in some states, a place where a lawyer can call and order any kind of paperwork he wants to fill the holes in the banks incomplete paperwork. He then submits this fraudulent paperwork to the court for the foreclosure process, unlawful detainer, and finally eviction. The banks are using the instrumentalities of government (courts, and sheriff) to assist them in the biggest scam ever perpretrated on the public. And, by the way, some of the so called investment companies buying up foreclosures have city officials getting property for $1.00 and actually putting their name on the Deed of Trust as the "Grantor." Now, I do believe this is called racketerring. Isn't it nice to have a family thrown out of their house by the sheriff and having the same sheriff's name show up on
the "Deed of Trust" as the "Grantor."

This whole foreclosure scam has been planned by the "Elite" families to transfer the wealth back to their control. These banking families have kept us in slavery for many generations. This is not the first time this has happened; do your homework. It happened in the 1860's, in 1933, and again now. About every 70 years the US goes BK. Look at the dollar bill, it is a "Note" which is debt. We are on a debt based monetary system. We have "NO" money. That paper you have in your pocket is worthless.

The guy who called the homeowners dead beats and squatters needs to get an education. He's brain washed by the system and can't get out of the box. Probably a bank employee who has way too much power. He must have attended the government funded "school of fools." The attorney general and the governor are commissioned military officers and they are suppose to protect the people and the property. We have been under martial law since about 1867; but the school system didn't teach you this. Wake up folks.

People need to get out of the box if we're going to have any chance at all to save our country. The US is in BIG trouble right now. We need to unite and stop fighting each other.
The banks have already been "Paid" and they need to be prosecuted for crimes against the people. They need to be arrested for theft.

Talkshoe.com....listen to AIB Radio

May we all walk in truth and listen to our Father.

Country Girl

Posted by: Anonymous | October 2, 2010 8:07 PM | Report abuse

Record High Defaults=CHECK

Record High Foreclosures=CHECK

Record Low Sales=CHECK

Record Price Declines=CHECK

Folks,

DO NOT buy any housing right now.

There is no stabilization in housing until we get back to early 1990's prices, possibly even early 1980's.

Let housing prices and rents collapse and don't get in the way.

Posted by: DCRealtor | October 2, 2010 8:32 PM | Report abuse

While there is no question that banks should wherever possible work with troubled borrowers, and sometimes they don't ---- we urge the legal authorities such as people like Richard Blumenthal to take stock of what they are doing, and to avoid actions which cast doubt on the validity of the security interest held by lenders in home loan situations ---- because extreme legal positions in this area have the potential to truly disable the housing financing markets of this nation. That said - we also draw the attention of the legal authorities to their own poor conduct in finance litigation. For example, we are aware of a case in Connecticut before Judge Taggart Adams, where the borrower/defendant admitted the existence of a loan but asked the bank (Discover Bank) to produce a copy of the loan agreement so that the amount claimed by the bank could be verified. Judge Adams refused to allow the request, on the basis that the borrower/defendant had received a statement from the bank. What kind of finance litigation is it, if the borrower/defendant can not even ask the lender/plaintiff to produce a copy of the loan contract that supposedly is the basis of the lawsuit ?

This would appear to be yet another instance of Richard Blumenthal setting forth legal claims under the guise of protecting people, which are just designed to advance his own political career.

Mr. Blumenthal - if under these essentially false pretenses, you disable the mortgage finance markets of the State of Connecticut, your so-called "liberal" friends are not going to like you very much. You will make their houses near-worthless.

In fact, what you are doing is unconstitutional ---- because both borrowers and lenders have legal rights, and you are, in this instance, depriving the lenders of their legal rights.

As always, the legal people do whatever they feel like - and this grandiose action by Mr. Blumenthal has the potential to more or less halt mortgage lending in the State of Connecticut.

Today, everyone is looking at real estate markets that are reportedly quite slow, and price-wise off by around 25-35%.

If you invalidate the whole basis of mortgage contracts, and banks say "this is ridiculous, we can't lend" ---- you're not going to be looking at 25-35% off ---- you're going to be looking at 75-85% off.

And that is no exaggeration.

Maybe you can use your experience in Vietnam to help guide you on this. You fought bravely in the Tet Offensive. You helped retake Hamburger Hill. Come on ---- use your noggin.

If you invalidate mortgage loan contracts as an entire class of contracts, you will in fact destroy the economy ---- and even you will have to scramble for economic survival. Who knows - you may even have to sell your war medals.

Matt Lechner - CFP, CRPS, FRM
Chairman - WSSIG, the Wall Street Special Interest Group
"supporting and growing America's interests in the global capital markets"
4714026@optonline.net

Posted by: Anonymous | October 2, 2010 10:07 PM | Report abuse

"If you invalidate the whole basis of mortgage contracts, and banks say "this is ridiculous, we can't lend" ---- you're not going to be looking at 25-35% off ---- you're going to be looking at 75-85% off."

Prices need to and will come down 75% irrespective of all these flawed efforts to prevent it.

Posted by: DCRealtor | October 2, 2010 10:12 PM | Report abuse

well, Mr. or Mrs. DCRealtor ---- I don't know if that's true, and I hope it's not.

For your typical American family, a house is the biggest and most important investment they ever make ---- and in general they are excellent investments, especially if you take care of them and even improve them a little bit.

It is just not clear to me that State Attorney General has the legal authority to deprive an entire class of contracts from the due process of the law.

Posted by: Anonymous | October 2, 2010 10:26 PM | Report abuse

Still spreading the old lie that housing is an "investment" huh? Typical.

A single family residence is not an "investment", never has been nor will it ever be. More accurately, *SHELTER* is a cost, month after month, year after year until you're in your grave. Whether you buy it or borrow it (rent) is immaterial.

Posted by: DCRealtor | October 2, 2010 11:40 PM | Report abuse

"which one become the priority.."

Posted by: Anonymous | October 4, 2010 9:40 AM | Report abuse

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