WASHINGTON - "The subprime mortgage crisis will cost New York State $9.4 billion in lost property values and lead to nearly 15,000 home foreclosures in the five boroughs, a Senate report said Thursday.
"From New York to California, we are headed for billions in lost wealth, property values and tax revenues" from the nationwide real estate meltdown triggered by subprime defaults, said Sen. Chuck Schumer (D-N.Y.), chairman of the Joint Economic Committee.
Schumer called for federal action against the lending practices of "really slimy mortgage brokers," which were detailed last Sunday in a special Daily News "I-Team" report."
If there was ONE place with homes over-valued more so than even Florida, it was NY. They however were overvalued, overpriced, oversold, but since keeping up with the Joneses became a national pastime an awful lot of folks DID make the bad decision to buy them anyway.
Sorry about that. Really. Take a step or two back and think about it. Then ditch the over-sized home for something far more manageable, I mean, hell, you're not John Edwards, buy your family good health insurance with the savings, and vi-oh-la...
Two birds with one stone. The American way. The REAL American way.
But whatever you DO do, STOP asking for a handout to sate YOUR ravenous appetite. Sort of like obese folks wanting government subsidies so that they may remain 500 pounders because it is what they've come to expect from life.
Too frickin bad.
And while you're at it, ditch the third and fourth cars in the driveway, don't replace the big-screen TV's throughout the house. Then mom or dad can stay home and school the kids and there's another problem solved. Less soccer moms on the road with cell phones glued to their ears as they frantically race to make it to practice with time left over for the hair appointment so they can also squeeze in some time at the spa.
Just a thought. Do as you wish, but of course.
But DON'T come crying to the rest of us when things don't work out.