New data from the US Census shows that it's becoming ever more likely that your parents may need to move into your place: "The median level of debt among households led by someone 65 and older..rose nearly 120% between 2000 and 2011 from roughly $12,000 to $26,000, due largely to rising mortgage debt."
The median debt of retirement-aged people is $26,000, and the majority of workers have less than $25,000 in total household savings.
Better get moving on clearing out that spare room.
Oh, and don't forget their dog...and mom is going to need space for her ladies group on Tuesday nights.
Jennifer Britt of Detroit’s Rosedale Park is like thousands of homeowners pushed to foreclosure by economic disaster and personal loss. Financial difficulties occurred about 6 years ago when Jennifer's husband was killed by a drunk driver as he was crossing the street near his home. Jennifer assumed the moragage payments but the bank, Flagstar Bank, refused to negotiate the debt since the morgage was only in her husband's name. Jennifer exhausted her life savings and paid Flagstar more than $45,000 to keep her home after the death of her husband and the loss of her job, but Flagstar refused to modify the mortgage and foreclosed. Jennifer is working again, but Flagstar has sold the mortgage to Fannie Mae, with taxpayers footing the bill. Eviction is imminent.
Occupy will distribute flyers reminding festival goers that Flagstar is not a “community bank,” but is owned and controlled by Matlin Patterson of New York, a “Vulture Investor,” as Forbes Magazine describes it. Flagstar has confessed to mortgage fraud and has not paid back the taxpayer bailout it was gifted in 2009. It should take back the mortgage and modify the loan to keep Jennifer and her family in their home.
Evictions play a crucial role in the devastating visual landscape of Detroit's inner city. Vacant, crumbling structures destroy neighborhoods, property values plummet, neighboring homes are put at risk by the threat of arson and other criminal activity. Jennifer's story is not unique. Unfortunately, there are many Detroit residents facing home foreclosure and eviction.
Anonymous released yet another video message today, this time his intended audience is the unemployed population in America.
Greetings Citizens of the United States,
We are Anonymous, We are all perfectly aware of the economic crises and job shortages in this country. We are aware that many of us are still without jobs and many have had to take lesser jobs for less pay outside of our chosen professions and educational training. We sympathize with you and your families and friends in this great time of need. We support you for you are also Anonymous. We are all one and the same and we are all in this together. We are all aware that our government and the corporate controlled media are lying to us about the actual number of unemployed Americans in this country. The numbers are skewed and the information that they feed to us, we the public is false. We are tired of telling them of what we need and what we have to have to keep our families and our communities together. Now is the time to show them.
On April First through the Fifteenth 2012, we are asking for every citizen to mail in and to fax our resume and job applications to the White House of United States and to our states Governor's office. Whether we are unemployed, under employed or unsatisfied in our current job placement, we are with you and are please to stand with you in this form of peaceful demonstration.