Foreclosed Homeowners Hit the Mall

[Common Sense Capitalism]

It was recently disclosed that a foreclosed homeowner applying for President Obama's refinancing plan went on a shopping spree the month of their application.

$1,700 to $1,800 in monthly expenses at the spa, Best Buy, Gap, and other retail outlets.

Some studying these applications have said that people aren't cutting back. On top of that we have increases in consumer spending, where is this coming from?

We haven't created many jobs. Incomes aren't rising. Maybe, others are shifting from mortgages to retail.

 

[Hoplite]

It was recently disclosed that a foreclosed homeowner applying for President Obama's refinancing plan went on a shopping spree the month of their application.

$1,700 to $1,800 in monthly expenses at the spa, Best Buy, Gap, and other retail outlets.

Some studying these applications have said that people aren't cutting back. On top of that we have increases in consumer spending, where is this coming from?

We haven't created many jobs. Incomes aren't rising. Maybe, others are shifting from mortgages to retail.

Call me crazy but I'd like to see some sources on this

 

[Common Sense Capitalism]

Sure. All posts are written based on blogs posted that day. The sources are listed in the articles in the link above.

News Headlines

Calculated Risk: HAMP applicants tanned and juiced

Are homeowners skipping out on mortgages to spend at the mall? Iowa Independent

 

[Wiseone]

I thought you were referring the Mall as in the area in front of the Capital building, now I see its something even less important than that.