9 Reasons Bush will Veto Home Mortgage Bailout Bill

LOS ANGELES - A California man who has defaulted on nine (9) homes and expects banks to foreclose on all of them, forcing him into bankruptcy, says he now considers it a mistake to have invested in the real estate market.

Shawn Forgaard, a 37-year-old software company project manager, bought one home for his family to live in and nine more as investments. He stands to lose all the investment houses in the mortgage meltdown but says he has come away wiser from the experience.

"Everyone stumbles. I'm not going to hide or run or live in denial, or with regrets," Forgaard told Reuters in an interview. "On the surface it looks like total devastation but it's just the opposite. I'm confident our lives will be much, much richer as a result."

Forgaard bought a house in Santa Cruz, about 60 miles south of San Francisco, in 2000. Four years later, using $800,000 in stock options, he began snapping up investment properties, putting 10 percent to 40 percent down on negative amortization loans — in which payments do not cover the interest so that a borrower's balance grows over time.

It was those "neg-am" loans, which include triggers causing payments to balloon if the debt reaches a certain percentage of the original balance, that would come back to haunt him.

http://www.msnbc.msn.com/id/24569891/

Everyone who thinks the Government should use taxpayer money to "pay off" those mortgages for Shawn Forgaard and the tens of thousands of others just like him, ......... send an E-mail to your Democrat Congressperson(s) telling them to



If successful, those mortgage lenders will be mighty happy ...... and will make big ca$h contributions to the DNC.

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