Upcoming Classes

Search CFLA's Article Archive:

Fed: 38% of American Families are Poorer

community.nasdaq.comJune 12, 2012

By ETFguide.com

The cat is out of the bag: American families are 38.8% poorer and it's mainly due to massive declines in the housing market (NYSEArca: XHB).

The Federal Reserve's latest data covers 2007-10 and it shows the largest losses were suffered by households with the largest concentration of wealth tied to their homes.

No mention was made of former Fed Chairman, Alan Greenspan's role in the housing boom and subsequent bust.

During his tenure, Greenspan was the housing market's biggest cheerleader and his views of the housing market's resilience encouraged risky mortgage lending.

Both mortgage lenders and Greenspan had the mistaken view that lending money to sketchy borrowers was acceptable because borrowers could always refinance or sell their homes for a profit. Mortgages to subprime lenders along with the hyper-securitization of those mortgages contributed to the ensuing global financial crisis from 2008-10.

Since 2006, nationwide home prices have sunk around 33 percent and even record low borrowing rates (NYSEArca: MBB) have done little to jumpstart the depressed housing market.

The Fed's Survey of Consumer Finances also showed the median net worth for American families fell to an 18-year low of $77,300 in 2010 from $126,400 in 2007.

A decline in otherfinancial assets, including the S&P 500's (NYSEArca: SPY) 14 percent decline over the three year period of the study was a contributing but secondary factor to the loss of wealth.

Despite the fact the U.S. economy is still in the midst of the longest economic contraction since the Great Depression, mainstream economists along with the National Bureau of Economic Research (NEBR) still stubbornly deny the existence of a recession.

The ETF Profit Strategy Newsletter monitors global events and formulates profit strategies using ETFs.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Back to June 2012 Archive

CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

SEE BELOW- http://www.certifiedforensicloanauditors.com

Call us toll free at 888-758-2352

Bookmark and Share
Facebook Like us on Facebook
Twitter Follow us on Twitter
YouTube View our YouTube Videos
LinkedIn Connect to us on Linkedin
BBB Logo


Contact us or view our Sample Documents & Audits by completing the form below.

  • Reload
  • Should be Empty:


DVD Sets Only $99


FREE Mortgage Fraud Analysis


Order Cutting-Edge Services Now


Quiet Title Packages from Licensed Attorneys


Affiliate Services


CFLA Sponsored Attorney Links


Take-Home Education Package