Foreclosures rise. It's all over

[The Rabbi]

Foreclosures up for first time in 27 months - Yahoo! Finance

NEW YORK (Reuters) - Foreclosure starts rose year-over-year in May for the first time in more than two years - though they fell on a month-to-month basis - as banks resumed dealing with distressed properties after a mortgage abuse settlement earlier this year, data firm RealtyTrac said on Thursday.

more at the source.

Numbers look bad. Three years of HAMP and a few billion dollars thrown at bailing out homeowners and the housing market still sucks, and will get worse. Will Obama run on his economic record now?

 

[Neotrotsky]

Foreclosures up for first time in 27 months - Yahoo! Finance

NEW YORK (Reuters) - Foreclosure starts rose year-over-year in May for the first time in more than two years - though they fell on a month-to-month basis - as banks resumed dealing with distressed properties after a mortgage abuse settlement earlier this year, data firm RealtyTrac said on Thursday.

more at the source.

Numbers look bad. Three years of HAMP and a few billion dollars thrown at bailing out homeowners and the housing market still sucks, and will get worse. Will Obama run on his economic record now?

Run on his record- never has
Unless one counts blaming Bush

h/t moonbattery
Informal Predictor Of Presidential Elections

..one key economic data component has been quite good at predicting presidential elections, and that is consumer confidence. If the consumer confidence index is at 100 or higher, then the incumbent party is likely to win. If not, then the opposition party wins."​

 

[Toro]

We'll be in equilibrium within the next 18-24 months, even with all the shadow inventory to clear out. We are either at the bottom or near it. This is why when the economy begins to pop in 2014-15, people will credit whomever is President with the turnaround.

The new program to remove distressed mortgages off the balance sheets of Freddie and Fannie is attracting a lot of interest from investors.

 

[skookerasbil]

friggin' Bush.............

 

[Warrior102]

It's all Bush's fault.

 

[rdean]

Foreclosures up for first time in 27 months - Yahoo! Finance

NEW YORK (Reuters) - Foreclosure starts rose year-over-year in May for the first time in more than two years - though they fell on a month-to-month basis - as banks resumed dealing with distressed properties after a mortgage abuse settlement earlier this year, data firm RealtyTrac said on Thursday.

more at the source.

Numbers look bad. Three years of HAMP and a few billion dollars thrown at bailing out homeowners and the housing market still sucks, and will get worse. Will Obama run on his economic record now?

Republicans look at their handiwork and say, "A job well done!"

 

[skookerasbil]

Foreclosures up for first time in 27 months - Yahoo! Finance

NEW YORK (Reuters) - Foreclosure starts rose year-over-year in May for the first time in more than two years - though they fell on a month-to-month basis - as banks resumed dealing with distressed properties after a mortgage abuse settlement earlier this year, data firm RealtyTrac said on Thursday.

more at the source.

Numbers look bad. Three years of HAMP and a few billion dollars thrown at bailing out homeowners and the housing market still sucks, and will get worse. Will Obama run on his economic record now?

Republicans look at their handiwork and say, "A job well done!"

See you on election night s0n!!!!!

 

[bitterlyclingin]

The easiest way tp cure diarrhea is to let it run its course. Pediatricians as a rule strongly object to any efforts by the parents to intervene and slow down the course of events, the bowel an emminently self cleansing body organ.
The Governments, unwisely listening to all the squeaky wheels during the foreclosure crisis, threw the equivalent of five pounds of morphine at what should have been simply an innocuous case of diarrhea. As a consequence the whites of the patients eyes have now turned brown due to his inability to rid himself of his toxic accumulations.
You had an extended period of far too easy money, millions of people not qualified to borrow, borrowing huge sums of money to buy houses they were under the impression that irregardless of the price paid, all they had to do was hold the property for six months, flip it and pocket a cool one hundred thousand dollars for their effort. Like the supposedly unsinkable Titanic, there weren't enough lifeboats to be found after the iceberg.
Most of these people had never even heard of a real estate market crash, let alone lived through one, never having the pleasure of walking through subdivision after subdivision of new homes under construction, all work strangely, suddenly terminated, some completely framed with roofing material in place, others not, but with windows installed, all slowly weathering and becoming covered by the insidious growth of mildew on all shaded surfaces, foundation after empty foundation stretching over the horizon waiting for the shell of a house seemingly never to come.
A friend of mine, Air Force, after visiting his mother back home, cut his leave short to visit a friend of his who had been drummed out of the same service for flying his plane underneath some high tension power lines and rudely "Gave the plane back to the taxpayers".
The Democratic Congress and two Democratic presidents with the CRA set it up so that millions of Americans could eventually give their houses back to the taxpayers too.

 

[Skull Pilot]

Foreclosures up for first time in 27 months - Yahoo! Finance

NEW YORK (Reuters) - Foreclosure starts rose year-over-year in May for the first time in more than two years - though they fell on a month-to-month basis - as banks resumed dealing with distressed properties after a mortgage abuse settlement earlier this year, data firm RealtyTrac said on Thursday.

more at the source.

Numbers look bad. Three years of HAMP and a few billion dollars thrown at bailing out homeowners and the housing market still sucks, and will get worse. Will Obama run on his economic record now?

Republicans look at their handiwork and say, "A job well done!"

Actually Blow Job Billy was the one who ramped up sub prime mortgage lending it just imploded under GW.

And let's not forget the Fed's part in this. After all it was the artificially low interest rates that were in large part responsible for the refinancing boom that help inflate the bubble.

How HUD Mortgage Policy Fed The Crisis

In 1995, President Bill Clinton's HUD agreed to let Fannie and Freddie get affordable-housing credit for buying subprime securities that included loans to low-income borrowers. The idea was that subprime lending benefited many borrowers who did not qualify for conventional loans. HUD expected that Freddie and Fannie would impose their high lending standards on subprime lenders.

 

[SniperFire]

Foreclosures up for first time in 27 months - Yahoo! Finance

more at the source.

Numbers look bad. Three years of HAMP and a few billion dollars thrown at bailing out homeowners and the housing market still sucks, and will get worse. Will Obama run on his economic record now?

Republicans look at their handiwork and say, "A job well done!"

Actually Blow Job Billy was the one who ramped up sub prime mortgage lending it just imploded under GW.

And let's not forget the Fed's part in this. After all it was the artificially low interest rates that were in large part responsible for the refinancing boom that help inflate the bubble.

How HUD Mortgage Policy Fed The Crisis

In 1995, President Bill Clinton's HUD agreed to let Fannie and Freddie get affordable-housing credit for buying subprime securities that included loans to low-income borrowers. The idea was that subprime lending benefited many borrowers who did not qualify for conventional loans. HUD expected that Freddie and Fannie would impose their high lending standards on subprime lenders.

Had Clinton not cemented his legacy as being the only elected POTUS to have ever been impeached for forcing little girls who work for him to give him sex, his destruction of our housing and credit markets would be that which he is best known for.

 

[The Rabbi]

It doesnt matter who caused what.
What does matter is that Obama was elected in 2008 pledging to fix this. Instead he has made it worse. He beat up on the banks so they wouldn't foreclose, and he introduced program after program to make banks renegotiate mortgages terms with borrowers. About 80% of those borrowers defaulted anyway. The result has been an overhang of phanton foreclosed properties in limbo, sitting out there depressing the housing market. But now foreclosures are going up, not down, three years into his presidency. This looks terrible. And it is another nail in the coffin for his economic record and his re election bid.

 

[Old Rocks]

And all the GOP have taken pledges to prevent any fixing from being done. But in spite of that, the economic picture is far brighter than when you people got down with us in 2008.

 

[The Rabbi]

And all the GOP have taken pledges to prevent any fixing from being done. But in spite of that, the economic picture is far brighter than when you people got down with us in 2008.

Unemployment is higher.
The deficit is higher
Gas prices are higher.
Home prices are lower.

Remind me what is better now.

 

[SniperFire]

And all the GOP have taken pledges to prevent any fixing from being done. But in spite of that, the economic picture is far brighter than when you people got down with us in 2008.

Unemployment is higher.
The deficit is higher
Gas prices are higher.
Home prices are lower.

Remind me what is better now.

He just qualified for a free Obamaphone!

 

[Mad Scientist]

And all the GOP have taken pledges to prevent any fixing from being done. But in spite of that, the economic picture is far brighter than when you people got down with us in 2008.

Show us the pledges.

 

[ConservaDerrps]

So much smug satisfaction. And yet, two-thirds of Americans still blame Bush for the economy. So, I wouldn't start breaking out the champagne just yet, Fucktards.

Most say Bush to blame for weak U.S. economy, poll finds | Reuters

Also, here's the pledge of Obstructionism:

Americans for Tax Reform : What is the Taxpayer Protection Pledge?

And finally, hey dummy, gas prices have nothing, repeat NOTHING to do with a president's actions or inaction.

Clearly this will be a dog-fight, but all you silly fucks dancing in the streets in June are going to look really, really fucking stupid (more fucking stupid I guess would be inaccurate), if your guy doesn't win, right?

 

[asaratis]

And all the GOP have taken pledges to prevent any fixing from being done. But in spite of that, the economic picture is far brighter than when you people got down with us in 2008.

Show us the pledges.

GWBush warned multiple times that something needed to be done. Barney Frank protected his boyfriend's job and said that there's no problem.

All this shit came about from bleeding heart liberals appeasing the "less fortunate" by enabling them to obtain mortgages they could not afford to pay. The liberals just bought themselves some votes at the expense of the housing market.

Liberalism is a mental disorder.

 

[Lovebears65]

Remember it was Barney Frank and Clinton ADMID that started all this to begin with.. The left will blame Bush for everything because they have nothing to run on LOL

 

[ConservaDerrps]

Right. The housing meltdown had NOTHING to do with predatory lending practices, despite what, oh, every independent assessment of the situation says. Of course some less than savvy people took out mortgages they shouldn't have; but by and large the overwhelming majority of the blame has to be one the lending institutions. Why? Because it's THEIR money they're lending. They're the ones who should be able to cut through the shit and figure out if the loan's a good one.

Oh that's right, they stopped caring if we all lost our houses as soon as mortgage-backed securities became a thing, huh? So now, instead of rooting for us ALL to succeed, they kind of don't care either way and then we get what we got.

Sometimes it really IS important to not have a half-baked, bullshit, rhetoric-filled explanation of the truth.

 

[The Rabbi]

Right. The housing meltdown had NOTHING to do with predatory lending practices, despite what, oh, every independent assessment of the situation says. Of course some less than savvy people took out mortgages they shouldn't have; but by and large the overwhelming majority of the blame has to be one the lending institutions. Why? Because it's THEIR money they're lending. They're the ones who should be able to cut through the shit and figure out if the loan's a good one.

Oh that's right, they stopped caring if we all lost our houses as soon as mortgage-backed securities became a thing, huh? So now, instead of rooting for us ALL to succeed, they kind of don't care either way and then we get what we got.

Sometimes it really IS important to not have a half-baked, bullshit, rhetoric-filled explanation of the truth.

Geez are you fucking stupid.
Yeah it was predatory lending. The consumers were the predators, taking money they couldn't pay back.