July/August/Sept = Foreclosure record!!!

[saveliberty]

Foreclosures hit record in third quarter 2009 - Oct. 15, 2009


......from the article...............

No end in sight
The foreclosure crisis may not diminish anytime soon. "The fastest growing area is in the 180 days late-plus category, the most seriously delinquent borrowers," Sharga said. "It's going to be a lingering problem."

Plus, the RealtyTrac statistics may understate the depth of the foreclosure mess because lender and government actions have delayed many filings. As a result, some delinquencies have not been counted on the foreclosure tallies. That means the crisis may not end quickly.

When your economic policies are geared towards "Trickle Up Poverty"..........this is what you get: staggerring unemployment...........staggerring deficits...........anti-business taxation and flat growth rates............and evidently, massive increase in foreclosures.

How much fun is it going to be checking out the daily Presidential Tracking Poll in these coming months?????

The American People stated their opinion as to who was at fault in the current economic debacle in 2008. President Obama has been dealing with the failures of the eight years of incompetance and corruption that preceded his administration for less than a year. 2010 will tell if his policies are having positive results. Until then, you are just bleating about the failures of the Bush administration.

A little over half of Americans voted for Obama because they like him, wanted transparency, wanted an end to pork barrel spending, or wanted out of Afghanistan and Iraq. Currently the President is failing on all counts. As for the mortgage crisis, that is squarely on the shoulders of Democrats, in particular, Barney Franks.

 

[saveliberty]

Bill Clinton signed into law the bill that let banks sell risky mortgages, create CDOs, CDS, MBS, CDOs & other dirivatives so they could lend to risky bad credit barrowers & sell those risky loans to GSEs like Fannie & Freddie.

Obama - "Subprime lending started off as a good idea - helping Americans buy homes who couldn’t previously afford to. Financial institutions created new financial instruments that could securitize these loans, slice them into finer and finer risk categories and spread them out among investors around the country and around the world. In theory, this should have allowed mortgage lending to be less risky and more diversified."

Obama - "difficult to imagine that the inability of somebody to pay for a house in Florida could contribute to the failure of the banking system in Iceland. Today what's difficult to imagine is that we did not act sooner to shape our future."

Fact: Fannie and Freddie have purchased about 80% of all new home mortgages in the United States.

More horseshit.

The economy collapsed because of a $516 TRILLION DOLLAR derivative bubble.

It wasn't the housing market. Only a small percentage of homes went into foreclosure.

Derivatives are the new ticking time bomb Paul B. Farrell - MarketWatch

Seriously, educate yourself before you come on here talking shit.

Mark to Market rules are a big problem too.

 

[saveliberty]

The foreclosures are part of a free market economy.

You criticize Obama. What do you want him to do.

Do you want government intervention. More government?

Conservatives on this thread criticize and complain and do not provide solutions.

Provide a voucher system which is given to home owners in trouble (not the banks). It would be redeemeable at a mortgage institution to lower principal for those home owners capable of staying in their home with less than 25% of their prinicpal being reduced. Mortgage institutions could turn these in to the government for cash. Thus helping people and big financial businesses.

Strengthen laws against bankers who materially assist in loans to unqualified individuals.

Send a few bankers to jail.

Make banks report their losses fully.

Eliminate ACORN's involvement in housing.

All you had to do is ask ElmerMudd.

 

[namvet]

I love when Republicans cheer for America to fail.

It shows who they really are.

Meanwhile I'm making so much money it is amazing.

I put $10,000 in the bank just today.



God bless America.

and i had 7 figures in investment returns BEFORE your downtown clown was elected. but unlike you, to keep it safe I moved mine out of this country the day after the election.

God bless me

 

[PatekPhilippe]

I put $10,000 in the bank just today.

$10k...??? Is that all?? Ha ha ha ha ha ha ha ha shit...i got 8 times that in checking.

Pathetic.

 

[ba1614]

High risk mortgage resets won't reach their peak until mid-way through 2011. Expect the rate of foreclusures to increase until all of these loans begin to default.

Unless people find new and creative ways to replace lost manufacturing jobs, and unless people find new and creative ways to get pay raises in a spiraling economy, and unless people find new and creative ways to prevent their equity from going negative the foreclosure curve will continue to go up every quarter for the next 2-3 years.

Analysts from FOX, CNN, and the White House may tell you otherwise, but the numbers do not lie. The majority of current defaults are related to these mortgages (which were forced on banks by the White House, by senior officials who were appointed directly from within the finance companies) and there are no indicators to support a change in the current trend, unless the change is an increase in default ratio's as more people lose their jobs.

If you are not personally preparing to make it through very difficult times, you may be putting yourself and your family at unnecesary risk.

I couldn't agree more, there's a lot more shit to hit the fan yet.

Add to that the continuing of handing out money to anyone who shows up to the trough with their handout, and a sob story, we have a recipe for disaster.

Anyone who hasn't paid attention to what's been going on around them for the last couple years, and haven't prepared themselves and their families for difficult times, likely won't learn until they get kicked in the nuts. Sadly, too many people don't learn until they're caught pissing into the wind, some more than once, that it's better to be safe.

 

[Thinman]

The best thing about capitalism is it's self correcting. There is never any need to legislate corrections. Our current economic situation was caused by interference, by government, in the usual transactions in the banking sector. The situation has worsened by Bush and Obama's efforts to maintain the status quo, ie, stimulus.

 

[Anguille]

I put $10,000 in the bank just today.

$10k...??? Is that all?? Ha ha ha ha ha ha ha ha shit...i got 8 times that in checking.

Pathetic.

Hurray for all of you. Any of your money earned doing something worthwhile?

 

[LibocalypseNow]

Barney Frank and his gang of corrupt & incompetent Dunces just announced they will be handing out more mortgages to people who can't afford to buy homes. They're already back to doing the same things that caused this economic meltdown in the first place. Nothing has changed except for our nation has moved even closer to becoming a Third World Nightmare. All of the same corrupt and incompetent people are still in charge of things. How in God's name did Barney Frank,Chris Dodd,and Ben Bernanke keep their jobs? Business as usual in the end. Pretty sad stuff.