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It is pretty clear, however, that overall foreclosure moratoria, foreclosure delays, modifications, and other workout activity continued to keep the number of homeowners who “lost” their homes to foreclosure massively lower than one would have expected given the delinquency/in foreclosure numbers.
It is pretty clear, however, that overall foreclosure moratoria, foreclosure delays, modifications, and other workout activity continued to keep the number of homeowners who “lost” their homes to foreclosure massively lower than one would have expected given the delinquency/in foreclosure numbers.
I doubt it. Some increase perhaps nationally but little change locally. The process is pretty much rate limited. No capacity to do more. One could build it up over a period but it would take a while.
It is pretty clear, however, that overall foreclosure moratoria, foreclosure delays, modifications, and other workout activity continued to keep the number of homeowners who “lost” their homes to foreclosure massively lower than one would have expected given the delinquency/in foreclosure numbers.
It is not surprising, and believable, as the national news media and others have been reporting there is a 5M home backlog of properties not yet, but soon to be, foreclosed on. I would expect the many reasons why mortgage holders have not proceeded are attempts to prevent serious devaluation in areas with large numbers of potential foreclosures. The government has also been interfering in the foreclosure process as if allowed to progress rapidly could, at the least, allow the truth to be fully known about the actual significance of the recession, or better termed depression!
It is interesting to note that the only one benefiting any what from the current economic conditions are the big businesses themselves. It started with the bailouts of the "Too Big To Fail" companies and on to the propping up of the housing market through the various government intervention programs. As a result of these activities, and previous conditions, our dollar is a joke as far as value, and we are in debt to the tune of over $14 Trillion. Here is a good representation:
All that has been done so far has been to help the big businesses survive at the expense of the people. Consider this, if the government had kept its nose out of corporate bailouts and real estate propping up then where would we be now? No company is too big to fail and would potentially be bought by another for fire sale prices. But it would still not be funded by US Taxpayer dollars. Had the government stayed out of the real estate game and allowed the foreclosures to happen most likely there would be the same number now as before, and that number would be huge.
The worst case scenario is the economy dumps bad enough to threaten many more homeowners than are currently being reported. The note holders for those mortgages would have had two choices with the first being to foreclose on the homes and have such a huge inventory they would take many, many years to clear. After all if the crisis became widespread who would be able to afford to buy these foreclosures anyhow?
The note holders other choice would be to work with the homeowners in an attempt to keep them in their homes instead. At that point our great government could have taken all of that bailout money used on corporations to fund these loans to help keep homeowners in their homes. If you feel the government should not then why should they back Fannie, Freddie, and all of the corporate bailouts?
The bottom line is if the government kept their nose out of it then a level playing field could have been created for all, including the little guy homeowner. Instead the playing field is still tilted in favor of big business!
It is pretty clear, however, that overall foreclosure moratoria, foreclosure delays, modifications, and other workout activity continued to keep the number of homeowners who “lost” their homes to foreclosure massively lower than one would have expected given the delinquency/in foreclosure numbers.
Bankers. The red carpet's still being rolled out for them in Washington, but if there's a stain on it they'll pout for days. Jason Linkins documents the latest set of cheap white wines from very wealthy white men. (Discrimination lawsuits are a routine part of their legal troubles, too.) This time they're upset because nobody from the six largest banks in America was invited to the president's CEO Roundtable.
They're offended because they didn't meet with the president? From the looks of things they're lucky not to be meeting with the warden. Their collective rap sheet includes fraud, sex discrimination, collusion to bribe public officials... even laundering drug money for Mexican drug cartels. One of them is accused of ripping off some nuns! None of this criminal behavior has stopped them from sulking over a presidential slight. Let's review the record for these corporate malefactors, and then decide:
Which of these six banks was "America's Most Shameless Corporate Outlaw" in 2010? (I mean, really: Nuns?) 1. Bank of America
Here are some recent headlines for the country's largest bank:
Bank of America Ends Year With Flurry of Lawsuits
"Arizona Wants Bank of America Held in Contempt"
"Nevada, Arizona sue Bank of America over failed mortgage aid"
"Allstate Sues Bank Of America For Selling 'Toxic' MBS"
"Bank of America Hit With Missouri Class Action Over Loan Modifications
The AP has alot of info re: JPMorgan Chase and Ally (formerly GMAC). GMAC was big in S. Florida and Countrywide sold alot of their toxic products. media-ocracy.org also has economics professor DiMaggio talking about the future impact.
And Investment Banks/Wall Street are not federally regulated by ANY law at all, can be bailed out by the Fed at any time after all this. It started in the 80's......the bubble was created after 1997. I used to sell properties.
Obama sold everyone down the river as well, since the MHA and all other programs he supposedly created are by law voluntary. This is going to get much worse for the next few years and Cogress will do nothing.Ind-VT Bernie Sanders was pushing for oversight committe on the Federal Reserve, but nothing has happened yet.
Criminal activity like this use to be called “organized crime of the mafia” and people would be sent to jail for some of the activities these bankers are doing. Little if anything is happening to them and it’s appears to be “business as usual”. Bernie Sanders is one of a few who are speaking out about oversight committees and we need more leadership like him in Washington.
I doubt it. Some increase perhaps nationally but little change locally. The process is pretty much rate limited. No capacity to do more. One could build it up over a period but it would take a while.
Realo question is how long can banks hold these properties on the books at artificial high rates?
Once they sell them their books take massive losses.
Makes you wonder what shoe is to drop down the line.
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informative post thank you
