Foreclosures Rose 53% in June, Bank Seizures Tripled, page 1

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Topic started on 11-7-2008 @ 10:52 AM by DimensionalDetective

Foreclosures Rose 53% in June, Bank Seizures Tripled

www.bloomberg.com

July 10 (Bloomberg) -- U.S. foreclosure filings increased 53 percent in June from a year earlier and bank seizures rose the most on record as deteriorating property values and higher rates on adjustable mortgages forced more people to give up their homes.

(visit the link for the full news article)

reply posted on 11-7-2008 @ 10:52 AM by DimensionalDetective

Hey, not to worry though! The fraudulent Fed already bailed out Bear Sterns, and now Freddie Mac and Fannie Mae will get to be bailed out by US, the tax-payer, when the gov takes over and puts them into a conservatorship! So not all is bad, these lending giants will get to skip off into the sunset with their billions, courtesy of the U.S. taxpayer. Who cares about a couple of million "little people" being homeless?

1 Million Homes

``We'll have 1 million bank-owned properties by the end of the year,'' Sharga said in an interview. ``That will represent between one-fourth and one-third of all home sales.''

About 53 percent of borrowers with subprime loans, those with poor or incomplete credit histories, will have negative equity in their homes at the end of the year, and the number will rise to 63 percent in 2009.

www.bloomberg.com
(visit the link for the full news article)

[edit on 11-7-2008 by DimensionalDetective]

reply posted on 11-7-2008 @ 12:35 PM by Quazga

Nice find DD

Did you catch this quote in the article?

``The foreclosure problem is getting worse and will stay with us well into the next decade,'' Mark Zandi, chief economist for Moody's Economy.com in West Chester, Pennsylvania, said in an interview.

This is just crazy.

reply posted on 11-7-2008 @ 12:59 PM by DimensionalDetective

reply to post by Quazga

Nope, I actually read over that. Into the next decade? Yikes. I wonder just how many years that means...This is so sad, all the way around. There is going to be a lot of homeless people and families in the coming years...

[edit on 11-7-2008 by DimensionalDetective]

reply posted on 11-7-2008 @ 02:22 PM by DimensionalDetective

Jeez, just found another article on how this is effecting children now. Over 2 million kids are projected to become homeless over the next year or so.

Mortgage Crisis is Leaving Children Homeless

The United States' current record-breaking rates of mortgage foreclosure will directly affect 2 million children this year and next, according to a recent report from First Focus, a bipartisan child advocacy organization.

"Our homeless education liaisons are noticing increases in the number of students who are homeless, not just in high-poverty families but also those who have typically been middle class and facing this for the first time," says Patricia Popp, state coordinator for homeless education in Virginia.

Full Story:

www.alternet.org...

reply posted on 11-7-2008 @ 02:26 PM by Quazga

reply to post by DimensionalDetective

Yep. Where are all the people who said this was the problem of the borrowers?

I think people are starting to wise up to the fact that systematic predatory capitalism has reprecussions for everyone in a society. You can't just say "Well these people shouldn't have taken these loans" When there were tons of people who's job it was to make people take these loans.

The funny thing is that we were talking about this around the dinner table yesterday and my 10 yo says "Why would banks lend money to people who couldn't afford to pay it back? Wouldn't that hurt the bank in the end?"

Out of the mouths of babes.

reply posted on 11-7-2008 @ 02:36 PM by Maxmars

It's amazing how ignorant some people can be when it comes to the fate of others. My most aggravating experiences come from the 'it's their own fault' crowd.

Homeless people are not objects. They were consulted in the loan process, by professionals who 'knew' what the standards were, and proceeded to embroil the borrower anyway. In a world of fractional lending the banks never lose.

My 12-year old said at the dinner table...,

"But dad, where is all the money going? It has to be SOMEWHERE. Someone has it, no?"

Quazga, so true - children can see clearly what we simply take for granted.

reply posted on 11-7-2008 @ 02:52 PM by DimensionalDetective

reply to post by Quazga

Heh-Now isn't that telling...When our CHILDREN can see through the immorality of things, and question it. Kids are much smarter and aware of what is going on than many adults anymore, I'm afraid. lol

reply posted on 11-7-2008 @ 03:58 PM by Escrotumus

Come on guys, if someone tells you to jump off a bridge and says you will be ok are you going to do that too just because they said it was ok? A little bit of personal responsibility would do everyone wonders. I too am in a bad spot because my town got taken over by illegal aliens and other assorted sub-prime types that are foreclosing in droves now since jobs are drying up and the local political atmosphere is charged towards illegal aliens.

Home values are down 50% in my town from 2 years ago and still dropping. There's a lot more pain to come. This is the 4th inning in a 9 inning game imo and before all is said and done even people like me who are lucky enough to still have a job and good credit may be walking away because their homes are worth 1/3 what they owe even though they bought at the bottom of the market over 5 years ago. Most of the others that have already walked away were probably close to 200k upside-down.

If the govt. baills out freddie and fanny then they sure as hades better be bailing me out of this loan as well. Americans need to riot if big banks are getting bailed and we get the shaft. Heck, I'm already ready to riot and I've got it GREAT compared to many folks. Bailing out big banks and brokerages and shafting the average American would be unacceptable and they need to know that we mean business if they try that.

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