Im going to post some things from other sources that are just eye popping crazyness that our country is just a mess.
NEW YORK (CNNMoney.com) -- Despite concerted government-led and lender-supported efforts to prevent foreclosures, the number of filings hit a record
high in the third quarter, according to a report issued Thursday.
"They were the worst three months of all time," said Rick Sharga, spokesman for RealtyTrac, an online marketer of foreclosed homes.
During that time, 937,840 homes received a foreclosure letter -- whether a default notice, auction notice or bank repossession, the RealtyTrac report
said. That means one in every 136 U.S. homes were in foreclosure, which is a 5% increase from the second quarter and a 23% jump over the third quarter
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.
And because there are so many delinquent borrowers, Sharga predicts the banks will be slow to take back their properties and put the repossessed homes
back on the market.
"It's hard to envision [the banks] putting millions on properties up for sale and cratering prices," he said. "Recovery will be slow and gradual.
I don't see home prices getting much better until 2013."
Now this is from last year. But what we don't see here is the teaser loans that were wrote in 2005 and up till 2007 now a teaser rate loan is a loan
written that has a 3-5 VERY low introductory rate at around 1%-1.5% and after that intro rate it inflates to a set market rate. i.e. you buy your
house with a teaser loan you have this killer rate of 1% for first 5 years and your payment is 850.00 per month and you wrote this loan in 2005 now
fast forward 2010 and now your rate is about to inflate to market rates or higher. so you paymeny is going up at lest to $1600.00 per month. And guess
what these loan are about to hit there inflate date line this coming year and there were hundreds of thousands who wrote these junk loans and we have
yet to see these hit the economy.
Check this crap out as well:
Financial Sector Takes 41% of All Profits and 8% GDP
Over the last several decades, the financial sector has grown relentlessly. It has doubled in size over the last 14 years. During the period 1973 to
1985 the financial sector never earned more than 16% of domestic profits. This decade, it has averaged 41% of all the profits earned by businesses in
In 1947 the financial sector represented only 2.5% of our gross domestic product. In 2006 it had risen to 8%. In other words, of every 12.5 dollars
earned in the United States, one goes to the financial sector, much of which, let us recall, produces nothing.
That growth has not been among community or regional banks -- or credit unions. I'm talking about Wall Street.
Wall Street's growth is one big reason that most of America's economic growth during the last decade has flowed into the hands of investment
bankers, stock traders and partners in firms like Goldman Sachs.
The Center on Budget and Policy Priorities reports that fully two-thirds of all income gains during the last economic expansion (2002 to 2007) flowed
to the top 1% of the population. And that, in turn, is one of the chief reasons why the median income for ordinary Americans actually dropped by
$2,197 per year since 2000.
Even more non-sense which some could have been posted already:
Fed Warns Truth Will Destroy Economy
NEW YORK, Aug 27 (Reuters) - The U.S. Federal Reserve asked a federal judge not to enforce her order that it reveal the names of the banks that have
participated in its emergency lending programs and the sums they received, saying such disclosure would threaten the companies and the economy.
The central bank filed its request on Wednesday, two days after Chief Judge Loretta Preska of the U.S. District Court in Manhattan ruled in favor of
Bloomberg News, which had sought information under the federal Freedom of Information Act.
Preska said the Fed failed to show that revealing the names would stigmatize the banks and result in "imminent competitive harm." The Fed asked the
judge not to require disclosure while it readies an appeal.
"Immediate release of these documents will cause irreparable harm to these institutions and to the board's ability to effectively manage the
current, and any future, financial crisis," the central bank argued.
It added that the public interest favors a delay, citing a potential for "significant harms that could befall not only private companies, but the
economy as a whole" if the information were disclosed.