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Mortgage Delinquencies Hit Record High

From a confounded Associated Press:

The entrance to a foreclosed home in Lithonia, Ga., is shown ...

The entrance to a foreclosed home in Lithonia, Ga.

12 pct. are behind on mortgage or in foreclosure

NEW YORK – A record 12 percent of homeowners with a mortgage are behind on their payments or in foreclosure as the housing crisis spreads to borrowers with good credit. And the wave of foreclosures isn’t expected to crest until the end of next year, the Mortgage Bankers Association said Thursday.

The foreclosure rate on prime fixed-rate loans doubled in the last year, and now represents the largest share of new foreclosures. Nearly 6 percent of fixed-rate mortgages to borrowers with good credit were in the foreclosure process.

At the same time, almost half of all adjustable-rate loans made to borrowers with shaky credit were past due or in foreclosure.

The worst of the trouble continues to be centered in California, Nevada, Arizona and Florida, which accounted for 46 percent of new foreclosures in the country. There were no signs of improvement

President Barack Obama’s recent loan modification and refinancing plan might stem some foreclosures, but not enough to significantly alter the crisis.

"It may be too much to say that numbers will fall because of the plan. It’s more correct to say that the numbers won’t be as high," said Jay Brinkmann, chief economist for the Mortgage Bankers Association.

How many billions (if not trillions) of taxpayer dollars have been wasted spent to stem this? And what is the result?

Where did all of that money go?

Where is the promised transparency?

This article was posted by Steve on Thursday, May 28th, 2009. Comments are currently closed.

25 Responses to “Mortgage Delinquencies Hit Record High”

  1. Liberals Demise says:

    Yup………..that IRON CURTAIN erected around that money supposedly spent on housing ………… is sure easy to see through. This is ALL wrong!!!!

    Where is the money, people?
    Someone has to be accountable on this!!
    Lets’ hurry and push that unHealthy Care on the peons before they awake.

    OOOOOW………..my head!

  2. proreason says:

    “that IRON CURTAIN ”

    you nailed it LD.

    It ain’t about the money. It ain’t about the mortgages. It ain’t about housing. It ain’t about the economy..

    It’s about crushing the country so the TMCC can complete their iron curtain so they can live like kings forever.

    While everybody else lives like serfs.

  3. BannedbytheTaliban says:

    From the Ministry of Truth:

    MT – Obama has reduced the mortgage foreclosure rate to 12%. Economists estimate that without the stimulus spending and emergency housing measures, that rate would be closer to 25%. In related news, the reduction in the mortgage foreclosure rate from 25% to 12% is being cited by the Obama administration as saving 300,000 jobs.

    • U NO HOO says:

      And I haven’t even spent my $250 from Social Insecurity stimulus.

      As soon as I spend my $250 the banks will be refunding mortgage payments, things will be so rosey.

    • wardmama4 says:

      U No Hoo – well you must be the ‘right’ group – as both my husband and son received letters stating that they’d get a ‘SS Stimulus check’ and we haven’t seen either one yet – either that or because they are still breathing, they didn’t qualify.

    • U NO HOO says:

      WM4, if I may call you that, we have direct deposit and it showed up right after our monthly deposit.

      SSI doesn’t get a stimulus, I guess those people are otherwise wealthy.

      We got a “letter” in or about April that said we would get our$250 in late May.

      Bingo, late May.

  4. jobeth says:

    “It may be too much to say that numbers will fall because of the plan. It’s more correct to say that the numbers won’t be as high,”

    More double speak. Here’s where we should be jumping up and down, applauding Obamy and drooling over his greatness. GAGGG!!!

    I just love it when they say things like that. Could it be that the numbers “won’t be as high” because they reached and automatic end? ( You can only lose so many jobs before you can’t get find anymore to lose!)

    Could it be that the numbers wouldn’t have been this high if Oblamy wouldn’t have spent so much, do fast, thereby crippling the economy and losing even more jobs?

    Actually he’s probably worried that the numbers have slowed down!
    I agree that this is about deliberately crushing the economy.

    It’s all about HIS version of shock and awe. Notice EVERY thing he does he does so fast that we don’t have the time to cry ouch before it’s in place and destroying some part of the American culture. I have a feeling we conservatives are in shock at the” audacity”of his “hope”

    If you step back and and look at all he has done in the light of him wanting to destroy us…you can easily see a very choreographed plan unfolding right before our very disbelieving eyes

    Banned…that statement is a beauty! Talk about smoke and mirrors!!!! Someone puts up an impossible to know, artificial number, for the % of lost jobs and then claims he “saved” the jobs between what he has inflicted on us and the make believe number.

    How about he just leave it ALL alone and save all the jobs that didn’t get cut because he taxed and penalized business them out of business! I know I’m dreaming again………

    • Petronius says:

      jobeth: “It’s all about HIS version of shock and awe. Notice EVERY thing he does he does so fast that we don’t have the time to cry ouch before it’s in place and destroying some part of American culture.”

      Good point. It’s not just the programs and policies that Nerobama is implementing––although those things are bad enough. It is the way it’s happening. The blatant propaganda, the arrogance, the no-opposition-will-be-tolerated and in-your-face conqueror aspect has to be seen as something novel, as something which has never happened before, but which will happen again. And again. And again. A line has been crossed.

    • jobeth says:

      Petronius, I honestly think what is happening to us right now is so out of the realm of reality to the average non-political Americans that the people can even conceive of it. The just react as if the bearers of truth are nutty.

      Ever feel like you’re living in 1935? I do. Everyone is sleeping and we can’t for the life of us wake their sorry butts up!
      I feel like I’m screaming in the dark sometimes..

    • Liberals Demise says:

      jobeth,
      I know how you feel………………..my box is tooooooooooo tight!

  5. philipspace says:

    The prime fixed-rate number is probably misleading, as a lot of the sub-prime buyers have been trying to refinance to get out from under their crap loans for the last few years.
    I believe Chase was one of the last banks to stop offering sub-prime no-money down loans according to one mortgage broker I know, and they’re currently in the process of modifying adjustable-rate loans to fixed-rate loans on a case by case basis. There’s probably a few more banks doing exactly the same, I’d wager.

    Of course, the purpose of highlighting the “danger” to prime fixed-rate loans sends the message that nobody’s safe, so we better have the government launch more money from it’s magic catapult to save us all.

    What was it about the Alinsky tactic of creating a crisis so that you can “fix” it?

    • U NO HOO says:

      Remember when we were “kids” and we’d grab a friend and pretend to start to push him into traffic and then pull him back, saying, “You owe me I saved you.”

      It was funny then and didn’t cost money.

    • philipspace says:

      Some friend you were! lol

    • U NO HOO says:

      Hay, I safed him. Traffic was hevvy dat day.

  6. Colonel1961 says:

    Ah, yes. The numbers would have been higher! Absolutely impossible to prove, so they might as well say it. Kinda like the jobs that have been ‘saved’. And how many trillions were wasted on this boondoggle? A complete transfer of wealth and I can’t figure out where all the money went – and I’m usually pretty darned good at following the cash…

    It’s time to take America back. That’s a fact, Jack!

    • pdsand says:

      Perhaps the problem figuring out where the money went is that in typical bureaucratic fashion, something like half of the money hasn’t been spent? The whole thing is a big game of smoke and mirrors, he said he was gonna spent all these billions and trillions pumping money into this system or that, but many of the programs haven’t even started.

    • proreason says:

      I heard the other day that they’ve spent 7% of the Stimulus in the 1st 3 months (maybe read it here), which would mean it will take 4 years to spend it all.

      Some stimulus, huh?

      And nobody is saying where the Oct 2008 boondoggle money has gone, except that a lot has been spent and hundreds of millions went to foreign banks. Since it is now known that Europe had credit problems that were not directly tied to the US problems, why did we bail THEM out?

      And then there is the auto bailout which has simply been welfare for the UAW and other auto company employees.

      What a nightmare.

    • U NO HOO says:

      “impossible to prove”

      Yeah, I worked part time at the post office and quit in 2007. Now they are laying off 25,000 people, people who had their jobs just to clean up after me. Ask any postmaster.

      I had been preventing the lay off of 25,000 people.

      QED to the most casual observor.

  7. catie says:

    Well, well, well. Is this not interesting?

  8. U NO HOO says:

    “4 years to spend it all.

    Some stimulus, huh?”

    Hmmm, just enough time to get to another POTUS election.

    Maybe some of the stimulu$ can be used to buy nice touch screen voting machines for our voting precinct. The ones we have now make me itch. We had nice ones but they weren’t certified, or some such technicality.

  9. The Mortgages were pretty hard to pay for those who were already on the edge of affordability but then were saddled with higher fuel cost due to Nancy Pelosi and the US congress, and energy policy.

    NOW because of the printing presses which surely must run day and night soon, we face an inflation cycle that will likely inspire jealousy (and lust) in the hearts of those such as Jimmy Carter, and his like.

    We are in DEEP DOO DOO.. We will see higher numbers by the time gas hits $5 a gal at the end of the year.

    • proreason says:

      Inflation annihilates retirees unless most of their income is cpi-adjusted. So, people whose total income is Social Security or government pensions are somewhat protected, but people with normal corporate pensions (which are not typically inflation-adjusted) and who live off savings can be quickly wiped out.

      People who are still working but rent can get by, because their income can rise as costs rise.

      People who are still working and have big fixed mortgages actually come out ahead, since their income can rise as costs rise, but the fixed mortgage payments look smaller and smaller.

      People who own property are usually helped, because they can lift rents over costs that are partially fixed. Plus the property can increase in value with inflation.

      Unemployed people get killed because costs rise and their savings are depleted faster.

      So when the inflation kicks in big-time, the most vulnerable people get kicked in the shins, and the least vulnerable people come out ahead.

      So much for hopey-changey

  10. artboyusa says:

    “Barack Hussein Obama!” roared a furious First Lady. “You’re DRUNK!”

    From the Oval Office carpet, upon which he laid sprawled like a broken winged butterfly, the 44th president gazed up at his towering, glowering life partner.

    “Oh hi honey” he slurred in that slow, deep, stately voice of his. “You shay that like it’s a bad thing”.

    “It is!” Michelle’s sculpted arms rippled menacingly. “Look at the state of you!”

    “The shtate of me?” wondered her sozzled spouse. “Shtate of what? Pershonally, I think I my state looks darn good from where I’m shitting, I mean sitting”.

    “Ha! Just look at you” reiterated Michelle. “What happened to ‘Mr Cool’ and ‘No Drama Obama’? You’re a mess! How much have you had anyway?” she demanded, her large and expensively shod foot tapping furiously.

    “I dunno…a couple of beers…”

    “A couple of barrels, more likely – you reek of cigarettes and malt liquor! Your tie is all askew! And what happened to your teleprompters?”

    “Dunno. Musta left ‘em in the car or shomething…”

    “And where IS the car, exactly?”

    “Gee…you know; that’sh an excellent queshtion….really, really excellent. I’ll have shomeone get right back to you on that”.

    “Well, you’re not getting into bed with me in that condition. No sir. You can sleep down here for all I care”.

    “Fine, fine – whatever” mumbled the blotto Barack. “Go ahead and waterboard me if you wanna. I jusht went out for a few beers with the guys. So what? You don’t hafta make a Federal case out of it”.

    “With the guys? What guys?”

    “You know –the guys from the Shecret Shervice. What; now I can’t have friendsh or shomething?”

    “You never mentioned any friends”.

    “Maybe that’s because you never asked! Geez, I gotta life too, you know” muttered the tipsy progressive. “Ballbreakin’ bish”.

    “WHAT did you say?”

    “Nuthin’. Forget it. I didn’t say nuthin’…”

    “You just called me a ‘bish’! Why, you lousy…”

    “C’mon, baby; so me and shome of the guys went out for a few drinks to celebrate – what’sh the big deal?”

    “Celebrate? Celebrate what?”

    “Don’t you read the papersh? Celebrate how good the economy’s goin’, of courshe”.

    “Don’t you? The economy’s in the toilet”.

    “Exshactly! ‘The worse the better’ –that’sh what Lenin shaid –and he was one shmart Russkie. The worse it all gets, the better it ish for my poshitive agenda of hope and change, shee? We’ll turn this country into Sweden by Labor Day at this rate. It’s alimentary, baby!”

    “You mean ‘elementary’, you half-educated goof. ‘Alimentary’ refers to the digestive system of the higher mammals, from the mouth to the intestines to the anus”.

    “Are you callin’ me an anush? Huh? Who are you to go callin’ me an anush, huh?”

    Michelle sighed heavily. “Just sober up, Barack”.

    “Sober shmober – I’m fine. Now lemme get a little shuteye, huh? Gotta shave the world tomorrow”.

    “Shave the world?”

    “Save” hiccuped the wasted statesman. “I shaid SAVE goddammit! Now lemme rest…I’m real tired all of a shudden”. Obama closed his eyes and curled into a tight little ball and, legs twitching, began to snore.

    “Barack Hussein Obama!” roared a furious First Lady. “You’re DRUNK!”

    From the Oval Office carpet, upon which he laid sprawled like a broken winged butterfly, the 44th president gazed up at his towering, glowering life partner.

    “Oh hi honey” he slurred in that slow, deep, stately voice of his. “You shay that like it’s a bad thing”.

    “It is!” Michelle’s sculpted arms rippled menacingly. “Look at the state of you!”

    “The shtate of me?” wondered her sozzled spouse. “Shtate of what? Pershonally, I think I my state looks darn good from where I’m shitting, I mean sitting”.

    “Ha! Just look at you” reiterated Michelle. “What happened to ‘Mr Cool’ and ‘No Drama Obama’? You’re a mess! How much have you had anyway?” she demanded, her large and expensively shod foot tapping furiously.

    “I dunno…a couple of beers…”

    “A couple of barrels, more likely – you reek of cigarettes and malt liquor! Your tie is all askew! And what happened to your teleprompters?”

    “Dunno. Musta left ‘em in the car or shomething…”

    “And where IS the car, exactly?”

    “Gee…you know; that’sh an excellent queshtion….really, really excellent. I’ll have shomeone get right back to you on that”.

    “Well, you’re not getting into bed with me in that condition. No sir. You can sleep down here for all I care”.

    “Fine, fine – whatever” mumbled the blotto Barack. “Go ahead and waterboard me if you wanna. I jusht went out for a few beers with the guys. So what? You don’t hafta make a Federal case out of it”.

    “With the guys? What guys?”

    “You know –the guys from the Shecret Shervice. What; now I can’t have friendsh or shomething?”

    “You never mentioned any friends”.

    “Maybe that’s because you never asked! Geez, I gotta life too, you know” muttered the tipsy progressive. “Ballbreakin’ bish”.

    “WHAT did you say?”

    “Nuthin’. Forget it. I didn’t say nuthin’…”

    “You just called me a ‘bish’! Why, you lousy…”

    “C’mon, baby; so me and shome of the guys went out for a few drinks to celebrate – what’sh the big deal?”

    “Celebrate? Celebrate what?”

    “Don’t you read the papersh? Celebrate how good the economy’s goin’, of courshe”.

    “Don’t you? The economy’s in the toilet”.

    “Exshactly! ‘The worse the better’ –that’sh what Lenin shaid –and he was one shmart Russkie. The worse it all gets, the better it ish for my poshitive agenda of hope and change, shee? We’ll turn this country into Sweden by Labor Day at this rate. It’s alimentary, baby!”

    “You mean ‘elementary’, you half-educated goof. ‘Alimentary’ refers to the digestive system of the higher mammals, from the mouth to the intestines to the anus”.

    “Are you callin’ me an anush? Huh? Who are you to go callin’ me an anush, huh?”

    Michelle sighed heavily. “Just sober up, Barack”.

    “Sober shmober – I’m fine. Now lemme get a little shuteye, huh? Gotta shave the world tomorrow”.

    “Shave the world?”

    “Save” hiccuped the wasted statesman. “I shaid SAVE goddammit! Now lemme rest…I’m real tired all of a shudden”. Obama closed his eyes and curled into a tight little ball and, legs twitching, began to snore.

  11. U NO HOO says:

    “normal corporate pensions”

    My normal corporate pension, NOT RETIREMENT, is the same as it was when I started in 1967. Sort of like that old army joke or song, “$21.00 a day once a month” per year of service, discounted for early distribution. But there is life after normal corporate employment.

    Never goes up.

  12. MinnesotaRush says:

    So, o-blah-blah and gang promise to SAVE everybody from losing their homes and/or get them better deals – even if they’re not paying! So, should we be too surprised when we see ..

    “A record 12 percent of homeowners with a mortgage are behind on their payments or in foreclosure as the housing crisis spreads to borrowers with good credit. And the wave of foreclosures isn’t expected to crest until the end of next year, the Mortgage Bankers Association said Thursday.”

    The “fence sitters” got off the fence and quit paying. Obviously, there are probably other reasons as well; but I’m thinkin’ of this newer increase .. there’s a slug that are wanting to take advantage of the “new deal(s)”.

    Same thing with unemployment. Extend the benefits .. and people stay on it longer (working for cash on the side). Oddly enough (ha, ha), those numbers are up, too. Again, this may not be the sole reason; but you can bet here too, there’s plenty of it going on.


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