Foreclosure Crisis Hits Hispanics Hard | The Big Picture. Let’s see..there’s nearly 20 million ILLEGALS in this country and they are mostly in the southern states..and migrating north. I remember posting about this insanity back in 2005. Illegal immigrans able to get a home mortgage..guess what kind they were?!?!?! Sub-Prime, ARMS, Interest only..etc etc etc. … Read more
Guess again who’s to blame for U.S. mortgage meltdown Wait until the mother of all bailouts happens. It won’t be bilions it will be trilions. The gov’t now owns nearly half of all mortgages out there, the largest insurance company, and soon even more. This is purely socialism under the guise of free markets.
How about more incentives for illegals to come in? Easy to get home loans. The IRS will not report these illegals to immigration hence they are harboring illegals. How lovely.
“Ishmael” over at the market ticker has a very poignant post that i will reproduce in full. However, there’s more food shortages coming…the food plant shutdowns for baby formula is one..but there’s been a rash of fires in major processing plants in all kinds of products. Folks this is only the beginning..when Biden said shortages… Read more
The Opiod Problem is Growing. What is Maryland’s response? Even MORE Enablement and a Statement of Faith and Personal Responsibility.
I made a post last year about how the push to put Narcan in the hands of all first responders was going to enable more overdoses. I am not saying this is the only reason but it is one of the biggest reasons. The economic circumstances for so many people has not changed…or in many… Read more
The “gay” folks just as much right to refuse business to Christians as the Christians do to refuse to the Gays. Purely Constitutional. The fact the sate is apparently going to force the issue would be enough for me to move out of that state. A Lexington, KY t-shirt company is under investigation by the city’s Human Rights Commission after they… Read more
So the banks first get away with illegal fillings and bogus documents. they then foreclosed while committing Perjury in court. They have to pay 25 billion TOTAL. What’s the real cost? Over 1 TRILLION in bad documents. Granted some homeowners made their own bed..but there are many many cases that are easily searchable on Google whre the banks… Read more
If your bank suddenly comes to you to “adjust” your mortgage without you asking tell them to pound sand…the next thing you do is make them prove they actually have all of the paperwork. There’s several ways to do this…i would highly suggest enlisting a real estate attorney. More and more mortgages are turning out to be frauds pushed by the banks… Read more
In a decision that may slow foreclosures nationwide, Massachusetts highest court voided the seizure of two homes by Wells Fargo & Co and US Bancorp after the banks failed to show they held the mortgages at the time they foreclosed.Bank shares fell, weighing on broader stock indexes, on fears the decision could threaten lenders ability… Read more
This is a huge report. Read EVERY page. Now the courts are involved int he fraud. If it’s happening in Florida it’s everywhere folks. check on your own mortgage immediately..make sure you have the paperwork on your own. Don’t depend on the mortgage brokers to have their copy. The foreclosure lawyers down in Jacksonville had warned me, but I was skeptical. They told… Read more
To me, Obama’s rationalization for the extravagance is more outrageous than spending more money the U.S. Treasury doesn’t have. He says the purpose of the India excursion is to bring jobs and economic opportunities to the U.S. through expanded trade. What’s wrong with this picture? Expanded trade with India for the foreseeable future spells a… Read more
This is a very interesting read…and much truer than most folks will ever admit. Regardless of what one thinks of the left-leaning Obama voters, it is eminently clear that they did not vote for a Vietnam-like expansion of the war in Afghanistan. Nor did they vote for the assassination of American citizens without trial, government… Read more
“HAFA” – Foreclosure Warning Dead Ahead! – The Market Ticker. Don’t forget that we have a second wave of massive foreclosures coming Alt-A and Option-ARMS which are going to either reset or recast. Now they are going to send another wave of defaults into the market as per a post I made back in December… Read more
The real second wave doesn’t hit until the 2010 resets of the rest of the sub prime market(which includes quite a bit of commercial) resets in 2010. Second wave’ of foreclosures continues to rise Wheaton homeowner saved moments before his home goes on the auction block by Amber Parcher | Staff Writer In a matter… Read more
AP IMPACT: Framed for child porn — by a PC virus by AP: Yahoo! Tech. Anti-virus isn’t enough. I have posted before on the security flaws inherent to IE, ActiveX and by extension Windows. Why it may not be a valid defense for all in many cases it purely is a valid defense especially considering… Read more
Mr. Nocera (And Regulators): WAKE UP! – The Market Ticker. I have been talking about this for a long time.
His initial statement talks about one of the criterion for a recovery is if families have more money in their pockets..when his multi-trillion budget saddles this country with even more debt so more of our money has already been spent. A historic investment in early childhood education? I’m wondering what this means? Our success will… Read more
Calculated Risk: WSJ: Option ARM Defaults Rising. Barry Ritholtz found this gem on 60 minutes back in December. There’s more than 1 trillion involved here and it’s only the beginning.
Subprime isn’t the only issue and a new wave of defaults is on the way. Hat Tip Barry Ritholtz.
A Look At Wall Street’s Shadow Market, 60 Minutes: How Some Arcane Wall Street Financial Instruments Magnified Economic Crisis – CBS News. Let me highlight something in this video: They are private and largely undisclosed contracts that mortgage investors entered into to protect themselves against losses if the investments went bad. And they are part… Read more
Goodbye Ben – How Many in Congress Have a Pair? – The Market Ticker Congress needs to be told to stop and think about how bad this is..by YOU..more than once!!! Public outcry is loud but not enough to make congress listen unfortunately. Bernake is holding us hostage with this scare tactic and is deliberately… Read more
Fed rescues AIG, Barclays buys Lehman U.S. unit – Yahoo! News AIG will pay interest at a steep 8.5 percentage points above the three-month London Interbank Offered Rate, equal to about 11.4 percent. That gives AIG a big incentive to embark on a massive asset sale program to pay back the loan quickly. AIG’s bailout… Read more
Government announces $85 billion loan to save AIG – Yahoo! News I saw this coming this morning but only could post a minute ago about it. This means now the gov’t owns most of hte mortgages in this country and now the largest insurance agency. Folks..socialism is so close..just nobody is looking at it right… Read more
Vox Popoli: AMF Vox day has this one nailed. This is the failure of the socialcrats and outright greed. this is not the failure of hte capitalistic market system. The gov’t should not have stepped into freddie, fanny, indymac, or BS. They should have all failed and brought risk back into this market. They have… Read more
U.K. unveils a $100 billion credit crunch plan – World business- msnbc.com The Bank of England, aiming to deal with the crippling impact of the U.S. subprime mortgage crisis, on Monday announced a $100 billion plan to allow banks to swap mortgage-backed securities for British Treasury bills. So the UK’s central bank is going to… Read more
The day the financial world almost ended “Yes, we bailed out the economy,” said Fed Chairman Ben Bernanke in Senate testimony on Thursday, referring to the Fed’s role in responding to the Bear Sterns collapse. But since when is it the Fed’s job to authorize spending taxpayer money, which violates the long-standing separation between Fed… Read more
Bear Sterns is being bailed out by the Fed and being sold for nearly pennies to JP Morgan Chase. The Fed has also opened up unlimited lines of credit to the top 20 banks. This means the dollar is going to plunge even worse than it has now and is only going to exacerbate the… Read more
JPMorgan Chase, Fed to aid Bear Stearns (The Fed Bank Bailout Begins..and it’s going to crash and burn)
JPMorgan Chase, Fed to aid Bear Stearns – U.S. business- msnbc.com Last week, the Fed announced an industry-wide rescue package that would provide as much as $200 billion in loans to banks and investment houses and allow them to put up risky home-loan packages as collateral. It was the Fed’s latest effort to stem a… Read more
FOXNews.com – Democratic Presidential Hopeful John Edwards Will Unveil Strategy to Reduce Heating Oil Costs /a> Noting that home heating oil prices in New Hampshire have surpassed $3 a gallon, the former North Carolina senator is calling on Congress to release some of the nations home heating oil and crude oil reserves as a way… Read more
WorldNetDaily: Hundreds of banks threatened by new subprime crisis If your mortgage has been sold to another bank as part of an investment(as many have these days) then the institution holding that mortgage pool owns nothing..they are standing on a time bomb since those debts are unsecured. WOW.
The stock market is going up right now and projected to go higher. unfortunately they are ignoring the various warnings of a coming recession: 1: Oil is up to $70 a barrel 2: The subprime mortgage mess and the sudden halt of the real estate bubble. 3: Layoffs are starting up again 4: The overall… Read more
Nightmare Mortgages – Yahoo! News The average joe is going tog et hammered. Also any investors and sharholders are getting ripped off as well. Be expecting things to get ugly once this house of lies comes crashing down in terms of hte economy.
Embracing Illegals But Inez and Antonio aren’t your typical American consumers. They’re undocumented immigrants who live and work in the U.S. illegally. When the couple, along with Esmeralda, crossed the Mexican border five years ago, they had little money, no jobs, and lacked basic documents such as Social Security numbers. Guided by friends and family,… Read more
This is a very wise and sobering statementWorldNetDaily: E-mail to the Editor: “Property ownership a sham already Though the recent decision by the Supreme Court shows egregious disrespect for the People, the Constitution and traditions of property ownership in our country, it is by no means surprising. I recently ask a woman I know if… Read more
This quote sums up the housing market right now. Housing is definitly overvalued. It WILL come crashing down as most of the mortages in a large part of the country are those interest only scam loans.Vox Popoli: Only four years late: “As Mr. McCulley predicted, interest rate cuts led to soaring home prices, which led… Read more