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Archive for June, 2010

CA Housing Market: Dr. Housing Bubble Blog Report

28 Jun

The California Housing Market June 2010 by the Dr Housing Bubble Blog: Things are not getting better, they are getting much worse… 800,000 mortgages in California are 30+ days late or in foreclosure. Only 132,000 show up in the MLS. Why there will be no housing bottom for California until at least 2012. The latest [...]

 
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This July 2008 Video Outlines Current Financial/Housing Crisis in Easy to Understand Terms

28 Jun

This original video by Karl Denninger from back in July 2008 makes the whole housing market and mortgage meltdown collapse very clear and very directly understandable. What’s interesting about it from today’s perspective is that virtually nothing has changed since the video came out: the new financial reform bill addresses none of the key issues [...]

 

Yves Smith on Fannie’s Escalating Threats Against ‘Strategic Defaulters’.

27 Jun

Once again the Big Wigs determine that they can bully the homeowners and borrowers across this nation into holding on to mortgages deeply underwater until such time as the borrowers and the homeowners are indeed dead beat financially devestated homeless people.  What the HELL? Yves gives us a really good blow by blow on the [...]

 

Michael Hudson: The Law of Fraudulent Conveyance and the Modern Debt Crisis

27 Jun

This June 26 Max Keiser interview with Michael Hudson may be the most timely and important piece we’ve encountered in months. Not only because it addresses the real issues and factors which cause the current situation; but also because it does not waste any time trying to ‘fix’ or ‘present’ the current economic catastrophe as [...]

 
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Kucinech, Lawmakers Take on Top 4 Mortgage Lenders, er, Servicers, er, Mortgage Companies…

25 Jun

This Reuters news story from Yahoo is full of those perfectly phrased sound bites the servicers love to use – they are improving – they are trying – they are getting better. But the numbers in the story tell a different tale than the nicely phrased statements about foreclosures being the ‘last resort’ and the [...]

 
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MyBudget360: What the Real Story is in US Housing Market is Income Loss, Foreclosure and a Market “Running on Fumes”

25 Jun

“The biggest reason people are moving into HAMP is loss of income” That story tells us that the re-default rates for HAMP modifications and homes not yet in default are going to continue to rise. There are no jobs to pay the bills for the borrowers to be able to keep up. There is no [...]

 
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4closurefraud.org Whistleblower on Bogus Mortgage Assignment Documents Says “The Whole Country is BOGUS”

25 Jun

The 4closurefrad.org site, first broke this story in February of 2010 – and we posted some articles and sample pictures of the ‘bogus assignee’ documents filed in Florida records at that time. As the story has now expanded to the point that the Florida attorney general has actually posted notices on its web site about [...]

 

Fannie and Freddie Looking to Penalize Borrowers who pull a ‘Strategic Default’ No Such Ruling for Banks Who Do the Same Thing… BIG Surprise!

25 Jun

Karl Denninger lays it out in plain English as Fannie and Freddie move to penalize homeowners who ‘strategically default’ on their mortgages. For those who don’t know what a strategic default is – well,l you’re not really alone – it’s a made up term to describe a borrower who just *might* have money somewhere that [...]

 

Dr. Housing Bubble Blog: 5 Stories Showing Profound Weakness in the Economy – And Another Plan to Punish Strategic Defaulters

24 Jun

5 housing and financial stories showing profound weakness in the economy: new home sales break past record low dating back to 1963, prisoners using home buyer tax credit, SoCal inventory spiking, U.S. dollar multi-decade slide, and Fannie Mae cracking down on strategic default. from Dr. Housing Bubble Blog by drhousingbubble Unfortunately the storyline regarding housing [...]

 

MyBudget360: Middle Class Shackled with Trillions in Debt

23 Jun

Middle class shackled by banking debt chains. 113 million households each owe an average of $113,000 in banking debt for mortgages, student loans, credit cards, and auto loans. $45 trillion in household sector debt, government debt, and domestic financial sector debt. from My Budget 360 by mybudget360 The middle class has been systematically shackled by [...]