Posted on 03/05/2009 10:22:59 PM PST by Chet 99
NEW YORK (AP) — A stunning 48 percent of the nation's homeowners who have a subprime, adjustable-rate mortgage are behind on their payments or in foreclosure, and the rate for homeowners with all mortgage types hit a new record, new data Thursday showed.
But that's not the worst of it.
(Excerpt) Read more at mainstreet.com ...
But that's not the worst of it....
But that's not the worst of it...
Giant insects are marching towards major cities right now, and zombies are crawling out of the sewers to eat the flesh of the living, with welfare recipients, women, children and the elderly their preferred victims.
Did I see today something that the government “solution” to all this is to make all loans into two percenters?
If my loan, which is already paid off, was at two percent, I’d have quite a few grand left in my pocket.
This is utterly disgusting. Reward the people who made the bad choices and tax the hell out of the people who were a little more prudent to pay for it.
The numbers are horrendous. 4 to 5 times worse than the peak of the Great Depression. And the current trend is just starting to accelerate.
And in the midst of all this, Obummer not only wants to RAISE taxes to eliminate wealth, and then spend our money like we were handed it on a silver platter, but he has a budget that believes the economy will cease contracting very, very soon, and expects it to expand like crazy in the near future. Is he even paying attention to what’s going on?
He is going to go down in flames Carter-style, and he’s going to drag this nation down with him.
I for one welcome our new flesh-eating arachnoid overlords.
What a misleading headline. It sounds like the current administration is working hard talking down the economy.
How many of these people decided to stop paying since Obama promised to take care of them?
Moral hazard, anyone?
I believe his goal is to destroy the economy so he can rebuild it all in the way he sees fit(USSA). It's the only explanation for his actions, because anyone with half a brain can see that every policy he's advocating is devastating to the economy. No rational president that wants to help the economy recover would be proposing what he is wanting to do.
Thank you Jimmy Carter, Robert Rubin, Bill Clinton, Cris Dodd, Barney Fwank, Franklin Rains, Acorn, Obama, Democrats and whomever I’ve left out that deserves credit for creating this monster that has ruined our economy.
Stealth reparations....
A stunning 48 percent of the nation's homeowners who have a subprime, adjustable-rate mortgage are behind on their payments or in foreclosure
This from the second to the last paragraph:
The only bright spot in the report is the devastation wrought by subprime ARMs appears to be waning. Their 30-day delinquency rate continues to fall and is at the lowest point since the first quarter of 2007.
Good news doesn't get you posted on FR?
I wonder how many homeowners have stopped paying now to qualify for the “help” they’re expecting the government to give them.
This is as expected - the surge of sub-prime paper with two-year resets has largely spent itself.
Now it the time for the Alt-A and Option-ARM paper to start defaulting.
Very interesting. Thanks. Depressing, too.
I thought that Alt-A and Option-ARM borrowers went through massive shifts into fixed rates last year, no?
Some did. A lot didn’t. There are a lot of Option-ARM people who have been paying the lowest possible payment (ie, they’re neg-amort’ing the loan with this payment) and they’ve increased, not decreased, their LTV if even their home value remained constant (which we know it has not).
There are even people who, as they were finding the conventional ARM resets too much for their budgets refi’ed INTO an option-ARM. DoublePlusUngood.
As we moved further and further into the RE bubble, the option-ARM loans became the last gasp of insane debt to finish inflating the bubble.
Start stocking up on supplies, folks. This is REAL recession!
Don't bring back debtor's prison -- worthless idea. DO bring back the concept of indentured servitude for those who are so far gone (including Madoff, btw) that they believe any outrage, any irresponsible behaviour, any sleaziness of their choice can and SHOULD be excused, on whatever bogus grounds.
The sight of Madoff and/or Stanford (the other billionaire Ponzi fraudster) waiting tables side by side with 2 or 3 ACORN voted fraud artists, having being indentured by law, would cheer me beyond description.
I might even leave the bastards a tip. No guarantees.
You got it, that and to destroy the economy and “remake America”.
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