I was never all that worried about Y2K and I didn't panic over swine flu or bird flu (though I prepared a bit for them). This economic thing is different. This has been a long time coming and the signs are definitely there, something wicked this way comes. So, I'm not betting the farm on the meltdown of western civilization but I have invested in ways that will allow me to survive should it happen. Bottom line, I don't have faith in Barack Obama or this government. We are where we are because of them, so why would I have faith that they will fix this mess; furthermore, why would I have faith that a 47 year old crackhead african american from Chicago with no experience running anything except political campaigns is going to pull us out of this fire? We have our enemies arming themselves with nukes. We have our currency struggling to remain viable in the global economy. We have rampant unemployment, a crushing debt burden, a trade deficit from hell, two wars going on against a determined and resilient foe, another war on the horizon... What me worry?
Are Increasing Numbers of Homeowners Withholding Their Mortgage Payments?
By George W. Mantor
RISMEDIA, June 9, 2009-One of the reasons that it is hard to get a handle on the depths of the foreclosure crisis is that much of the information is hidden beneath the surface, like an iceberg. We are seeing only a small part of what may turn out to be a much bigger disaster than ever imagined because so much is hidden from view. And so, we are left to wonder-is the worst yet to come?
There is, for example, wide speculation that banks have been holding back significant numbers of REO properties in order not to flood the market.
A cursory review of local tax records suggests that there are far more properties in default than there are in either the auction or bank owned phase. Are these temporary defaults that will ultimately be cured, or are these the first waves of what alarmists like to call the Tsunami? Are the majority of these early stage defaults inevitably going to make their way to auction?
http://rismedia.com/2009-06-08/are-increasing-numbers-of-homeowners-withholding-their-mortgage-payments/