[Daus]

Fitch cited a “rapid increase in 60+ day delinquencies experienced over the past six months,” despite servicers’ collective efforts to hold off on actual foreclosure sales

What a surprise. If you don't forclose on some delinquent mortgages, people start to get the idea that there is no consequence to not paying their mortgage.

[Comparative Advantage]

The end is frawing near, we’ll all be on our own soon. Stay strong and put away a few canned goods. We’ll be snipping off pieces of gold necklaces for groceries before long. The do-gooders, welfare recipients, and greedy corporate types will have sent us all over the economic cliff.

[justa-hairyape]

If you don't forclose on some delinquent mortgages, people start to get the idea that there is no consequence to not paying their mortgage.

And if they are gonna screw up their credit rating by not paying their mortgage, why on earth would they pay off their credit cards. Heck, charge em all to the max. Thousands are doing that and have been doing that. We quite literally are being led by some of the dumbest leaders in world history. As others have pointed out, time to get ready for their fall.