Instead, the McSheeple find themselves observing Romans 1:25 in living color, up close and personal:
Nostrovia, McComrades!
McTyranny of the McAppetite.
Posted on 12/23/2009 4:08:44 AM PST by IrishMike
Americans' mortgage woes continued to get worse in the third quarter. Just 87.2% of U.S. mortgages were current in the third quarter, a decrease of 1.5% from the previous quarter, according to the OCC and OTS Mortgage Metrics Report released Monday. The Office of the Comptroller of the Currency and the Office of Thrift Supervision report covers 34 million loans totaling $6 trillion in principal balances, about 65% of the U.S. mortgage market.
Serious delinquencies jumped to 6.2% of mortgage-servicing portfolios, an increase of 16.7% from the previous quarter. The number of prime borrowers in trouble continues to mount as 3.6% of prime mortgages were more than two months behind on payments, more than double the number in default a year ago.
Foreclosures in process reached 3.2%, an increase of 9.4%, with more than 1 million foreclosures in process.
(Excerpt) Read more at dailyfinance.com ...
If we are going to have hyperinflation. Would you loan money at 4% for 30 years? You would have to be a fool.
You are correct. The deficit will melt under the strong heat of massive inflation
(Putting on my flame suit because I beat this like a dead horse. I don’t care..this is central to this country’s financial sclerosis)
I think back at how many times I’ve enjoyed Jimmy Stewart in “It’s a Wonderful Life”. Oh, how times have changed! I’m not trying to pick fights with anyone here. I simply enjoy and encourage a lively debate on such an extremely important topic, which like it or not, effects us all. For the sake of disclosure: I am a registered Independent and take the liberty of quoting Senator Dick Durbin (D) IL .... “And the banks — hard to believe in a time when we’re facing a banking crisis that many of the banks created — are still the most powerful lobby on Capitol Hill. And they frankly own the place.”
We all seem to have forgotten that the very words “mort” and “gage” in French mean “death gamble”.
If the borrower died first, the debt is due on death, which is usually what happens.
Once in a while, the lenders all die enmasse, and the borrowers win the “death gamble”. What’s fair for the one is fair for the other. Just let the laws of economics take their course. My personal opinion? Let THEM die!
Please take a look at this link and give your thoughts on how Morgan Stanley (in this example) has been “victimized”.
http://market-ticker.org/archives/1749-The-Last-Word-On-Strategic-Defaults.html
Double standard? Will Morgan Stanley receive a 1099-C? A deficiency judgment? Naaah. Probably big fat bonuses for all! Hurray!
I do allow a personal exemption for house-flippers or speculators inspired by greed, I merely desire that honest individuals facing foreclosure realize that more than likely, their “wet-ink” signature on their Promissory Note or Deed of Trust was calculatedly, deliberately, repeatedly, and most eagerly used as a Wall Street instrument to illegally create an enormous amount of (untaxed) wealth at the unjust expense of others.
The spirit of the many powerful Consumer Protection laws, more as a rule rather an exception, has been trampled. Explaining this would require too lengthy a dissertation for this forum. Anyone wishing to learn more...feel free to contact me via this web-site. There are ways to fight back.
For anyone who questions my motives, I DO profit greatly from my efforts ...not monetarily...but in the form of personal satisfaction. I PLEAD everyone to look at this very powerful youtube video as well as the links below.
http://www.youtube.com/watch?v=nZ6lPaiKmwg
http://www.foreclosurehamlet.org/
http://livinglies.wordpress.com/
http://4closurefraud.wordpress.com/
We all seem to have forgotten that the very words “mort” and “gage” in French mean “death gamble”.
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This I did not know...Thanks
Merry Christmas
Unless someone knows something I don’t there is no other option. The debt is impossible to overcome. They will flail and flounder and make up even more absurd laws than healthcare. In the end. Not a chance. Hyperinflation. Due to the Fed printing free money. Maybe in 2011 I figure.
I like your new slogan, but wouldn’t “hoax and chains” be better?
What is your definition of hyper inflation? Just wonderin’
If restricted to 10%, the deficit will halve in about 7 years.
If 20% in about 4 years.
If 70 percent, maybe 1 or 2
LLS
As discussed in my van pool this a.m., the underlying weakness in this economy is profound. This recession has dragged on for two long and I’m beginning to think we’re going to see a “double down” in 2010.
There are good times coming...if you’re a Congressman or any of Obama’s henchmen, and good times for the welfare types (including illegals). For the rest of us....
I have seen several of these foreclosed homes in my area; all trashed and their worth decreased to less than half their value. It is disgusting that trash type borrowers were approved for mortgages.
To: Raisincane
If you think the borrowers are “trash” I plead with you to look at the youtube video I posted and come back and tell me who the real trash is here.
These pretender/lenders hoped these loans would never be paid. A non-performing loan is much more valuable to them. If you watch the video you will see why.
What about Morgan Stanley?
2009 Projected Bonuses & Comp. 2007 Bonuses & Comp. Total bailout funds received*
Goldman Sachs $22.3 billion $20.2 billion $63.6 billion
JPMorgan Chase $29.1 billion $22.7 billion $94.7 billion
Bank of America $32.2 billion $18.8 billion $199.0 billion
Wells Fargo $26.3 billion $13.4 billion $36.9 billion
Citigroup $25.0 billion $34.4 billion $341.1 billion
Morgan Stanley $14.5 billion $16.6 billion $25.0 billion
This massive windfall for bankers comes straight out of taxpayers’ pockets. After taking nearly $17.8 trillion in bailouts to stay afloat, banks and other financial firms are still relying on taxpayer-funded programs to generate their profits. Along with the now-publicized TARP investments, debt guarantees, AIG payments, and emergency lending programs, big banks are also benefitting from a Federal Reserve commitment to pump $1.25 trillion into the market for mortgage-backed securities, which has fueled a speculative trading boom that is currently propping up bank earnings.
Banker Pay Could Fund National, State, and Local Priorities
Instead of ramping up risk-taking and lavishing bankers with excessive bonuses and compensation, the banks could be contributing to a real economic recovery. The top six banks are on pace to pay $150 billion in bonuses and compensation this year, which translates to $577 million every day or $72 million every hour. Even a small portion of the bankers’ total bonuses and compensation – just days or hours of pay, in some cases – could make a huge impact at the national, state, and local levels.
Provide relief to unemployed Americans
Less than half of the of the bonuses and compensation at the top six banks could fund the 14-week extension of unemployment benefits just signed into law by President Obama, providing relief to 15,700,000 unemployed residents of the United States.
Just 17 days of bonuses and compensation at the top six banks could fund the 14-week extension of unemployment benefits for all 2,200,700 unemployed residents of California.
In Illinois, 19 days of big bank bonuses and compensation could pay for an even longer extension of unemployment benefits – a full year – for each of the 674,700 unemployed residents of Illinois
A mere 6 days of bankers pay could fund the year-long extension of unemployment benefits in Oregon, providing long-term assistance to the 211,500 unemployed residents of Oregon.
The bonus and compensation pool created by the big banks could fund 10 months of severance at full pay for the 5,452,000 laid off workers in the United States.
5.3% of that $150 billion bonus and compensation pool could fund a full-year severance package at full pay for the 249,000 laid off workers in Ohio.
Just 3% of bonuses and compensation at the top six banks could fund a year-long severance package at full pay for each of the 105,900 workers laid off in Massachusetts in the past year.
In the Washington, D.C. metro area, 1 % of the big bank bonuses and compensation – the equivalent of just 3 days of work for bankers at the top six banks – could fund the one-year, full-pay severance package for the region’s 37,000 laid off workers.
Award bonuses to every American worker
Link to entire article http://www.ourfinancialsecurity.org/
“All of you people that think that good times are just ahead... we are now in a depression and we will soon be in the worst economic conditions ever experienced by modern man. Never before has so much been done to destroy Capitalism in such a short time..”
Obama has set us up to fail. That is his goal....to destroy the middle class as quickly as possible.
Here’s a fun story for Christmas. This lady’s “mortgage” was probably paid 30 X over via GSE’s, Credit Default Swaps, Mortgage Backed Securities, etc., etc.
http://www.msnbc.msn.com/id/25821535/
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