Posts Tagged ‘bank’
This case is not as clear-cut as shady characters selling subprime paper while telling investors they were investing in safe government back student loans. Here is this case:
A startling report of the U.S. Foreclosure Index says that once Freddie Mac and Fannie Mae and a few other mortgage lenders lifted the politically forced moratoria on housing foreclosures, the number of foreclosures in March rose 44 per cent from February’s record high. Reasons cited were rising unemployment, a backlog of foreclosures during the freeze, and increased abandonment of properties.
Foreclosure filings were reported on 341,180 properties in March, a 17 percent increase from the previous month and a 46 percent increase from March 2008. The March and Q1 2009 totals were the highest monthly and quarterly totals since RealtyTrac began issuing its report in January 2005 despite a decrease in bank repossessions (REOs), which were down 13 percent from the fourth quarter of 2008 and 3 percent from February totals.
Today we see another press release from Hope Now, with another initiative. Bank bailouts, implosion, and stock market news makes one point perfectly clear. Even President Barrack Obama is shunned by some shady lenders. Obama is ignored by shady mortgage servicers. No matter how hard Hope Now actually tries, investors block every attempt to actually help homeowners.
Our analysts study the financial crisis on a daily basis. Back in 2007 I warned our family, and friends with investments, that the market was too high at 12,500 and it could not be sustained. those who lost moeny on Fannie Mae, Freddie Mac, and AIG had no one to blame but themselves. Many people did not see the bailout bill, bank bailouts, and financial implosion on the horizon.