When I returned from a trip on Friday, Bob Seger’s Against the Wind was playing. I sat listening to the lyrics after I parked the truck. It seems funny, I started the truck on Saturday and “Against the Wind” was playing again. I looked at the dash where the CD player would be and realized I was in my old truck and didn’t have a CD player. Almost exactly 20 hours later, the same song was playing on the radio, parked in my driveway almost exactly where I left off the day before, an omen, a subject or the mood.
As June 2009 rolls on more banks were shut down by the FDIC. In a recent article we asked “What is the main problem with banking in Atlanta Georgia? Perhaps the question should be “What’s wrong in Georgia?”
What is the main problem with banking in Atlanta Georgia? While early reports show huge default and foreclosure rates inside the downtown loop, many homes were sold outside of Atlanta. Today, another bank was closed.
It one thing to be put in a position where you can’t make your payments. Job loss, illness, or loss of a loved one is beyond our control. On the other hand it is quite another issue when your credit card company raises the monthly payment well beyond your budget.
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.