Posts Tagged ‘depression’

What did the U.S. Government offer lenders to overlook them?

Written by Timothy Blake on November 17, 2007 under Analysis, Archives, Editorial, Government Positions, Mortgage Fraud, Opinion, Tax Debt

An article by Diane Francis appeared in the Financial Post on Saturday, November 17, 2007. Titled “Subprime mess is a crime story” the article outlined key issues. Diane said “At the top were mortgage lenders, then Wall Street and others who exported junk debts to lenders around the world after prettying them up. At the bottom was a corrupt system that handed out mortgage broker licences like driver’s licences, and then handed out mortgages like candy at Halloween. In between were crooked appraisers and organized crime.” (see her article) Why didn’t regulators and the Feds get involved? One answer may surprise you:

Wells Fargo in interesting position of frustration

Written by Timothy Blake on November 16, 2007 under Archives, Economic Impact, Job Losses, Lenders

Wells Fargo has so far managed to avoid most of the turmoil that has gripped other lenders which puts the Bank in an interesting position. Like a football team that is losing but cannot get their quarterback onto the field Wells Fargo will feel the impact of new laws, a weak dollar, sagging home prices, and foreclosures. Their CEO John Stumpf said “We have not seen a nationwide decline in housing like this since the Great Depression.” Home equity loans from Wells Fargo may go bad, and foreclosures may result as over 200,000 people are now unemployed as a result of the mortgage crisis. Some of them have mortgages from Wells Fargo. For a bank that was relatively insulated the frustration continues to mount. Here is why:

Worst housing crisis since the Great Depression

Written by Timothy Blake on November 04, 2007 under Archives, Economic Impact, Opinion

Some are calling it the worst housing crisis since the Great Depression. More than 635,000 foreclosure notices were filed during August, September and October, double the number from the same period last year, according to RealtyTrac Inc., a mortgage data company.

US Economy – Recession or Depression

Written by Timothy Blake on July 28, 2007 under Archives, Economic Impact

As the United States mortgage market spirals out of control intelligent minds consider whether the US economy is headed into a recession or a depression. Studies of the 1929 stock market collapse and the depresssion show that the economy functioned and all appeared normal in that regard. Depression studies show, however, that the economy functioned at such a low level that it was like an 8 cylinder engine running on 4 cylinders.

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