Recent Articles
Senior SEC staffers spent hours surfing pornographic websites on government-issued computers while they were supposed to be policing the nation’s financial system.
This week Moodys Investment Service downgraded its ratings on a total of $42.2 billion of residential mortgage-backed securities (RMBS) made up of subprime home loans.
Subprime, and the resulting crisis built up, exploded, and ruined the US economy. Risky lending imploded in 2007. Now we see more fallout, as RealtyTrac Inc. said Thursday that the number of U.S. homes taken over by banks jumped 35 percent in the first quarter of 2010 from a year ago. In addition, households facing foreclosure grew 16 percent in the same period and 7 percent from the last three months of 2009.
I described the conditions when mortgages were paid before their due date on the first of the month in the first article. This update describes the outcome when I made the February payments. These payments were made between the first and sixteenth of the month.