Forum Post: Fitch Ratings: Foreclosures on Delinquent U.S. Mortgages have almost Doubled in One Year
Posted 13 years ago on Nov. 8, 2011, 11:05 p.m. EST by MonetizingDiscontent
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Fitch: Foreclosure rates are now twice last year's
http://www.businessweek.com/ap/financialnews/D9QS1N4G0.htm
Foreclosures on delinquent U.S. mortgages have almost doubled from this time last year, according to the latest reading from Fitch Ratings.
The higher foreclosure rates mean U.S. housing prices will probably fall another 10 percent before stabilizing, the ratings agency said Monday.
The rate of new foreclosures on delinquent loans has risen to over 10 percent a month, according to Fitch's latest RMBS (residential mortgage-backed security) Performance Metric. That's almost double the historical lows from a year ago, and is close to the 14 percent average rate between 2000 and 2010.
Fitch said foreclosures were lower this time last year after industrywide deficiencies in foreclosure procedures were revealed. Many foreclosures were found to be authorized by automatic "robo-signatures," rather than being properly evaluated by bank employees.
Fitch said the higher foreclosure rate will push housing prices lower by increasing the inventory of houses on the market. But the full number of new houses on the market won't be evident for another year, according to Fitch.
I have to be honest I read a lot of these forums to try and get a since of where this movement is going and I think its going exactly the way the 1% wants it to. If we post 500 posts a day and each receives about 50 or 60 comments are we really discussing things or getting anywhere. I don't claim to know it all and that is the point. For a political party to go into office and believe that they know exactly how to better the economy is ridiculous. Yes they may have some great ideas, but why not consider what the general public has to say. Oh that's right because it doesn't matter what we think. I don't claim to know everything, but collectively I think WE can figure it out.
I am just suggesting that we narrow the posts down to general topics that people can discuss. For example, this could be used as a post on a forum under the category of Corporate Greed. We should have topics on economy, education, healthcare, etc. That way we can read 5000 or 6000 posts relating to one topic. If WE want to be taken seriously we have to narrow our focus and give tangible ideas. For example, We can have free healtcare if 5% of our taxes goes to provide utilities to run these hospitals. In return we can reduce the fed tax by 5%. I am just stating tangible examples, once again I am not claiming to know everything just giving my suggestions
I have to be honest I read a lot of these forums to try and get a since of where this movement is going and I think its going exactly the way the 1% wants it to. If we post 500 posts a day and each receives about 50 or 60 comments are we really discussing things or getting anywhere. I don't claim to know it all and that is the point. For a political party to go into office and believe that they know exactly how to better the economy is ridiculous. Yes they may have some great ideas, but why not consider what the general public has to say. Oh that's right because it doesn't matter what we think. I don't claim to know everything, but collectively I think WE can figure it out.
I am just suggesting that we narrow the posts down to general topics that people can discuss. For example, this could be used as a post on a forum under the category of Media Relations. We should have topics on economy, education, healthcare, etc. That way we can read 5000 or 6000 posts relating to one topic. If WE want to be taken seriously we have to narrow our focus and give tangible ideas. For example, We can have free healtcare if 5% of our taxes goes to provide utilities to run these hospitals. In return we can reduce the fed tax by 5%. I am just stating tangible examples, once again I am not claiming to know everything just giving my suggestions.
I dont know how much tinkering with taxes will actually do to service the debt. But I think that a lot of people out there know that we have to restructure the banks, and break them up, just to stop the bleeding, so we can live another day, in order to implement some sollutions.
The Only Way to Save the Economy: Break Up the Giant, Insolvent Banks
http://www.washingtonsblog.com/2011/10/the-only-way-to-save-the-economy-break-up-the-giant-insolvent-banks.html
The following top economists and financial experts believe that the economy cannot recover unless the big, insolvent banks are broken up in an orderly fashion:
(1) Nobel prize-winning economist, Joseph Stiglitz
(2) Nobel prize-winning economist, Ed Prescott
(3) Former chairman of the Federal Reserve, Alan Greenspan
(4) Former chairman of the Federal Reserve, Paul Volcker
(5) Former Secretary of Labor Robert Reich
(6) Dean and professor of finance and economics at Columbia Business School, and chairman of the Council of Economic Advisers under President George W. Bush, R. Glenn Hubbard
(7) Simon Johnson
(8) Former 20-year President of the Federal Reserve Bank of Kansas City, who was today nominated to be FDIC Vice Chair Thomas Hoenig
(9) President of the Federal Reserve Bank of Dallas, Richard Fisher
(10) President of the Federal Reserve Bank of St. Louis, Thomas Bullard
(11) Deputy Treasury Secretary, Neal S. Wolin
(12) The President of the Independent Community Bankers of America, a Washington-based trade group with about 5,000 members, Camden R. Fine
(13) The Congressional panel overseeing the bailout
(14) The head of the FDIC, Sheila Bair
(15) The head of the Bank of England, Mervyn King
(16) The leading monetary economist and co-author with Milton Friedman of the leading treatise on the Great Depression, Anna Schwartz
(17) Economics professor and senior regulator during the S & L crisis, William K. Black
(18) Leading British economist, John Kay
(19) Economics professor, Nouriel Roubini
(20) Economist, Marc Faber
(21) Professor of entrepreneurship and finance at the Chicago Booth School of Business, Luigi Zingales
(22) Economics professor, Thomas F. Cooley
(23) Economist Dean Baker
(24) Economist Arnold Kling
(25) Former investment banker, Philip Augar
(26) Chairman of the Commons Treasury, John McFall
'HowToDoIt' is organizing a march to reinstate Glass Steagall to do just that! =)
http://occupywallst.org/forum/its-time-for-a-million-people-march-to-capitol-hil/
Thanks, that is what I'm looking for. I just learned something in five minutes. Thanks for reading my post. Let's Stand and Work together. Eventually, we have to select candidates and have tangible goals to be taken seriously and keep the movement going.
Tangible goals must come eventually, Agreed. Some people are anxious for demands, but I dunno... the people are in a learning process, they are discovering the true scope and magnitude of the financial crisis. Its good to take the time needed (for now) to correctly identify the source of the problem. They are following the money and discovering the trail of malfeasance and fraud and accounting tricks to hide and mask the debt.
This man has caught my attention at OWS:
Bill Black @ #occupywallstreet on Arresting Banksters
http://www.youtube.com/watch?v=4XJe7O-3QBc&feature=player_embedded
Former Financial Regulator William Black: Occupy Wall Street A Counter to White-Collar Fraud
http://www.youtube.com/watch?v=zq-sO_uNaFw
(DemocracyNow!) Amy Goodman interviews William Black, a white-collar criminologist, former financial regulator, and author of "The Best Way to Rob a Bank is to Own One." Black teaches economics and law at the University of Missouri-Kansas City and recently took part in Occupy Kansas City.
William Black: Not With A Bang, But A Whimper: Bank Of America’s Derivatives Death Rattle
http://dailybail.com/home/william-black-not-with-a-bang-but-a-whimper-bank-of-americas.html
Best of luck...the ship has sailed without a captain..and the compass was calibrated in Canada.....
Dang, thanks for your opinion.
No joke...this was not where this response was suppose to land.....I posted this to a Very different topic, again, sorry.
I thought the Canada reference was a little off-topic, lol.
Thanks....enjoy.