So with apx 51 million homes with mortgages, we are over 2% in foreclosure, or just about at the 1 million level, nice little milestone there. After a bank takes control of the house, I take it that that house is no longer in the statistics (please clarify when exactly it drops off the list). The 0.83% would translate to well over 400K houses starting down the road to REO and people moving out.
And looky, Tanta, at the MBA's reality-based definition of "walking away"
``We're seeing people give up even before they get to the reset because they couldn't afford the home in the first place,'' said Jay Brinkmann, vice president of research and economics for the Washington-based trade group.
Anyone catch CNBC this morning - they were saying the Treasury made a public announcement to deny the rumor floating about that the federal gov't will cange policy to now officially backstop the GSE's (make the implied support official)... UST official says rumor not founded in fact.
Was that really necessary? I'm pretty far from 'rumor central'... but I hadn't heard anything like that.
We're seeing people give up even before they get to the reset because they couldn't afford the home in the first place
I thought that "walking away" occured when people defaulted even when they could actually still afford their mortgage payments? How can you be making a conscious decision to "walk away" if you simply don't have the wherewithall to make the payments in the first place?
Here is my theory as to why Ferguson resigned and then why the youngster Warsh was pushed into place; I think Bush was going to fill a vacancy with a Warsh appointment, but then as soon as Ferguson relaized how utterly stupid that would be, he resigned, and forced Bush's hand. In that regard, I count Ferguson as an American Hero and Patriot, because his action has exposed the level of collusion and politics within The Fed!:
Roger W. Ferguson, Jr., submitted his resignation Wednesday as Vice Chairman and as a member of the Board of Governors of the Federal Reserve System, effective April 28, 2006.
Ferguson, who has been a member of the Board since November 5, 1997, submitted his letter of resignation to President Bush. He will not attend the March 27-28 meeting of the Federal Open Market Committee.
President Bush's decision to elevate three former administration economic advisers to the Federal Reserve Board prompted questions yesterday about whether they would be able to steer the economy independently of the White House they have served.
"This is inevitably going to create the impression that the board is more political than in the past," Schlesinger said. "This creates more of a burden on Bernanke and company to prove they're not taking their cues from [White House Deputy Chief of Staff] Karl Rove."
Warsh, 35, who has served on Bush's National Economic Council for the past four years, is a special assistant to the president for economic policy.
Susan Schmidt Bies submitted her resignation Friday as a member of the Board of Governors of the Federal Reserve System, effective March 30, 2007.
Roger W. Ferguson, Jr., submitted his resignation Wednesday as Vice Chairman and as a member of the Board of Governors of the Federal Reserve System, effective April 28, 2006.
Governor Kevin Warsh
To the New York Association for Business Economics, New York, New York
November 7, 2007
The End of History?
Scholars have debated whether the end of the Cold War constituted the end of History.
Governor Kevin Warsh
At the New York State Economics Association 60th Annual Conference, Loudonville, New York
October 5, 2007
Financial Stability and the Federal Reserve
Thank you to the New York State Economics Association and our hosts here at Siena College for inviting me to participate in the conference. They say you can never go home again.
Governor Kevin Warsh
To the State University of New York at Albanys School of Business, Albany, New York
September 21, 2007
Financial Market Developments
It is good to be back in upstate New York. Thank you to the School of Business of the University of Albany for inviting me.
The sad thing is that all rich people are tarnished forever with this mess. The 5% who actively conspired to spread this garbage and destroy the dollar, i.e. the brokers and bankers, will put all the other rich people in jeopardy for the rest of their lives.
Class war has begun, and you can thank your local crooked banker.
Faber has alot to say to Bernanke.
Bloomberg News Video
Foreclosures hit a record. And, we haven't even started see the unemployment numbers go up. Wait till 2nd half 2008.
So with apx 51 million homes with mortgages, we are over 2% in foreclosure, or just about at the 1 million level, nice little milestone there. After a bank takes control of the house, I take it that that house is no longer in the statistics (please clarify when exactly it drops off the list). The 0.83% would translate to well over 400K houses starting down the road to REO and people moving out.
As a point of reference, does anyone know what is the highest rate of foreclosures this side of the Great Depression?
It is indicative of the problem when we need to frame a question with that point of reference!
More homeowners fell behind on payments as well, with 5.82% of loans past due in the quarter.
This number must be well over 6% now. Countrywide reported numbers over 7%. At the peak, the number may be over 10%. Amazingly bad.
"You ain't seen nothing yet"
And looky, Tanta, at the MBA's reality-based definition of "walking away"
``We're seeing people give up even before they get to the reset because they couldn't afford the home in the first place,'' said Jay Brinkmann, vice president of research and economics for the Washington-based trade group.
U.S. Mortgage Foreclosures Rise as Owners `Give Up' (Update3) - Bloomberg.com
Anyone catch CNBC this morning - they were saying the Treasury made a public announcement to deny the rumor floating about that the federal gov't will cange policy to now officially backstop the GSE's (make the implied support official)... UST official says rumor not founded in fact.
Was that really necessary? I'm pretty far from 'rumor central'... but I hadn't heard anything like that.
Dryfly,see the thread above both the Bush and Feinstein families have stakes in the Carlyle Group,although I believe the Bin Laden family sold.
So, were screwed. I get it now.
oh my 2% is ridiculous, wonder where it peaks out at
We're seeing people give up even before they get to the reset because they couldn't afford the home in the first place
I thought that "walking away" occured when people defaulted even when they could actually still afford their mortgage payments? How can you be making a conscious decision to "walk away" if you simply don't have the wherewithall to make the payments in the first place?
OT Theory:
Here is my theory as to why Ferguson resigned and then why the youngster Warsh was pushed into place; I think Bush was going to fill a vacancy with a Warsh appointment, but then as soon as Ferguson relaized how utterly stupid that would be, he resigned, and forced Bush's hand. In that regard, I count Ferguson as an American Hero and Patriot, because his action has exposed the level of collusion and politics within The Fed!:
Ferguson, who has been a member of the Board since November 5, 1997, submitted his letter of resignation to President Bush. He will not attend the March 27-28 meeting of the Federal Open Market Committee.
"This is inevitably going to create the impression that the board is more political than in the past," Schlesinger said. "This creates more of a burden on Bernanke and company to prove they're not taking their cues from [White House Deputy Chief of Staff] Karl Rove."
Warsh, 35, who has served on Bush's National Economic Council for the past four years, is a special assistant to the president for economic policy.
This walking away prior to reset begs the philosophical question...
If am ARM defaults even before it hits a reset point, was it even a mortgage in the first place?
There really is chaos at The Fed!
Susan Schmidt Bies submitted her resignation Friday as a member of the Board of Governors of the Federal Reserve System, effective March 30, 2007.
Roger W. Ferguson, Jr., submitted his resignation Wednesday as Vice Chairman and as a member of the Board of Governors of the Federal Reserve System, effective April 28, 2006.
Warsh Fed Road Trips (OT)
SOS & GOD SAVE Us All SOS
To the New York Association for Business Economics, New York, New York
November 7, 2007
The End of History?
Scholars have debated whether the end of the Cold War constituted the end of History.
At the New York State Economics Association 60th Annual Conference, Loudonville, New York
October 5, 2007
Financial Stability and the Federal Reserve
Thank you to the New York State Economics Association and our hosts here at Siena College for inviting me to participate in the conference. They say you can never go home again.
To the State University of New York at Albanys School of Business, Albany, New York
September 21, 2007
Financial Market Developments
It is good to be back in upstate New York. Thank you to the School of Business of the University of Albany for inviting me.
The sad thing is that all rich people are tarnished forever with this mess. The 5% who actively conspired to spread this garbage and destroy the dollar, i.e. the brokers and bankers, will put all the other rich people in jeopardy for the rest of their lives.
Class war has begun, and you can thank your local crooked banker.
Strange... I thought "housing only goes up!"
Maybe they meant, "Foreclosures only go up!"
Who coodadnode that reality and things like income might affect housing prices?!
"Class war has begun, and you can thank your local crooked banker."
I've said this before: the class war began 25 years ago. But only the agressors knew it.
Bob Dobbs: Amen Brother.
This is a test