Once again our attention is drawn to the, er, ‘omissions’ made by the corporate owned media. (In a ‘for profit’ society there is no such thing as a ‘free press’.)
Since the only,‘independent reporting' comes from the Internets, it is none to surprising to see the ‘Big Picture’ being glossed over by the alleged ‘serious people’ who call themselves the ‘reality based community’.
Witness that we have this jaw-dropping development that the media seems to think the public would NOT be interested in knowing…
What is ‘out of place’ here, good citizen?
The July Mortgage Monitor report released by Lender Processing Services, Inc. shows that foreclosure timelines continue their steady upward trend, as a payment has not been made on the average loan in foreclosure in a record 599 days. Of the nearly 1.9 million loans that are 90 or more days delinquent but not yet in foreclosure, 42 percent have not made a payment in more than a year with an average delinquency of 397 days, also a new record. At the same time, first-time foreclosure starts in June were near three-year lows, and first-time delinquencies accounted for only 25 percent of new delinquent inventory.
Looking at this graph, one might expect the number of loans in the foreclosure process to be increasing sharply since there are so many more starts than sales.
And there are very few cures too - what is happening is a large number of loans each month have been moving from "in foreclosure" back to "90+ days delinquent" status - so the number of loans "in foreclosure" hasn't increased recently.
Years with absolutely ZERO payments being made and A THOUSAND TRILLION DOLLARS OF ‘DERIVATIVES’ outstanding on these very, albeit bad, loans…
What does this say about our, er, ’financial system’?
Wall Street continues to rise and our banking system continues to ’chug along’ as if nothing was wrong…why is that good citizen?
What would happen if YOU exhausted your bank account?
This all went down during the end of Bush’s second term, in a year and a month Obama stands for re-election and NOTHING has been done about this mess.
We’re talking 4 years and the name of the game is still ’extend and pretend’.
‘We aren’t bankrupt as long as nobody admits we can't pay!”
What does that make you?
Are you an idiot for still making your mortgage payments?
(yes)
Are you an idiot for paying anybody?
Well, once the majority takes it into their head that this is indeed the case, the whole damn supply chain will collapse.
IF YOU ran ‘out of money’ (like the banks obviously have) these assholes would be MERCILESS, they’d throw you out in the street in a heartbeat…
They aren’t doing that now due to the sheer number of people in the foreclosure process, it would cause a panic…as well as the secondary benefit of ‘protecting’ the property from vandalism and the expense of keeping it up/the utilities functioning along with the EXTREME DEARTH OF QUALIFIED BUYERS!
Yeah, that foreclosure judgment sort of kicks the shit out of your ability to obtain a new mortgage. Once bitten, twice shy sort of thing happening.
Now are you ready for a real shocker?
What’s happening here is taking place through-out the Western World.
25% of the WORLD’S housing market is in foreclosure AND THERE ISN’T A FUCKING THING THEY CAN DO ABOUT IT!
More disturbing good citizen is the fact that this is NOT an ‘accident’.
More intriguing is the notion that some people ‘leveraged’ themselves into these properties KNOWING they wouldn’t be evicted…begging the question ‘what did they know and when did they know it?’ (Well, obviously they knew when prices were being driven to ridiculous levels and we were all wondering just who could afford the mortgage on an $800,000 home?)
So, given the ‘pieces of the puzzle’ how long do you suppose we have before this train wreck jumps the rails?
How ironic is it that the ‘economy’ such as it is, is being kept ‘afloat’ by the people who have defaulted on their mortgages?
Makes you want to do the ‘patriotic’ thing and join them, doesn’t it?
Hell, if the banks are going to ‘skate’, why not join the party?
Seriously good citizen, if the justice system is this far gone, our civilization is as good as gone. The only question remaining is ‘what comes next?’
What do you do with a broken social model? If it’s anything like what you do to a drunken sailor, this isn’t going to be pretty.
Thanks for letting me inside your head,
Gegner
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