".... to turn as many as possible into tenants in the houses they used to own"
Evil!
"Phoenix sees signs of rebirth in bust; Foreclosures fuel a low-end boom" by David Streitfeld, New York Times | May 24, 2009
PHOENIX - Every weekday morning, Lou Jarvis drives the suburban streets looking for investment gold: a family that will lose its house in a foreclosure auction within a few hours.
If the property looks promising, Jarvis puts in a bid on behalf of any of his dozens of clients eager to become landlords. When he wins, he offers to let the family stay in the house and rent for much less than their mortgage payment.
So much for the American dream.
As the city endures one of the largest tumbles in housing prices for any urban area since the Great Depression, there is an unrelenting stream of foreclosures from which to choose. On some days, hundreds are offered for sale at the auctions that take place on the plaza in front of the county courthouse.
There is also a large supply of families who can no longer qualify for loans. And that is prompting a flood of investors like Jarvis, who wants to turn as many as possible into tenants in the houses they used to own....
Yeah, this is all a GOOD THING for them!!!
Foreclosures are a GOOD THING from the USURIOUS BANKS!!!!!!
Everybody seems to be buying as many houses as they can, positive that will make them rich - or at least allow them to recoup some of their losses.
Jarvis, 47, who owned a wood molding company that thrived in the boom and faltered in the crunch, also made mistakes. Last spring, he contracted for three new homes in the distant suburb of Copper Basin, convinced that real estate was bottoming.
He was wrong. He managed to get out of two of the contracts but had to buy one of the houses, which is now substantially under water. "You need to buy when there's blood in the streets," he said with a shrug. "Even if it's your own blood."
I think you've bled enough, America -- and now some vampire is sucking it up.
--more--"
Now about that loan....
"Once-safe mortgages endangered by job losses" by Peter S. Goodman and Jack Healy, New York Times | May 25, 2009
As job losses rise, growing numbers of American homeowners with once solid credit are falling behind on their mortgages, amplifying a wave of foreclosures.
In the latest phase of the nation's real estate disaster, the locus of trouble has shifted from subprime loans - those extended to home buyers with troubled credit - to the far more numerous prime loans issued to those with decent financial histories....
You know why, Americans -- because of me.
That could exacerbate bank losses, adding pressure to the financial system and the broader economy. "We're about to have a big problem," said Morris A. Davis, a real estate specialist at the University of Wisconsin. "Foreclosures were bad last year? It's going to get worse."
Economists refer to the current surge of foreclosures as the third wave, distinct from the initial spike, when speculators gave up property because of plunging real estate prices, and the secondary shock, when borrowers' introductory interest rates expired and were reset higher.
"We're right in the middle of this third wave, and it's intensifying," said Mark Zandi, chief economist at Moody's Economy.com. "That loss of jobs and loss of overtime hours and being forced from a full-time to part-time job is resulting in defaults. They're coast to coast."
Those sliding into foreclosure today are more likely to be modest borrowers whose loans fit their income than the consumers of exotically lenient mortgages that formerly typified the crisis....
It saddens and hurts for me to read and write about the destruction of the American dream and the American -- all planned by the cretinous geniuses that are now attempting to "fix" the problem.
Under a program announced in February by the Obama administration, the government is to spend $75 billion on incentives for mortgage servicing companies that reduce payments for troubled homeowners. The Treasury Department says the program will spare as many as 4 million homeowners from foreclosure.
I will be dealing with that momentarily....
But three months after the program was announced, a Treasury spokeswoman estimated the number of loans that have been modified at "more than 10,000 but fewer than 55,000."
So WHERE is THAT MONEY GOING?!!
Jesus Christ (forgive me), but WTF?!!!!!!!!!! WHO STOLE THAT!!!?
In the first two months of the year alone, another 313,000 mortgages landed in foreclosure or became delinquent....
--more--"
Don't worry, America.... 'bamer has it covered:
"Reworked mortgages still face default" by Bloomberg News | May 27, 2009
NEW YORK - Between 65 percent and 75 percent of US home loans that are reworked to avert foreclosure may end up defaulting again after 12 months, Fitch Ratings said yesterday.
Translation: You are going to have to go through the SAME THING ALL OVER AGAIN in about a year! Talk about TORTURE!!
The projection is based in part on "shrinking disposable income, escalating job losses and possibly some deceptive practices on the part of the borrowers themselves," the New York-based ratings company said in a statement....
You gotta be effin' kidding me?
They are BLAMING BORROWERS not LOOTING and DECEPTIVE BANKS and LOAN COS with their CREDIT DEFAULTS and MORTGAGE SECURITIES -- basically slicing up crap, stealing the corn kernels of gold, and leaving Americans with a stink pile!!!
Oh, yeah, I AM ANGRY and have EVERY RIGHT to be?!!!!!
The INSULTS NEVER END with the STINK ELITE PRESS!!!!!
"Loan modifications hold clear value for many homeowners provided the modified payments are sustainable, but more often than not, reducing the home payments to an affordable level may not be enough to rescue borrowers who are overextended on other credit and expenses," Diane Pendley, a managing director at Fitch, said in the statement.
I'm just wondering why YOU NEVER GOT a BAILOUT, homeowners!
I mean, THAT is why they RAMMED TARP down your throats and then they just gave the money to banks who pocketed it!!!
If they had just PAID OF YOUR MORTGAGES it would have cost a LOT LESS -- and MILLIONS of Americans would STILL BE IN THEIR HOMES (and banks would be denied their usurious deceptions, aaaah)!!!
About 7 percent of US home loans packaged into securities without government support have been modified through April 30, including 18 percent of subprime loans, Fitch said. With home prices slumping, "there is growing evidence that some homeowners are voluntarily walking away from their homes even if they can financially afford to stay," Pendley said.
See posts below this please!
As for the walk-aways, F*** 'EM!!! F*** the BANKS!!
Let them HOLD the BAG for a while -- they got trillions to do it!!!!
