Despite concerted government-led and lender-supported efforts to prevent foreclosures, the number of filings hit a record high in the third quarter, according to a report issued Thursday.
"They were the worst three months of all time," said Rick Sharga, spokesman for RealtyTrac, an online marketer of foreclosed homes.
"The economy is in recovery. The economy is in recovery. The economy is in recovery. These aren't the droids you are looking for! These aren't the droids you are looking for! These aren't the droids you are looking for! Dammit; it worked in the movie!!!" -- Wake the Flock Up
Nevertheless....
"Bay State bankruptcies fall; Filings declined 8% in 3d quarter" by Todd Wallack, Globe Staff | October 16, 2009
Bankruptcies, which have steadily climbed in Massachusetts over the past two years, showed an unexpected decline last quarter....
I smell a PoS PROPAGANDA STINK, don't you?
Timothy M. Warren Jr., chief executive of Warren Group, theorized that some Massachusetts residents having financial difficulties may not be as desperate as they once were, because they are optimistic that the economy is recovering.
I really am sick of the shit shovel, I'm sorry, readers.
The Dow Jones industrial average surpassed 10,000 Wednesday for the first time in a year, and the housing market has shown signs of improvement in recent months.
“People sitting around the dinner table [might be saying] they will be able to stick it out and not go the bankruptcy route,’’ Warren said.
But the level of bankruptcies still remains relatively high as thousands of residents - many of whom have been out of work for extended periods and may have exhausted their unemployment benefits - continue to have difficulty keeping up with mortgage payments and other bills....
--more--"You know, other than the job losses, here are some reasons why:
"41 people charged in mortgage fraud" by Associated Press | October 16, 2009
NEW YORK - A mortgage fraud crackdown announced yesterday resulted in the arrests of dozens of people, including six lawyers, seven loan officers, and three mortgage brokers in four states....
“Unfortunately, instead of protecting our financial system, in some cases they abused their positions and joined criminal schemes to steal millions of dollars,’’ said Richard H. Neiman, the superintendent of banks for New York State.
US Attorney Preet Bharara said he found it “especially alarming’’ that lawyers, loan officers, and mortgage brokers treated their professions as a “license to loot banks and profit from other people’s pain.’’Well, WHAT CAVE has this NAIVE SOUL been hiding in?
--more--"
And about those LOAN MODIFICATIONS:
"Bank errors called drag on mortgage adjustments" by Anne Flaherty, Associated Press | October 16, 2009
WASHINGTON - Many qualified applicants are being rejected, often through bank errors, with no avenue of appeal. Until this month, lenders did not even have to say why....
Foreclosure filings are on a pace to hit about 3.5 million this year, up from more than 2.3 million last year, according to RealtyTrac. Government officials can’t say how many people have been turned down because of a typo, a lost fax, or an oversight by a poorly trained bank employee.
You REALLY DON'T BELIEVE these GOVERNMENT and MSM LIES, do you?
They DIDN'T WANT TO MODIFY the loans so they THREW THEM in the TRASH and then CLAIMED THIS!!!!
But the Treasury Department acknowledges that far too many applicants have wrongly been rejected....
Yup, and they are doing NOTHING ABOUT IT but TOSS MORE TAX MONEY at BANKS!!
--more--"Whatever happened to those TRILLIONS in LOAN LIQUIDITY, huh, 'murka?