"More declaring they're bankrupt; Filings in Bay State increase 25 percent" by Bonnie Kavoussi, Globe Correspondent | July 23, 2010
The number of Massachusetts residents filing for bankruptcy soared in the first half of 2010, as the continued weak economy left thousands of homeowners unable to pay their mortgages or sell their properties....
Bankruptcy specialists said the surge is driven by a persistently bleak outlook for new jobs and a subdued housing market. As people go longer without work or unemployment benefits they get further behind in their mortgages. They eventually conclude it isn’t worth it to stay in their homes....
That's the same way I feel about the newspaper.
Some credit specialists said the increase in filings may also be triggered by an increasing number of foreclosures by banks and other mortgage lenders; beleaguered homeowners file for bankruptcy as a way to slow the process of losing their homes....
I thought all that bailout loot was to help you, homeowners?
David Madoff, a trustee for the US Bankruptcy Court in Boston, said he continually sees new cases in which homeowners were unable to get the lender to modify their loans.
Any relation?
“I liken getting a loan modification to going to see the Wizard of Oz,’’ said Madoff, because of the many demands that must be met to proceed....
One of my favorite films, but not when I'm at the bank.
But once a debtor files for bankruptcy, banks and other creditors cannot even try to collect the money owed them....
Must make 'em mad!
The number of personal bankruptcies nationwide is also rising, after declining briefly last year....
In Massachusetts, more than three-quarters of those who filed for bankruptcy did so under Chapter 7 reorganization, in which the debtors’ property and other assets are sold off, with the proceeds used to pay creditors....
You were never meant to get help, dear Americans.
What a TREMENDOUS RIP-OFF SCHEME you were sold to "SAVE" the ECONOMY!!
The ONLY THING YOU SAVED was BANK BALANCE SHEETS and BONUSES!!
Samuel Gerdano, executive director of the American Bankruptcy Institute, said many filers reconcile the bankruptcy process as a way of wiping the slate clean and starting over. “You give up the house in foreclosure, you give up the car, you find some other way to live your life,’’ he said.
I would rather not at my age, and I'm sure many of my fellow citizens feel the same way.
Meanwhile, the RICH get RICHER!!
President Obama and some members of Congress have so far failed in repeated efforts to prevent bankruptcy filers from losing their homes....
Been a theme of the last year-and-a-half.
Credit specialists worry that the housing and employment problems are locked in a vicious cycle that will only lead to more bankruptcy filings in the next year or so, a scenario that would press home prices downward as more foreclosed homes flood the market. If the job market doesn’t improve, debtors won’t be able to make their mortgage payments; and if the housing market doesn’t improve, they won’t be able to sell their homes, either....
It's called the collapse of the house of cards the Fed built and called it an economy.
--more--"
Yeah, about that help:
"Lenders take more homes; Mass. foreclosures through June are called ‘staggering’" by Erin Ailworth and Jenifer B. McKim, Globe Staff | July 21, 2010
More than 1,300 Massachusetts homes were taken by lenders in June, twice the number lost to foreclosure during the same month last year, according to data released yesterday.
Through June, foreclosure deeds have topped 1,000 in every month but one, according to Warren Group, a Boston company that tracks local real estate. For the first half of 2010, foreclosures totaled 7,431 — a 56.7 percent increase from the same period last year....
“The figures are staggering,’’ Timothy M. Warren Jr., chief executive of Warren Group, said.
Warren said the high number might indicate banks are redoubling their efforts to get bad loans off the books. He cited unemployment, reduced work hours, and unpaid furloughs as major reasons why so many people are having difficulty staying current on their mortgages. A significant drop in income is “just enough to knock them over the edge,’’ Warren said.
Where is YOUR BAILOUT, Americans?
I mean, it is ALL YOUR MONEY!
Cambridge lawyer Paul Collier said the continuing flood of foreclosures could further hurt the struggling housing market and indicates that lenders are still balking at helping borrowers to modify their loans.
Now you begin to realize that it is ON PURPOSE!
They have HAD ENOUGH TIME and where GIVEN ENOUGH TAX LOOT!
“As long as we continue to pour thousands of foreclosed homes into the market every month, there will be no recovery,’’ said Collier, who represents clients fighting foreclosures. “Banks are doing nothing to modify and keep people in their homes.’’
Yes, something we have been typing here for months if not years.
--more--"
Boston condo sales pick up
As the mercury rises, so do sales
Area hotels rebound from dismal year in ’09
State’s recovery appears to slow
Do you ever get tired of hucking s***, Globe?
And you know things are bad when the you-know-who doesn't receive any funding.
Related: The Greening of Boston
"State’s cuts leave Greenway wanting; Funding down 25 percent for unfinished park" by Casey Ross, Globe Staff | July 21, 2010
“It’s an unfortunate tragedy that after spending $15 billion to build a new highway, we can’t come up with a few million bucks to run a great park,’’ said Bud Ris, the chief executive of the New England Aquarium, a Greenway neighbor.
State officials said the government’s ailing finances left them with no choice but to reduce Greenway funding....
About $1.7 million of the state’s funding for the Greenway is cash; the rest is in-kind contributions of electrical work and other maintenance. Jeffrey Mullan, the Massachusetts transportation secretary, also said the state is funding salaries for Greenway employees only to the level of their counterparts at the state Department of Conservation and Recreation, the state’s main parks agency.
In some cases, Greenway managers are now paid nearly double their state counterparts. The Greenway’s director of park operations, for example, receives about $131,000 in salary and benefits, while a senior forest and parks supervisor at DCR receives about $70,000....
Nancy Brennan, the executive director of the Rose Fitzgerald Kennedy Greenway Conservancy Inc., said the salaries of Greenway employees are justified by their responsibilities, which include maintaining intricate landscaping and operating complex systems that run the fountains, lighting, and other features....
Translation: They flicked a switch on the computer keyboard.
--more--"
I fell asleep before I finished them.
Things not looking very good out in the rest of the nation either:
"Mortgage aid still eluding many; More foreclosures could threaten economic recovery" by Alan Zibel, Associated Press | July 21, 2010
WASHINGTON — Many borrowers have complained that banks often lose their documents and then claim borrowers did not send back the necessary paperwork.
The banking industry said borrowers weren’t sending back the necessary paperwork.
Who do you think I am believing?
They also have accused the Obama administration of initially pressuring them to sign up borrowers without insisting first on proof of income. When banks later moved to collect the information, many troubled homeowners were disqualified or dropped out.
Obama officials dispute that they pressured banks and they defend the program....
Defending failure just isn't working for me anymore, sorry.
It is a cause-and-effect, isn't it?
"No letup in foreclosures; 1 million-plus homes apt to be forfeited in 2010" by Alex Veiga, Associated Press | July 16, 2010
LOS ANGELES — More than 1 million US households will probably lose their homes to foreclosure this year as lenders work their way through a huge backlog of borrowers who have fallen behind on their loans....
Yeah, those diligent "lenders" hard at work.
Related: If I Were A Terrorist
And here you thought it was some Muslim, Amurka!
The surge in home repossessions reflects a foreclosure crisis that remains a crippling drag on the housing market, despite having shown signs of leveling off in recent months.
The pace at which homeowners fall behind in payments and enter the foreclosure process has slowed as banks continue to let delinquent borrowers stay longer in their homes, rather than add to the glut of foreclosed properties on the market.
Where and since when, you lying sack of s*** press?
At the same time, lenders have stepped up repossessions in an effort to clear out the backlog of distressed inventory on their books....
On the one hand, then on the other.... BOTH can NOT BE TRUE, sorry, s***ters!!
Yeah, THIS CRAP makes me ANGRY, folks!!
“The banks are really sort of controlling or managing the dial on how fast these things get processed so they can ultimately manage the inventory of distressed assets on the market,’’ Rick Sharga, a senior vice president at RealtyTrac., said....
Something Americans have become QUITE AWARE OF the last three years.
It is WHY they are FURIOUS!
And a new wave of foreclosures could be coming in the second half of the year, especially if the unemployment rate remains high, mortgage-assistance programs fail, and the economy does not improve fast enough to lift home sales....
To go with your DOUBLE-DIP RECESSION that history will record as the GRAND DEPRESSION and the END of AmeriKan Empire!!!
Economic woes, such as unemployment or reduced income, continue to be the main catalysts for foreclosures.
With NO LIKELY CHANGE in the future.
Initially, lax lending standards were the culprit. Now, homeowners with good credit who took out conventional, fixed-rate loans are the fastest-growing group of foreclosures.
That is BONE, Americans, not FAT!
There are more than 7.3 million home loans in some stage of delinquency, according to Lender Processing Services.
That's not a wave, that is a tsunami!
The Obama administration’s $75 billion foreclosure prevention effort has made only a small dent in the problem.
But it did produce BULGING POCKETS for BANKERS!
Hard to dent those, too!!
Over a third of the 1.2 million borrowers who have enrolled in the mortgage modification program have dropped out.
It's called failure and it is synonymous with this administration.
And if they are thinking another false-flag, inside-job "terror event" is going to save his presidency and rally the American people they are in for a rude surprise!
This ain't 2001!!!
