Senate and Realtors Soon To Make Foreclosure Problem Far WorseU.S. Senate Plans to Consider “Foreclosure Rescue Scam“ LegislationLegislation Expected to be Introduced Soon.Measure Likely to be Modeled After Minnesota Law, that caused 500% more foreclosuresBut May Contain Additional Restrictions Harmful to Investors and Consumers
.Bernanke said,”The virtual shutdown of the sub-prime mortgage market and a widening of spreads on jumbo mortgage loans have further reduced the demand for housing, while foreclosures are adding to the already-elevated inventory of unsold homes. Further cuts in home building and in related activities are likely….”
Well, if there is a silver lining here, it would be that you are not alone. The number of foreclosures and defaulted mortgages are at all time highs. I’m sure it doesn’t make you feel better to be a part of this crowd. But…
…could do something about the foreclosure tsunami that currently rages. A follow-up to Mike Whitney…
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Imagine a 200 ft. conveyor belt with two burly workers and a pile of money on one end, and a towering bonfire on the other. Every time a home goes into foreclosure; the two workers stack the money that was lost plus all of the cash that was leveraged on the home via securitization and derivatives, onto the conveyor and into the fire.
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