The Israel Deception

Is the return of Israel in the 20th century truly a work of God, or is it a result of a cosmic chess move to deceive the elect by the adversary?

Showing posts with label foreclosures. Show all posts
Showing posts with label foreclosures. Show all posts

Friday, April 20, 2012

The Lost Boys: foreclosures have evicted 2.3 million children with more on the way

Most economic analysts point to the millions of families that have been uprooted through foreclosure since the bursting of the Housing bubble in 2008, but very few have looked into the impacts of the children who have seen their lives change, and what the future holds for them as they continue to grow up.


Five years into the foreclosure crisis, many American families with children continue to lose their homes through foreclosure. An estimated 2.3 million children in single-family homes have already lost their homes to foreclosure, and even more - 3.0 million children - are at serious risk of losing their homes in the future. Another three million or so children may face eviction from rental properties that undergo foreclosure, suggesting that more than 8 million children are directly affected by the ongoing foreclosure crisis (see Figure 1). As single-family and rental properties continue to enter foreclosure, children face not just the loss of their homes, but also the risk of losing friends and falling behind academically if they are forced to switch neighborhoods and schools.

Children Affected by Foreclosures
Children are the often invisible victims of the foreclosure crisis. Mortgage records do not tell how many children are in owner-occupied homes, and it is even harder to estimate the number of children in rental properties. Yet foreclosure affects not just the homeowner or landlord, but also the children living in the foreclosed properties. This brief combines state-by-state estimates on foreclosures with Census Bureau data on the living arrangements of families with children to generate estimates of the numbers of children affected by the mortgage crisis. It also synthesizes research bearing on the negative effects of foreclosure on children’s schooling and overall well-being and outlines some possible policy responses. -
Brookings Institute





"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered."

Thursday, February 9, 2012

Obama using taxpayer money to buy election credit for November

As recently as 3 days ago, the 50 state Attorney General lawsuit against banks, MERS, and the massive foreclosures that took place because of Robo-Signing was at a standstill.  Then out of nowhere, the four states (NY, California, Florida, etc...) that had held off from a brokered agreement received a call from President Obama.

Within 24 hours, those states suddenly accepted the settlement, and now the banks will be shelling out a paltry $25-40 billion dollars for the trillions they made in fraudulent foreclosure game.  On top of this, the settlement will be as good as a taxpayer funded campaign donation for Obama, as states expect to use the money to help those who still have home refinance, and to buy off those who lost their homes with $2000 cash.

For those who don't understand what just happened, US banks just funded Obama's re-election campaign to the tune of $26-$40 billion.
Still, the agreement is the broadest effort yet to help borrowers owing more than their houses are worth, with roughly one million expected to have their mortgage debt reduced by lenders or able to refinance their homes at lower rates. Another 750,000 people who lost their homes to foreclosure from September 2008 to the end of 2011 will receive checks for about $2,000. The aid is to be distributed over three years.  - Zerohedge

Buying goodwill and elections in the final hour (year).  It's the American way in the land of crony capitalism.

Saturday, January 21, 2012

Housing is not improving at all entering 2012

Contrary to manipulated government and NAR reports, housing numbers are not improving by any real sense in every area of the industry.  Going into 2012, the number of housing starts, home sales, and writedowns still remain close to record lows of the last 60 years.

Residential Write Downs: This is resurfacing for the umpteenth time. Today’s version came from HUD secretary Shaun Donovan (via Reuters). A rumored settlement involving $20-25 billion dollars in relief to distressed homeowners from banks involved with robosigning (BAC, WFC, C, JPM, ALLY etc.). The settlement might kick a $20,000 reduction for one million borrowers who are underwater.

New Home Starts: Total housing starts fell 4.1% in December to an annual rate of 657,000, reflecting a 20.4% decline in construction of multi-family units and a 4.4% increase in single-family starts.

Remodeling Moves Higher: “People are remodeling instead of moving” said David Crowe, chief economist of the painfully obvious at the National Association of Home Builders. The key to this are the huge number of current homeowners who either are unable to sell their currents homes, or if they do, no longer will qualify for a new mortgage, or lack a 15-25% down payment for another purchase in order to move.

The bottom line remains: Housing is a dark spot in the economy, and the regular bottom calling we hear is best ignored. One day, housing will once again begin contributing to US economy, but until we see higher Employment and greater household formation, that time is off in the future. - Ritholtz.com

This also doesn't take into account the new foreclosures that are expected to hit the markets in 2012 after local and federal judges overturned the MERS lawsuits and rights of banks to foreclose when they don't hold the note.

Monday, January 9, 2012

Look for foreclosures to begin in earnest again and home prices to fall

In a report today from CNBC, the Obama administraton is planning to implement a new program to take the hundreds of thousands of government owned (Fannie/Freddie) foreclosures and dump them onto the markets in a pilot program.

The Obama administration, in conjunction with federal regulators and led by the overseer of Fannie Mae and Freddie Mac, is very close to announcing a pilot program to sell government-owned foreclosures in bulk to investors as rentals, according to administration officials.

There currently are about a quarter of a million foreclosed properties on the books of Fannie Mae, Freddie Mac, and the Federal Housing Administration (FHA), and millions more are coming.
The foreclosure processing delays of last year created a mammoth backlog of properties yet to be processed, which are just now being re-started. One of the initiatives of this program is for the federal government to be in the position to mitigate and manage any new wave of foreclosures, sources say. - CNBC via Yahoo


The end result will be two-fold here.  First, home prices are still falling in most major metro areas, and this will only drive prices down even more.  Secondly, with the government choosing to dump their foreclosure inventories, how many banks that own millions of homes in the shadow inventory will be pressed to do the same, and dump their stock in a 'last one to the door' effort?

Either way, expect home values to continue to fall around the country, or at best, remain stagnant for more years to come.