Facts Don't Lie

Mortgage foreclosure is so passe. I mean really. REALLY!!?????

Is it? Is it so last year to worry about mortgages? Try telling that to the new wave of foreclosure candidates...those with prime mortgages. These are the poor folks who have lost their jobs for no reason other than 1. their company f'd up pretty badly, or 2. their company is directly affected by reason #1.

I stole this quote from the New York Times today..., “We’re about to have a big problem,” said Morris A. Davis, a real estate expert at the University of Wisconsin. “Foreclosures were bad last year? It’s going to get worse.” REALLY..?.?.?!

I found all of this in the NYT as well:

"From November to February, the number of prime mortgages that were delinquent at least 90 days, were in foreclosure or had deteriorated to the point that the lender took possession of the home increased more than 473,000, exceeding 1.5 million, according to a New York Times analysis of data provided by First American CoreLogic, a real estate research group. Those loans totaled more than $224 billion. REALLY??!!!!!

During the same period, sub prime mortgages in those three categories increased by fewer than 14,000, reaching 1.65 million. The number of similarly troubled Alt-A loans — those given to people with slightly tainted credit — rose 159,000, to 836,000. Over all, more than four million loans worth $717 billion were in the three distressed categories in February. This was a rise of more than 60 percent (in dollar terms) compared with the prior year. Really...

In February of this year the Obama Administration announced a Federal program, where 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 four million homeowners from foreclosure. However, three months after the program was announced, a Treasury spokeswoman, Jenni Engebretsen, estimated the number of loans that have been modified at “more than 10,000 but fewer than 55,000." REALLY?!?!?!?!

In the first two months of the year alone, another 313,000 mortgages landed in foreclosure or became delinquent at least 90 days, according to First American CoreLogic.

They poke fun now, but I am all about guns and gold. Preparations for the new bunker are under way.

---The Angry Trader.