Mortgage Foreclosure Crisis Visualized
Not many words required . . . (although I reserve my right to comment. Sorry.)
1. Here’s the growth of the foreclosure crisis, the demon spawn of the financial system’s brilliant inNOvation called Mortgage Backed Securities (MBS).
2. The “REO” referenced above is Real Estate Owned by banks (the original lenders) after the home fails to sell at a foreclosure auction, such as when a home is “under water” relative to the amount owed on the home. The bank then owns the home and carries it as a “nonperforming asset” on its books. Is it just me or does the green line seem to be exploding upwards style?
3. So, more and more of us are furtherer and furtherer behinder. Of course, most of us have often heard of the marvelous mortgage modification programs that are available for one and all, so, “What me worry?” Unfortunately, there are very few mortgage mods being approved due to the banks’ now obvious disinterest in following through on the promises made. Basically, many homeowners have, through bank delays and disinclination in processing paperwork, U.S. homeowners are being “modified” into foreclosure.
Imagine, all this fuss about simply misplacing the TITLES (!) to those mortgaged-to-the-hilt homes . . . Certainly, the mortgage industry will now understand when we misplace our check books when a payment is due . . . you know, all that paper to keep track of . . .
Perhaps the Fed, having lately announced its plan to engage in quantitative easing, will buy up (and honor) all those toxic MBS’s . . . creating new money for the sellers (the very banks that caused this new crisis) to bury in tomato cans in the back yard. . .
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