Home foreclosure filings up 55 percent in July

[artiesliver]

NEW YORK (Reuters) - U.S. foreclosure activity in July rose 55 percent from a year earlier as a slump in once-sizzling housing markets forced yet more borrowers to default on their mortgages, according to a monthly report.
Foreclosure filings -- default notices, auction sale notices and bank repossessions -- rose 8 percent from June and 55 percent from July 2007 to 272,171, according to RealtyTrac, which records property in various stages of foreclosure.
That means one in every 464 U.S. households received a foreclosure filing in July, the firm said. Bank repossessions (REOs) rose 184 percent year-over-year. Default notices were up 53 percent, and auction notices rose 11 percent.

 

[Spytheweb]

UBS exec and McCain advisor Phil Gramm: U.S. is 'nation of whiners'

Posted Jul 10th 2008 7:21PM by Peter Cohan
Filed under: Presidential elections

The Washington Times reports that Phil Gramm, UBS AG (NYSE: UBS) vice chairman and senior economic advisor to John McCain (R.-AZ), thinks we're a nation of whiners. Gramm's UBS is a leader on three important fronts in the effort to destroy the U.S. economy: the $1.3 trillion subprime mortgage catastrophe, the $330 billion Auction Rate Securities (ARS) freeze, and a tax evasion scheme of unknown magnitude.
The Washington Times quotes Gramm as saying: "We have sort of become a nation of whiners. You just hear this constant whining." UBS probably pays Gramm well for his services so I can see where he's coming from. He is making money and he's the only one who matters.

LET THEM EAT CAKE.

Well McCain's 8 homes are safe after his selling out of Americans, he has enough money to keep them.

 

[Willie99]

Yes, because lenders approving sub-prime mortgages and borrowers accepting them is clearly a political issue.

Why didn't Bush prepare Americans for the fact that their monthly payments were going to increase substantially once their introductory rates/terms expired?

And what prominent Senators on the Banking Commission were recently caught taking kickbacks from the banking industry again?

:lol:

 

[boombaby]

Why not base it on the truth. Oil went through the roof,so did gas.Food spending went up 50%.All your bills went up. My taxes went up 1800$ ! Thats not counting school which went up 400$ because im paying for all the fucking illegals in this country!And medical went up to!If you go to the hospital your waiting hours to get in.My car insurance went up too .to pay for all the illegals getting in accidents in my area! And people are not getting raises to cover the difference!

 

[gtc08]

was a driver for holiday bakery. keep in contact with friends there. left because of bad management. drivers are getting .10-.30 cent raises based on performance. was telling my buddy that is working there you probably are losing money even with the raise since everything has gotten more expensive.

funny that people are working more and making less. oh well i guess.

 

[Mistermj]

was a driver for holiday bakery. keep in contact with friends there. left because of bad management. drivers are getting .10-.30 cent raises based on performance. was telling my buddy that is working there you probably are losing money even with the raise since everything has gotten more expensive.

funny that people are working more and making less. oh well i guess.

Yes...a Minnesota bakery serves as the economic model and indictator for the worlds largest economy.

Why didn't I think of that? :think2:

 

[Dave007inVegas]

Yes...a Minnesota bakery serves as the economic model and indictator for the worlds largest economy.

Why didn't I think of that? :think2:

Because your a stupid American that should move to Canada. :hitting:

 

[Samhain]

Thank you to Dem's for screwing our economy once again.
Good going Pelosi.
You've increased gas prices since you took control.
You've increased unemployment since you took control.

You wanted change...You got it.

 

[Spytheweb]

Yes, because lenders approving sub-prime mortgages and borrowers accepting them is clearly a political issue.

Why didn't Bush prepare Americans for the fact that their monthly payments were going to increase substantially once their introductory rates/terms expired?

And what prominent Senators on the Banking Commission were recently caught taking kickbacks from the banking industry again?

:lol:

It's a political issue because the federal reserve bank flooded the market with cash, banks with cash on hand does what? Loan it out. Same thing happened just before the great depression.

 

[roadreeler57]

I am not that sympathtic about the housing problem... Housing was way too high for way too long...People trying to live beyond their means are just looking for trouble.

 

[cutacrossshorty]

I am not that sympathtic about the housing problem... Housing was way too high for way too long...People trying to live beyond their means are just looking for trouble.

Do you have any sympathy for people who had/have credit card accounts with Washington Mutual? Washington Mutual lost billions in bad mortgage loans. Their stock went from 45 to 5 in a year. What did they do as part of their solution? They rate jacked a million or so of their credit card clients who didn't have a fixed rate by doubling the APR (10% went to 20%, 15% went to 30%). The rate hikes were given regardless of how spotless a clients record was. What did these credit card holders do wrong to deserve this treatment? When inquiries were made as to why rates increased, the reply was "because we can".

 

[roadreeler57]

Do you have any sympathy for people who had/have credit card accounts with Washington Mutual? Washington Mutual lost billions in bad mortgage loans. Their stock went from 45 to 5 in a year. What did they do as part of their solution? They rate jacked a million or so of their credit card clients who didn't have a fixed rate by doubling the APR (10% went to 20%, 15% went to 30%). The rate hikes were given regardless of how spotless a clients record was. What did these credit card holders do wrong to deserve this treatment? When inquiries were made as to why rates increased, the reply was "because we can".

Credit cards are a luxury....No sympathy here either...If you don'y have the money for it don't buy it...I have a Chase credit card & a AMEX blue card but I pay the balance off every month...Whos credit are we paying Washington with right now?

 

[cutacrossshorty]

Credit cards are a luxury....No sympathy here either...

So you approve of the practice of a company taking their bad business decisions in the mortgage industry out on an unrelated segment of their clientele.

Even credit card holders that pay off their balances every month got rate jacked. When a credit card company jacks up your rate, your credit score plummets. If you cancel the card, your credit score plummets because your credit line just went down. Some are in a position to shrug this off, but many aren't. These people did nothing wrong and they are being punished.

 

[TheRightSide]

Housing sales up 15% in Michigan good for me. wooooohooooo

 

[roadreeler57]

So you approve of the practice of a company taking their bad business decisions in the mortgage industry out on an unrelated segment of their clientele.

Even credit card holders that pay off their balances every month got rate jacked. When a credit card company jacks up your rate, your credit score plummets. If you cancel the card, your credit score plummets because your credit line just went down. Some are in a position to shrug this off, but many aren't. These people did nothing wrong and they are being punished.

Still not much sympathy.You pay your card off every month there is no rate....I really don't think anybodys credit score suffered either because the rate hike was beyond anybodys control...I think if you check into it some more you'll see Im right...If U R one of the rate hike victims sorry to hear about it though.

 

[cutacrossshorty]

Still not much sympathy.You pay your card off every month there is no rate....I really don't think anybodys credit score suffered either because the rate hike was beyond anybodys control...I think if you check into it some more you'll see Im right...If U R one of the rate hike victims sorry to hear about it though.

A sizeable rate hike most certainly has an adverse effect on ones credit score. It's true that I have a card from these people and that is how I know about this. You can do google searches and easily find postings at different sites from hundreds that this happened to. A credit score is also affected by the credit line to outstanding balance ratio. There are stories of people paying off their cards only to have their credit line reduced dramatically and this subsequently reduces ones credit score.

The whole point of even bringing this up is that there are residual effects that aren't widely known as a result of the mortgage crisis and there are people that are being punished that had nothing to do with it.

 

[fletchisrhsm]

Thank you to Dem's for screwing our economy once again.
Good going Pelosi.
You've increased gas prices since you took control.
You've increased unemployment since you took control.

You wanted change...You got it.

Your POTUS went to war with no surplus at hand and then had the balls to lower taxes. He and the ballless congress were in lockstop and put the bill on your kids and their kids and then some. Unannounced to most brainwashed Americans, you rights and your pockets have been picked right underneath your nose with this administration at the helm. The democrats have bene atrocious but the Neocons set the bar like no other party before them. The Republicans are dead. Fiscal conservatism is dead. Socialism is the future. Wether it be under the image of Obama or the face of McCain, you will have mass economic socialsim. This partisan nonsense is why we are in the mess we are in. Divive and conquer, keep feeding at the trough... tool.

 

[Mistermj]

A sizeable rate hike most certainly has an adverse effect on ones credit score. It's true that I have a card from these people and that is how I know about this. You can do google searches and easily find postings at different sites from hundreds that this happened to. A credit score is also affected by the credit line to outstanding balance ratio. There are stories of people paying off their cards only to have their credit line reduced dramatically and this subsequently reduces ones credit score.

The whole point of even bringing this up is that there are residual effects that aren't widely known as a result of the mortgage crisis and there are people that are being punished that had nothing to do with it.

As usual, your thinking on this is whacked.

The credit card company had the right to do this...if you don't like it you don't have to use their card.

Nobody is being punished other than the people that have to read your bleeding heart, everyone is a victim nonsense.

 

[Mistermj]

Your POTUS went to war with no surplus at hand and then had the balls to lower taxes. He and the ballless congress were in lockstop and put the bill on your kids and their kids and then some. Unannounced to most brainwashed Americans, you rights and your pockets have been picked right underneath your nose with this administration at the helm. The democrats have bene atrocious but the Neocons set the bar like no other party before them. The Republicans are dead. Fiscal conservatism is dead. Socialism is the future. Wether it be under the image of Obama or the face of McCain, you will have mass economic socialsim. This partisan nonsense is why we are in the mess we are in. Divive and conquer, keep feeding at the trough... tool.

Bush lowered taxes and received record tax receipts...thats a fact.

Some people just can't get their mind around that....kind of funny. :nohead:

 

[Spytheweb]

I am not that sympathtic about the housing problem... Housing was way too high for way too long...People trying to live beyond their means are just looking for trouble.

Americans live beyond their means period, and business depends on it. This government is living beyond their means but they have the federal reserve bank who gives them unlimited credit. This is why republicans keep saying we will give you tax cuts, because the money slack is being taken up with borrowed money from the federal reserve bank that our children and their children will have to pay back, with interest.