Archive for February, 2009

Mortgage Home Possessions Continue to Rise
The last two quarters of 2008 have seen a steady increase in the number of mortgage possession orders reaching the county courts, and this is according to data and statistics that have been released by the UK’s Ministry of Justice. In England and Wales, there have been a total sum of 29,516 issued orders for mortgage possession, which is a surprising increase over the last quarter, by as much as 4 percent. What is even more alarming is the fact that in comparison with the third quarter of the

(AFX UK Focus) 2009-02-18 17:20 TEXT-Obama speech on home mortgage crisis (Interactive Investor)
Feb 18 (Reuters) - The following is the full text of President Barack Obama’s speech on his plan to combat the U.S. home mortgage crisis as prepared for delivery at 12:15 EST/1715 GMT. “I’m here today to talk about a crisis unlike any we’ve ever known — but one that you know very well here in Mesa, and throughout the Valley. In Phoenix and its surrounding suburbs, the American Dream is being …

Stop The Bailout Insanity!!!
President Obama announced another bailout today. This time for silly folks who bought homes with 0 down on 40 year mortgages, who are about to be foreclosed. Imagine that. I have no money. Can’t even qualify for a car loan, or furniture from the Brick on an “OAC” basis, but I can get a mortgage for a $300 or $400K home! Now, the US government plans to bail out these very same folks, for the stupid decisions they made (and the banks made). The so-called stimulus is NOT going to have the i

Borrowing problems
The weekend press revealed that fifteen of Anglo Irish Bank’s customers owed more than €500 million each. In a country of just four million people, the sums are preposterous, but there has been much that has been preposterous in these past years; the loans were the top of an absurd speculative spiral to which the majority of Irish people assented when going to the polls in 2002 and 2007. Yet when the house of cards falls, it is not the billionaire debtors who are hurt, it is the people at the b

ACORN: We Have A Right To Invade Homes Because There Is A Right To Housing
Crossposted from Flopping AcesWhat a great look inside the idiotic mind of a typical ACORN thug. Here is Stuart Varney of FOX Business interviewing Bertha Lewis, Executive Director of the New York branch of ACORN, about the recent invasion of private property by the criminal enterprise…ACORN:Transcript below…have to read it to believe it:Stuart Varney: Do you think you got a right to these houses?Bertha Lewis: I think the homeowners have a right to stay in those homes until the administrations

Borrowing problems
The weekend press revealed that fifteen of Anglo Irish Bank’s customers owed more than €500 million each. In a country of just four million people, the sums are preposterous, but there has been much that has been preposterous in these past years; the loans were the top of an absurd speculative spiral to which the majority of Irish people assented when going to the polls in 2002 and 2007. Yet when the house of cards falls, it is not the billionaire debtors who are hurt, it is the people at the b

GORDON BROWN HAS A BLOODY CHEEK CONDEMNING BORROWERS
Washed up, desperate and inept UK Prime Minister Gordon Brown (pictured above) wants to ban 100% mortgages as part of a range of initiatives designed to “save the banking system” — including a new bailout with a potential cost to the UK taxpayer of £500 billion. The PM is to ask the City regulator to prevent lenders from offering loans for the full value of a property (assuming of course the property in question has any value left after Gordon’s been in charge). In future, buyers would be force

(AFX UK Focus) 2009-02-24 02:31 UPDATE 3-U.S. House to take up housing bill on Thursday (Interactive Investor)
WASHINGTON, Feb 23 (Reuters) - The U.S. House of Representatives is expected to vote on a bill on Thursday that would let bankruptcy judges erase some mortgage debt for troubled homeowners and shield mortgage servicers modifying loans from bondholder lawsuits. According to a summary, the legislation would also strengthen the capacity of the Federal Deposit Insurance Corp to deal with bank …