More Foreclosures, and a Joke About Larry Summers
1. Foreclosures Surge in Q3
RealtyTrac® (realtytrac.com), the leading online marketplace for foreclosure properties, today released its U.S. Foreclosure Market Report™ for Q3 2009, which shows that foreclosure filings -- default notices, scheduled auctions and bank repossessions -- were reported on 937,840 properties in the third quarter, a 5 percent increase from the previous quarter and an increase of nearly 23 percent from Q3 2008.
Also surging are profits for the financial services industry.
It's obviously lucky for the banks that we elected Barack Obama, but didn't that nauseating hypocrite also promise to do a little something for homeowners in trouble?
2. A Joke About Larry Summers
Someone asked Larry Summers' girlfriend if he really believes that women can't do math, and the girlfriend held up her pinky finger...
"He must believe it, because he told me that this is eight inches."
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Meanwhile banks are apparently re-packaging toxic assets into brand new derivatives, and almost nobody is paying any attention to this disaster-in-the-making, except, of course, Dennis Kucinich...
The full text of Kucinich's letter to Geithner is here.
October 28, 2009 6:00 PM | Reply | Permalink
Why does Congressman K even bother writing to Geithner? Why doesn't he simply address his suggestions to the man who makes such decisons: the Chairman of Goldman Sachs?
October 28, 2009 6:30 PM | Reply | Permalink
I say get prepared for crash #2. The fact that Wall St and Washington DC have become disconnected from the real economy is bloody obvious. 39 million people on food stamps. Yeah, that's an economy that's sustainable.
October 28, 2009 6:34 PM | Reply | Permalink
You got it all wrong. More foreclosures mean that the economy is getting better. Sheesh people, stick to the program!
October 28, 2009 6:52 PM | Reply | Permalink
I think the Dems' original bill for the use of TARP funds was for $300 billion to be set aside to backstop lenders' renegotiating mortgages and lessening the principal, or 'cram-down.' I think I rememeber that so many lenders freaked out, plus Republicans, it got gutted to where it could only be used for those who looked on paper as thought they really didn't need much help. I read recently that a pretty large percentage of even those qualified to get the reductions are already facing foreclosure again. Should given the $$ directly to them.
I have been storing beans and rice and seeds and spices for the next part of the big W-shaped depression. (Recession! Who are they kidding?)
October 28, 2009 7:02 PM | Reply | Permalink
The real shape of this "recession" is...\ .....................................................................\ .......................................................................\ .........................................................................\
............................................................................................\
October 28, 2009 7:31 PM | Reply | Permalink
That looked way better in the preview.
October 28, 2009 7:32 PM | Reply | Permalink
I think i get your drift, though. "Down and steday-down." yes?
October 28, 2009 7:52 PM | Reply | Permalink
I disagree COMPLETELY. The real shape of this "recession" is... .....................................................................\ .......................................................................\ .........................................................................\ 50 FOOT CLIFF
............................................................................................\
October 28, 2009 8:48 PM | Reply | Permalink
Yes, I do recall a measure being discussed early on to put a stopper in the foreclosure situation... but guess who stepped in to tank it... the usual suspects, natch.
October 29, 2009 1:25 AM | Reply | Permalink
That's the 'down and steady-down', which i, of course, misspelled. It is only the financial numbers that don't include us that matter to the People Who Run Amurrica.
Ya can't get food stamps unless you sell your house. Wow. I tired when i first busted my knees and couldn't work, and the bills were piling up. It was humiliating to even make the call; then to realize at least we had resources, unlike many. But selling your house to eat seems sorta harsh. And counter-productive, in the end.
October 28, 2009 9:21 PM | Reply | Permalink
It actually looks like the foreclosure figures are understated, as banks delay proceedings in order to avoid the various costs - taxes, etc - of owning the houses, and in order to keep house-prices from falling too much in the short term.
It also seems the judiciary is revolting - bankruptcy courts are wiping out mortgage debt since lenders' paperwork is such a mess they can't prove homeowners actually owe them any money.
HAR
October 29, 2009 5:09 AM | Reply | Permalink
Har indeed!
And more Har...
October 29, 2009 8:27 AM | Reply | Permalink
I hope the judiciary is revolting. Here's my new hero, Justice Arthur M. Schack:
But Schack is just one little guy in Brooklyn.
October 29, 2009 8:31 AM | Reply | Permalink
Here's a good take on what seems to be going on.
http://www.calculatedriskblog.com/2009/10/in-re-olga-of-bankruptcy-and.html
If Drain and Schack's methodology starts to get adopted by judges in some of these subprime areas, then we start talking real money...
October 29, 2009 12:26 PM | Reply | Permalink
One little guy in Brooklyn, but unlike a lot of other little guys in Brooklyn, every decision by Justice Arthur M. Schack is a precedent potentially applicable to every foreclosure in the United States, and likewise serviceable as the basis for class-action by multiple plaintiffs against the banks.
October 29, 2009 12:34 PM | Reply | Permalink
Seems like any kind of funding or legislation has to be passed by Congress, doesn't it, Jacob/rootie? You're an ass.
October 29, 2009 11:03 AM | Reply | Permalink
Yes, brantlamb, Congress passes laws, two plus two is four, and that's as far as you go.
David Axelrod designed Obama for people just like you.
October 29, 2009 12:13 PM | Reply | Permalink
I think there's been murmurs that the repaid TARP money might be redirected to the foreclosure crisis. While this money will most likely end up in JPMorgan and Citibank's pockets, if it prevents a deepening of the crisis, I suppose that's a good thing on some level.
And it would be run by the Fed, thus NOT requiring additonal legislation.
October 29, 2009 1:09 PM | Reply | Permalink