Wednesday, March 14, 2007

Homeloss in America


Mortgage Report Rattles Markets


By David Cho and Dina ElBoghdady
Washington Post Staff Writers
Wednesday, March 14, 2007; A01

A national survey showing that a soaring number of homeowners failed to make their mortgage payments in the last quarter of 2006 rattled lawmakers in Washington and the markets in New York yesterday, as the Dow Jones industrial average plummeted 2 percent, or nearly 243 points.

The report, which sent every major stock market indicator tumbling when it was released at noon, revealed that the problems in the market for "subprime" mortgages -- loans made to home buyers with blemished credit histories -- might be spilling over to the broader mortgage industry, analysts said.

While the number of risky borrowers who missed payments climbed to a four-year high, the number of foreclosures on all homes jumped to its highest level in nearly four decades, according to the survey by the Mortgage Bankers Association. Home buyers who relied on loans insured by the Federal Housing Administration also had record default rates.

Rest of the article here.

Is this the end of the middle class? Or a result of too many people willing to give it all up financially for a shot at the American dream?

Spending beyond ones means has become popular lately with the attitude of instant gratification and deserved riches without working to earn them.

Living beyond ones means, guarantees a rough financial ride that you and I will have to make up for in lost 401K funds. Once again the few spoil it for the many.

Grade school retribution continues.

29 comments:

Alan said...

I haven't read this yet myself, but it looks like a good one. It's 5 pages.
Cheney's Fall From Grace

DEN said...

Alan, The story has lost cred with me in the first paragraph;

"Bush stumped just about everyone seven years ago when he tapped the safe and solid Dick Cheney to be his running mate. But Bush didn't want any trouble. He didn't want a Vice President who preened before the cameras. He didn't want a policy sparring partner. And he didn't want someone who would check out after five years and run for President himself."

I don't think Bush chose him at all, rather he was told who to pick by the neo-con power meisters.
Bush is not smart enough to do it himself.

Alan said...

I don't think Bush chose him at all, rather he was told who to pick by the neo-con power meisters.
Bush is not smart enough to do it himself.


If I remember correctly, Cheney was tasked to help him choose a VP candidate. They went through a list and each was rejected by someone. Cheney turns out to be the ideal guy because... everybody in the inner circle knew bush was an idiot and they needed someone to lead him around by the nose and make him look better. That Cheney professed not to want the credit,to stay in the background, and didn't want to use that as a step to the highest prize... well, that meant HE was the best candidate for VP. So yeah, agreeing with you in general that bush didn't pick him, but not on the details of how it happened.

Alan said...

I STILL haven't read the 5-page Time Magazine article. I was hung up in this article, and all the linked sources.

Lam had to be axed because she had now ensnared Rep. Jerry Lewis (R-CA), House Appropriations Committee Chairman

micki said...

Here are the nine Republicans who were the only votes opposing a full Senate debate on S.J. Res. 9, the United States Policy in Iraq Resolution of 2007:

* Allard (R-CO)
* Bond (R-MO)
* Bunning (R-KY)
* Coburn (R-OK)
* DeMint (R-SC)
* Enzi (R-WY)
* Hatch (R-UT)
* Inhofe (R-OK)
* Thomas (R-WY)

DEN said...

And the thick plottens;

Starting in early 2004, Issa and other Republican members of Congress began sending letters to Lam and the attorney general's office complaining about the job she was doing.

Issa, who will testify before a House panel, said he takes "maybe one twentieth" of the credit for Lam's dismissal, adding that he believes that California Democratic U.S. Sen. Dianne Feinstein also played a role.

On Monday, Issa's office sent to the North County Times a copy of a June letter from Feinstein to U.S. Attorney General Alberto Gonzales in which Feinstein expressed concerns about the low rate of human smuggler prosecutions by Lam's office.

micki said...

I was still living in Texas when cheney was picked to chair the GOP vice-presidential selection committee in 2000. Cheney changed his voter registration back to Wyoming (from Texas, where he had been living -- because of 12th Amendment issues -- I think it's the 12th) and had a full battery of medical tests. I told my husband this whole thing is a carefully orchestrated charade -- wait and see, cheney will be the candidate!

Cheney, IMO, put Bill Frist, Chuck Hagel, John Danforth, Tom Ridge, Fred Thompson, Frank Keating, George Pataki, John Kasich, John McCain -- who have I missed? -- through the arduous vetting process to get the goods on them and for no other reason! A person bares many secrets in the vetting process...secrets that can be used against them, if need be.

micki said...

oops.

DEN said...

Micki, all fixed! It happened to me too earlier, Blogger is running weird today.

Carey said...

Hi all. Don't giggle as I stumble through a post or two. I'm still in the damn death throes of the shingles.

Den,

This mortgage crisis is scaring me. I have to sell sooner or later and the path ahead, she not looking good.

Alan,

The Time article is, overall, a pretty good piece. Since it's by Duffy and in Time, it will get attention. That's the most important thing, since discussion of the Libby verdict will die out rather quickly. I did think Duffy hit the nail on the head abou how Cheney got into office. It doesn't matter who actually "okayed" the final decision of him as Vice-prez.

Micki having watched the vetting process up close saw the whole thing coming.

God, I laughed (in pain) the whole way through Gonzales's press conference. I kept thinking to myself, "what a little man" and it had nothing to do with his physical stature.

The Carol Lam case is local here. Her's is one the messier ones. Lots of crappy political scheming going on there.


Already tiring out, but I did want to quote my sister who went on one of her tirades over the whole corrupt state of affairs in the world. I could only commit to memory one of her lines. She laments what we all have done here in the past when having difficulty describing the horrid state of things.

There is not language yet vial enough to properly address the odiousness of this administration.

I swear she stole that line from Gore Vidal.

DEN said...

VP needed to be a PNAC'r to fulfill the PNAC'r agenda.

DEN said...

PNAC'r VP could fly under the radar and get the agenda rolling for the big dogs and their corporatist death cult.

I will never believe a single word from any REPUG again!

They soiled my carpet with the shyt they are passing, PHEW!

Carey, glad you stopped by, wish I could help you , but alas I am but a mere bystander. Do what the doc's tell you and take your pills, stop by and let us know how you are doing, we all care so if you need to vent.....

Carey said...

There you go Den. This whole thing was a planned coup from the get go with the outline provided by the PNAC.

Rumsfeld and Cheney practiced by staging a coup of the Ford Administration. Remember the Frontline documentary citing Ron Susskind and his book One Percent Solution?

Thank you for your comments too, Den. The one thing I've noticed most with this thing besides all the damn pain is that I cannot piece a logical thought together and hold it for longer than a second or two. Forget any attempts at being articulate! This started happending before I was given "pain management" treatment.

By the way, One Percent Solution is another book that should be a must read.

Alan said...

"They soiled my carpet..."

hahaha That was funny Den.

As for Issa and his b/s... it's the "she did it too" defense, which is full of more b/s. Everybody knows Lam was axed because of her very good work uncovering corruption alot later than this 2004 letter of concern on immigration prosecutions. What's pitiful is, that crapola works on idiot republicans/Fox watchers.

Alan said...

Latest on the HPV vaccine. The Texas House voted in veto-proof numbers to shytcan Gov. Perry's mandate. That bill now goes to the Texas Senate where it will pass as well. This happened yesterday at the same time that New Mexico's state government did just the opposite and passed a bill requiring the vaccine for young girls.

*throws up hands*

Texas Dem Senator (damn, forgot her name) states that if this was for any other kind of cancer and not one that comes from sexual activity, there wouldn't be an issue with Repubs, but since there is... she thinks only a fourth of Texas women who could benefit from this vaccine against 70% of cervical cancer causes will get it.

Alan said...

hmmmm, the latest from Issa...

Rep. Darrell Issa (R-Calif.) last week led the defense of the administration and criticized Lam. But yesterday he said on PBS's "NewsHour With Jim Lehrer" that "if someone led us astray, they should resign, and I don't care how high it is, anyone involved with this coverup of giving us the truth needs to step down. . . . I am including anybody who would mislead, deliberately mislead the Congress. . . . If it's the attorney general who had a hand in it, then he has to step down."

Alan said...

Schumer's Five Questions

Today, Sen. Chuck Schumer (D-NY) sent a letter to President Bush, posing five questions about the administration's mass firings of federal prosecutors:

DEN said...

Alan, he should have sent it to someone that can READ!

Chimpster has trouble READING the Constitution and the Bill of Rights, good luck trying to get him to read that.

David B. Benson said...

Den --- That's why he has Cheney.

To read to him...

;-)

DEN said...

Probably has to sit on his lap too, My Pet GOPer.

David B. Benson said...

Grape time.

Something about vino veritas, but I never did learn Latin...

DEN said...

Barley time here, soon to be ZZZZZ time.

Micki said...

Is the truth in the wine? Or is the truth in the drinking of the wine?

micki said...

Today on CNN’s Situation Room, Senate Judiciary Committee Chairman Patrick Leahy (D-VT) blew off White House signals that Karl Rove and other senior Bush officials may resist testifying before Congress on the U.S. Attorney purge.

“Frankly, I don’t care whether [White House Counsel Fred Fielding] says he’s going to allow people or not. We’ll subpoena the people we want,” Leahy said. “If they want to defy the subpoena, then you get into a stonewall situation I suspect they don’t want to have.” Asked whether he’ll subpoena Rove, Leahy answered, “Yes. He can appear voluntarily if he wants. If he doesn’t, I will subpoena him.”

Leahy also addressed the right-wing talking point that the U.S. Attorney firings are meaningless because there “was no crime.” Leahy said that while President Bush has the authority to fire attorneys at will, “if it is done to stop an ongoing investigation, then you do get into the criminal area.” Regardless, he said, the administration’s politicization of attorneys “hurts law enforcement. That hurts fighting against crime.” Asked if he thinks any Bush officials may have committed perjury, Leahy said, “We’ll find that out.”

Alan said...

What Micki posted about is a video clip at "Crooks...", and if you go there, be sure 'n listen to Richard Thompson's new song. You can also (I did) hit the link to his site and download and mp3 of it for free.

Alan said...

*an

Alan said...

*best bit of lyrics in the song...

Dad’s in a bad mood, Dad’s got the blues
It’s someone else’s mess that I didn’t choose
At least we’re winning on the Fox Evening News

Alan said...

The song sounds alot like what we'd hear from our friend Uncle Dad.

Hajji said...

alan,

The vaccine will still be AVAILABLE to any who want it, right?

Like just about any other medical choice or decision...right?

For a girl, her family and a DOCTOR (as opposed to those quality politicians TX seems to turn out) to OPT IN or OPT OUT of...right?

So whatsdaproblem?

-T