Tuesday, March 13, 2007

Foreclosures are rising and that is causing stock market concern

Oh sure the economy for the rich is wonderful and growing every day with folks like Halliburton stuffing their pockets with cash from over $2 Billion in overcharged fees and the work not done. The stock market is taking a hit today due in part because of sub prime loans and an increase in foreclosures. It was reported today that foreclosures are now running at 5% of all Home loans. (See news below and link to story). That's a great economy isn't it. We have illegal immigrants working at below the poverty level, taking jobs away from lower income class American citizens just trying to make ends meet. Can't anybody else see what is happening to America. We now have the largest debt we have ever had as a nation and have become a debtor nation under the Bush/Cheney leadership by fear and malfeasance. Remember it was this President who learned everything there was to learn about business by driving his own business into bankruptcy, as he has driven our country. The family was to be saved by the infusion of cash and liquidity by the Saudi Royal family. The Bush's are still beholden to the House of Saud for that. Today we have changed masters and are now beholden to the Chinese instead of the Saudi's, for they are covering our debt.

Here's an excerpt of the story:
"The Mortgage Bankers Association, in its quarterly snapshot of the mortgage market released Tuesday, reported that the percentage of payments that were 30 or more days past due for all loans tracked jumped to 4.95% in the October-to-December quarter.
That marked a sharp rise from the third-quarter's delinquency rate of 4.67% and was the worst showing since the spring of 2003, when the late-payment rate climbed to 4.97%. The association's survey covers 43.5 million loans."
Click on this for full story.

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