12 Percent Behind On Mortgage, Report Says

Housing Crisis Spreading To Borrowers With Good Credit, Industry Study Finds

(CBS/ AP)  An industry report shows that a record 12 percent of U.S. homeowners with a mortgage are behind on their payments or in foreclosure as the housing crisis spreads to borrowers with good credit.

The Mortgage Bankers Association said Thursday the foreclosure rate on prime fixed-rate loans doubled in the last year, and now represents the largest share of new foreclosures. Nearly 6 percent of fixed-rate mortgages to borrowers with good credit were in the foreclosure process.

At the same time, almost half of all adjustable-rate loans to borrowers with shaky credit were past due or in foreclosure.

California, Nevada, Arizona and Florida accounted for 46 percent of new foreclosures in the country.

Meanwhile, new U.S. home sales were almost flat last month, indicating that the housing market's recovery will likely be a slow and gradual process.

The Commerce Department said Thursday that sales rose 0.3 percent in April to a seasonally adjusted annual rate of 352,000. But the increase came from a downwardly revised rate of 351,000 in March.

April's results missed the expectations of economists surveyed by Thomson Reuters, who expected a sales pace of 360,000 units.

[CraigBerkeley]

Is Your Lender A Patriot Or Terrorist?
http://reno.broowaha.com/article.php?id=3462

Just Do The Required Home Loan Modification
http://reno.broowaha.com/article.php?id=4070

Beware Of Fraudulent Foreclosure Notices. Many of these Notices of Default are not real, they are fraudulent and they are just another way to steal houses. Then the fraudster ?sells? the stolen house under a fraudulent Trustee?s Deed. http://reno.broowaha.com/article.php?id=3825

Reno, Nevada?s Countrywide Home Loans manager Sue Barry should also be charged with Mortgage Fraud, along with Prudential Nevada Realty former Regional Manager Valerie Mapes, former Prudential Nevada Realty Realtor Keith W. Gledhill, Mortgage Fraudster Reno landlords John and Kay Sickler, Mortgage Fraudster Reno escrow officer Jenna Kay Clark and her company Reno?s First American Title, Reno Realtor Allan Zane and his Broker Magi Bird, and Reno?s First American Title.
http://reno.broowaha.com/article.php?id=3415
http://reno.broowaha.com/article.php?id=3300
http://reno.broowaha.com/article.php?id=3320
http://reno.broowaha.com/article.php?id=3351
http://reno.broowaha.com/article.php?id=3372
http://reno.broowaha.com/article.php?id=3377
http://reno.broowaha.com/article.php?id=3397
http://reno.broowaha.com/article.php?id=3404
http://reno.broowaha.com/article.php?id=3421
http://reno.broowaha.com/article.php?id=3430
http://reno.broowaha.com/article.php?id=3448

For copies of the supporting documents that have been uploaded, see http://renomortgagefraudexposes.ning.com/

[quapawsix]

The problem with capitalism is that pretty soon only the greedy few have all the money and power till the masses get fed up with it and revolt.

[pepperwood2]

ANYONE REMEMBER WHEN THEY CAME OUT WITH THE ADJUSTABLE RATE MORTGAGE.
Posted by Strike-Hold.

You make a very good point Mr. Dip Striker. I remember them quite well.They came out in the 70's when you're hero Jimmy Carter & The Liberal Intelligensia were being held hostage by Iran, The Arab Oil Cartel, Double digit inflation & Unemployment, Oil & Gas Shortages, as well as record oil prices. Also DD Adjustable Mortgage Rates were the Brain Child of another of our fearless Tax & Spend leaders Jimmy Carter & Economic Advisers.

The similarity between these, two birds, are STRIKING and they also put The Working Class & This Country on HOLD. Just like it is today. History repeats itself. I sure hope that you aren't hurt by the truth. Remember play the blame game when confronted with the facts. You can do it. So Sad!

[ubrew12]

The reason most of us can't be bankers is precisely because the government doesn't trust us to understand money the way bankers do. That's why bankers can leverage assets by ratio's of 30 to one and lend out basically 'fun money' for mortgages: because they have an agreed upon reputation for fiscal prudence and responsibility.

Clearly, the last 10 years were a time when bankers cast off their prudence and engaged in high gambling with, as it turns out, YOUR money. Part of this irresponsibility was predatory lending, which economists and agencies recognized was going on but little was done to rein it in.

Its disturbing to find so many fellow Americans totally blame those caught up in predatory lending to be 100% at fault for buying into the housing hysteria at its peak. The fact is, bankers enjoy a priviledged lending position BECAUSE they are recognized by the finance community and, by extension, the government, as being responsible. What is the point of their being responsible if 100% of the responsibility of a delinquint mortgage falls on the homeowner? If we followed the wishes of those of you posting here from the right, the banker would obtain 100% of the privileges of his profession, and the homeowner would take on 100% of the responsibilities should the deal go south.

The housing bubble caught everyone: bankers, real estate agents, prospective homeowners. I didn't buy into it, but I was ASSAILED by lenders like drug pushers pushing their latest deal. That's because for each $1 of mortgage they could lend, it turned out they could borrow $100 and 'invest' their 'monopoly money' in the global economy. The gov't allowed this, so everybody got caught up in it. Now, I see bankers falling to a taxpayer supported safety net quickly positioned below them, and see homeowners being thrown out of their homes with no safety net while their neighbors bray about what irresponsible people they were and wonder aloud whether we should bring back debtors prisons.

You people are amazing. Its time to admit that what you're engaged in here is little more than 'ego predation'. You are sitting at the guillotine, knitting a hat. We should all be more like you, including (as it turns out)... YOU. I don't believe for a second you are as responsible as you claim. I DO believe that for 30 years you voted to transfer your tax responsibilities to a younger generation, and are now laughing as they crumble under the combined weight of that and a crushing mortgage.

[american_11-2009]

The problem with Socialism is eventually you run out of other peoples money!

[american_11-2009]

Meantime, with millions of Americans without jobs, the invasion continues, no Liberal Democrat will address the 500 pound gorilla in the room, and millions of invading, plundering, welfare loving, Illegal Aliens taking millions of jobs that should be American jobs and 100,s billions of dollars in social services that should be for American citizens!

One cannot be political correct and admit that Illegal Aliens are an large part of the problems in this Nation.

Their negative impact extends to every area from Sub-par loans & defaults, Underground economy, Massive document fraud, Lower standard of living, Crime, Overflowing prisons , Bankrupted hospitals, Failing schools, Property Taxes, Insurance costs, Environment, Culture, Welfare costs, Welfare fraud, SS fraud, Voter fraud, Disrespect for our laws & country, our Constitution against invasion and even Balance of payments occurring from oil and other imports to support the 20 to 30 million illegal aliens in this country!

One has to only look at Calif. which is basically mostly an Spanish speaking, Bankrupt state that cannot afford to provide Welfare, Schooling, Medical, Prison cells etc. for millions of MS-13 Gang bangers, Drug dealers, Rapist and other assorted Criminals and uneducated, fast breeding, third world rejects from Mexico!

In a very few years it will be impossible to see where Mexico ends and Calif. begins as both will be an third world cesspool!

Failure to secure our borders and reward the Invading horde for their invasion and their relatives in an never ending chain with American Citizenship is nothing less than committing National Suicide & will assure our future is an over populated Spanish speaking third world Nation that is an Cesspool of Corruption, Crime, Poverty and Misery modeled on Mexico!

[grabandgo]

nobama is giving 3 million dollars to a military base (Picattiny Arsenal in NJ) as part of his stimulus.
So now the money the stimulus that cost us taxpayers is going right back to the government.
The nobama nation is crumbling already.

[valh1]

12 Percent Behind On Mortgage

And the news just keeps on gettin' better! So much for the bailed out banks turning around and helping to keep people in their homes.

[presjfk]

Obama vows to make the Rich Pay the Mortages, Taxes, Health Care, Credit Cards and give away free Obamamobile (fka GM) for those who cant afford it in exchange for votes to keep the liberal machine running.
Posted by no_socialism

The rich got the tax breaks and increased income over the last 8 years. The middle class made less money and paid more taxes. What is wrong with asking the rich to pay their fair share? They got a windfall for 8 years.

[presjfk]

And what do all these states have in common? A high rate of illegal immigrants, probably ones who were given loans in spite of the NINJA status, with phony SS numbers. What happened to them? They were either deported and had to abandon the house or they simply walked away when the crackdown on hiring illegals came about. Either way, it doesn't harm them. They'll just steal another SS# and go on with their lives, wreaking havoc where ever they go.
Posted by NancyLou9

The common denominator you are looking for; these states all had huge housing bubbles. Good luck in tying that to illegals. Sure, illegals built the homes, cleaned them, cut the grass but bought these homes? Not many..

[NancyLou9]

"California, Nevada, Arizona and Florida accounted for 46 percent of new foreclosures in the country. "

And what do all these states have in common? A high rate of illegal immigrants, probably ones who were given loans in spite of the NINJA status, with phony SS numbers. What happened to them? They were either deported and had to abandon the house or they simply walked away when the crackdown on hiring illegals came about. Either way, it doesn't harm them. They'll just steal another SS# and go on with their lives, wreaking havoc where ever they go.

[toobigtofail]

CPelzar

blaming this mess on barney frank and exempting the regulatory agencies is pure bunk

his party was not even in the majority

and heres and even bigger wake up call for you

freddie and fanny primarily packaged and securitized loans...most of the loans were originated by many other and much smaller investment banks

this mess is directly the result of deregulation..the hallmark of the republican party

democrats fell in line too, i dont hold them blameless

the vote was 92 to 8 in the senate the day glass steagall was killed and buried putting an end to the separation between savings institutions and investment banks

sad day

[CPelzar]

EXACTLY CORRECT, THE REPUBLI'CONs SUPPORTED THE

WALL STREET BAIL OUT BUT DENIED THE SAME SUPPORT TO INDIVIDUAL AMERICAN'S

THAT IS BECAUSE THE GOP IS THE PARTY OF THE WEALTHY, THE RACISTS, AND THE

BIGOTS, THE KLU KLUX KLAN ALL JOINED THE REPUBLICON PARTY
Posted by Strike-Hold at 12:53 PM : May 28, 2009

Obama supported the wall street bail out and in fact had control of more than 1/2 the money when he got into office.

[CPelzar]

THAT ISNOT CORRECT , READ UP ON PHIL GRAMM AND HIS

REPUBLI'CON' FRIENDS AND DE REGULATION
Posted by Strike-Hold at 1:14 PM : May 28, 2009

You mean his democrats friends in congress and the democratic president that signed it into law? Those friends? I did not think they were Republicans.

[CPelzar]

IT IS BETTER THEN IT WAS WHEN WE STILL HAD THE BUSH/CHENEY CRIME FAMILY,

CAN YOU UNDERSTAND THAT?
Posted by Strike-Hold at 1:11 PM : May 28, 2009

What is better?

We are still in Iraq
We are escalating the war in Afghanistan
Unemployment is reaching 10%
12% of all mortgages are behind
Chrysler filed bankruptcy
GM is filing Bankruptcy
We will give 50 billion taxpayer dollars borrowed from the Chinese to GM
We have given the banks billions and billions
You cannot get a loan even with good credit
Korea set of an atomic bomb test and is threatening invasion
Car sales are a 27 year low.

What is better? I know the answer "he has only been in office for 4 months and Bush caused all of this" I know I know I have heard it and heard it and heard it.

[CPelzar]

The responsibility for this mortgage crisis lies with Freddie and Fannie. When GW and McCain said they needed to be pulled in, Mr. Barney said no they are fine. Of course his boyfriend was working there as well he received a lot of campaign donations from them, but no it was the Republicans fault right?

[CPelzar]

I don't get it Obama said the economy was getting better? Do not understand this.

[cdegolier]

LETS ALL GIVE A BIG THANKS TO THE BUSH/CHENEY, AND
RONALD REAGAN CRIME FAMILIES,
\THE GOP AND THE IMMORAL CONSERVATIVE AGENDA HAVE
RUINED AMERICA, THEY HAVE TURNED THE USA INTO A
THIRD WORLD COUNTRY
HECK OF A JOB YOU LOYAL BUSHIES
Posted by Strike-Hold at 12:31 PM : May 28, 2009

Actually, the mortgage crisis started the entire problem and you idiot need only to thank your democrat buddies, mainly Barney Frank. In 2003 Bush met with the banking committee to put tight regulations on Fannie and Freddy and the dems wouldn't let go through.
'These two entities -- Fannie Mae and Freddie Mac -- are not facing
any kind of financial crisis,'' said Representative Barney Frank of
Massachusetts, the ranking Democrat on the Financial Services
Committee. ''The more people exaggerate these problems, the more
pressure there is on these companies, the less we will see in terms of
affordable housing.''
And now your buddy obama is spending this country into ruins and taxing the working class into poverty.

[pepperwood2]

Sen. Feinstein's Husband Cashes In on Crisis........California senator sought $25 billion for a government agency that had awarded her husband's real estate firm a lucrative contract to sell foreclosed properties.......The Washington Times

On the day the new Congress convened this year, Sen. Dianne Feinstein introduced legislation to route $25 billion in taxpayer money to a government agency that had just awarded her husband's real estate firm a lucrative contract to sell foreclosed properties at compensation rates higher than the industry norms, the Washington Times

Thought some of The People should know what the Elite really think of us working people that are paying for this debt that they created. Feinstein has this all figured out. In other words you working stiffs stop complaining. We're going to foreclose & seize your property so we can RESELL to our Rich Elite Friends that can afford it. Pretty Slick Trick eh! Who said you have to fool all the people all the time. Fool them Some of the Time is Working Fine for The Feinsteins. cackle cackle cackle. So Sad! These cheats & frauds that have taken over.

[generey]

Wasn't too long ago boy george said thing are better in this country than ever before. ???