Tag Archives: Investment banks

US National Foreclosure Rates Surge Highest Monthly Total Since 2005

” A Pale Green Mermaid Blog “ 

   

Below is information from Realty Trac concerning the foreclosure rate across the United States, approximately 940,000 foreclosures took place in the first quarter of 2010.  They mention that it appears that lenders are finally starting to make a dent their backlog of distressed properties and that foreclosure prevention programs have slowed down the normal processing time to reach foreclosure. 

This is not good enough, a moratorium nationwide on all foreclosures ( for 6 months) is needed… then the banks who were involved in promoting predatory mortgage lending practices – 

will have time to re-evaluate each foreclosure request and, 

the mortgage owners will have the time to make a complaint to the consumer protection agency or congress concerning the unfair lending practices i.e. loan shark- like mortgage contracts. 

This will help the economy by keeping citizens in their homes where they have a better chance to recoup from a job loss or the reduction of their financial holdings. 

A moratorium on foreclosures will hurt only the banks who were involved in promoting the high risk and questionable financial products sold to the public. 

So call and write your congress person today. 

www.congress.org 

   

FORECLOSURE ACTIVITY INCREASES 7 PERCENT IN FIRST QUARTER
By RealtyTrac Staff   
 

New Quarterly Records for Scheduled Auctions and Bank Repossessions
All Foreclosure Types Spike in March, Which Posts Highest Monthly Total for Report
  

IRVINE, Calif. – April 15, 2010 — RealtyTrac® (realtytrac.com), the leading online marketplace for foreclosure properties, today released its U.S. Foreclosure Market Report™ for Q1 2010, which shows that foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 932,234 properties in the first quarter, a 7 percent increase from the previous quarter and a 16 percent increase from the first quarter of 2009. One in every 138 U.S. housing units received a foreclosure filing during the quarter.  

Foreclosure filings were reported on 367,056 properties in March, an increase of nearly 19 percent from the previous month, an increase of nearly 8 percent from March 2009 and the highest monthly total since RealtyTrac began issuing its report in January 2005.   

“Foreclosure activity in the first quarter of 2010 followed a very similar pattern to what we saw in the first quarter of 2009: a shallow trough in January and February followed by a substantial spike in March,” said James J. Saccacio, chief executive officer of RealtyTrac. “One difference, however, is that the increases were more tilted toward the final stage of foreclosure, with REOs increasing 9 percent on a quarterly basis in the first quarter of 2010 compared to a 13 percent quarterly decrease in REOs in the first quarter of 2009.  

“This subtle shift in the numbers pushed REOs to the highest quarterly total we’ve ever seen in our report and may be further evidence that lenders are starting to make a dent in the backlog of distressed inventory that has built up over the last year as foreclosure prevention programs and processing delays slowed down the normal foreclosure timeline.”  

Peace

 

Note:

Banks Resist Plans to Reduce Mortgage Balances
April 15, 2010, New York Times

In a rebuff to the Obama administration, two big banks on Tuesday drew a line in the sand on cutting the mortgage balances of beleaguered homeowners, saying that the tool would be applied sparingly.

( When the banks needed a bailout from the taxpayers the money was not “applied sparingly” so why are the banks not stepping up to the plate for citizens caught in the debacle they created?)

 

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Poem -” Banks That Tank”

” A Pale Green Mermaid Blog “

  

BANKS THAT TANK

  

Banks that simply refuse to re-adjust

to lend some trust

on the general populace,

They need to be busted down to size (2-4% of GNP)

landing a big surprise

when they realize

it ain’t a sin

to take it on the chin

and re-adjust ( some mortgages) before we bust!

 Pinata –

What is a piñata?:

A piñata is a figure, usually made from a clay pot covered with paper mache and decorated in bright colors, with candy and fruit inside. At parties piñatas are suspended from a rope and children, usually blind-folded, take turns hitting it with a stick until it breaks and the candy falls out onto the ground and the children rush to collect it. Breaking the piñata is a fun activity at Mexican parties.

From About.com
 

 

Peace

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Poem – ” Foreclosure “

” A Pale Green Mermaid Blog “

 

FORECLOSURE

 

Foreclosure, foreclosure,

one in 45 across the nation,

Foreclosure, foreclosure,

the Big banks thrive and hoard their cash,

a secret little stash,

it was meant to lend,

but they refuse to bend,

so when those big bad banks retire,

they can aspire,

to a life of less than dire – floating down a river in a inflated golden tire…

Foreclosure, foreclosure,

one in 45 across the nation.

 

 

US Foreclosure Rate 2010

January 14, 2010 by Josh Groesbeck  
Filed under
Buyers

 

During 2009, almost 3 million homeowners receive a minimum of one foreclosure filing.  This is a new record.

It is reported by Realty Trac, that 1 in every 45 which is 2.8 million households were in default in 2009.  What does 2010 hold for the foreclosure market.

I think that the US foreclosure rate in 2010 is going to move up.  Let me tell you why.

us-foreclosure-rate-2010Look at the chart to the left.  You can see that all of the foreclosure trends are still moving up.

I have talked to a lot of homeowners that may not be behind in their payments, but they have lost a ton of equity and now are upside down and there are more and more people that are just walking away from homes that have lost money.

From Boise Idaho area website www.homeswithjosh.com

also check www.realtytrac.com  for current info on Foreclosure rates in the US.

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Wednesday Night Photo Grouping For The Workers Of The World

” A Pale Green Mermaid Blog”

 

 

 

Images from Google  

This post is dedicated to,

Crystal Lee Jordon who was the inspiration for the Movie ” Norma Rae”.  Her book is titled ” A Woman Of Inheritance”   She died in 2009.

From Wikipedia,

Crystal Lee Jordan (née Pulley; December 31, 1940 – September 11, 2009)[1], also known as Crystal Lee Sutton, was an American union organizer and advocate who gained fame during the early 1970s. She was fired from her job at the J.P. Stevens plant in Roanoke Rapids, North Carolina for trying to unionize its employees. She was earning $2.65 an hour folding towels. The poor working conditions she and her fellow employees suffered compelled her to join forces with Eli Zivkovich, a union organizer, and attempt to unionize the J.P. Stevens employees. “Management and others treated me as if I had leprosy”, she stated.

She received threats and was finally fired from her job. But before she left, she took one final stand, filmed verbatim in the 1979 film Norma Rae.

“I took a piece of cardboard and wrote the word UNION on it in big letters, got up on my work table, and slowly turned it around. The workers started cutting their machines off and giving me the victory sign. All of a sudden the plant was very quiet…”[

 Jordan was physically removed from the plant by police, but the result of her actions was staggering. The Amalgamated Clothing and Textile Workers Union won the right to represent the workers at the plant on August 28, 1974. Jordan later became a paid organizer for the ACTWU.

PEACE 

 

“Norma Rae ” the film, says something that was never said before so distinctly and will never be said again.  It is the definitive statement on why unions matter.

BHC

 

www.aflcio.org

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Moratorium on Foreclosures Will Boost Economy

” A Pale Green Mermaid Blog”

 

A one year moratorium on foreclosures will stimulate the economy as well as any stimulus plan.

The question is which came first, the economic slump or a nationwide wave of foreclosures.  Looking at my own neighborhood,  as I do when I walk everyday for 45 minutes, it was the foreclosures that started 2 years before the bailout of the banks.

With the foreclosures  mounting came business closings and states not having enough money to pay for services provided to the public. (which began additional foreclosures due to job loss)

 

There was an expert on NPR early in the bank crisis who stated that the amount of the derivative financial products (that were kept afloat by predatory loan practices- credit card type mortgages) numbered not in the millions, not in the billions but the trillions.

As President Obama said on 60 minutes last Sunday ” The banks caused this problem…”, and now this blog is requesting that the banks clean up and be accountable for the Ponzi scheme -like financial products they traded. (which are based on selling predatory mortgage loans to the public)

 

While they are doing this, and taking financial responsibility for the errors -( a criminal investigation should also be set in place  to investigate the steps in creating aforementioned products),

A one year moratorium should be imposed, while the banks move through this process,

1. It will stabilize drain on taxes for state services

2. Stop business’ from closing due to population shifts caused by foreclosures

3. Keep families and individuals in their homes ( The general public should not be paying for the mistakes of a few fat cats at the top of the banking system)

 

So write your congress person, start petitions, I believe with a public outcry that a foreclosure moratorium is possible.  ( Citibank just put a 30 day moratorium on their foreclosure process and they are to be commended but we , the public ,can not wait  for all banks to do the right thing.)

 A year-long moratorium on foreclosures is a win/ win situation, a win for the economy and a win for the economic engine, the bottom 2/3 rd’s of the population- the place where the majority of all new jobs are created.

 

Peace

 

www.congress.org

www.thedailyshow.com

www.cnn.com

 www.npr.org

www.whitehouse.gov

 

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Saturday Night Flash Story “Micro – Moo”

“A Pale Green Mermaid  With Irridescent Scales And White Feathered Wings  Blog

 

MICRO – MOO

 

Theresa  pressed the final disconnect on her five way conference call.  She sipped the recently delivered mocha-lime frappe.

“Miss Upland.”

Turning she saw Featherstone.  Leland Featherstone.  The big cheese.  The boss of bosses.  She stared at him with her mouth agape.

” Wipe that froth off your lips Miss Upland.  I want to talk to you in my office.  Now!”  He turned knocking over a freshly alphabetized  set of files.

Theresa gazed at his departing figure and decided to take another sip making sure just a fluff of froth remained on her lip.  She stood up, straightened her satin plum suit and walked slowly to Mr. Featherstone’s green office door.

Mr. Featherstone’s office was located at the end of a yellow hallway where, periodically, red overhead light fixtures cascaded pools of pale mauve fluorescent light.  Her orange fake snakeskin boots clicked their way, Armageddon like , to her destiny.  Walking swiftly she tripped, rip went the edge of her skirt which had attached itself to the wall – her body continued its tumultuous trajectory, finally slamming against Mr. Featherstone’s office door.

The door made a small creak,then drifted open.  Theresa peered around the corner as she pulled up the netting of her fuchsia colored fishnet stockings.

Mr. Featherstone glanced back at her.  She straightened her skirt  and focused her discombobulation.

” You really need to fix that loose piece of tile ,” she said staring at the well polished gleaming floor.

” Close the door Miss Upland, and try not to cause anymore destruction.”

Theresa pulled the gold knob snapping the door behind her.  Mr. Featherstone absentmindedly gestured to the purple chair opposite his grey desk.

” As you know Miss Upland.”

” Ms. Upland, if you please.” 

” Let’s not start that again… now, there has been some, how shall I say this…”

” Please be frank Mr Featherstone,”  said Theresa still adjusting  her homemade couture.

“Allright, Mr. Shaumbaum believes you have been pilfering Micro- moos.”

” Micro- who?”  Theresa said moving uncomfortably in her chair.

” Micro- moos.”  Mr Feathertone said abruptly.

”  You are going to have to be clearer – please, relate to me the whole allegation.”

”  Mr. Shaumbaum has let me know we have a deficit, a rather large one of Micro-moos…the creamer packets…in the staff kitchen.”  He blurted.

” Oh.”

”  He has made an allegation and I must respond.  Now, we cannot let this fester, first a moo then a…”

”  But Mr. Featherstone, I don’t even  use Micro-moos as you call them, I send out for my…”

” Now Miss Upland, an accusation has been officially and as I said, made by a credible source and I as supervisor must respond.  So you are, as of today, on restricted access to the Micro-moo container – until – we see if the drain continues.”

” But…”

”  Dismissed Miss Upland.”

She reminded herself of her new motto, “Do not fight stupid fights”, so she shrugged her shoulders and said.  ” I reiterate I am Micro-moo free.”

Mr Featherstone waved her off.

She closed the door behind her mumbling, ”  The indignities that one must endure to earn a paltry paycheck.”  She was determined not to allow this Micro-moo gate incident  to cast a cloud over what was otherwise a minimally annoying day.

She clicked back down the hallway.

“Pssst…Theresa…Pssst.”   The office door of Henrietta Bogel, executive assistant, was halfway open.  A hand gestured for Theresa to come inside.  The beckoning finger clutched in its palm a cluster of Micro-moos.

She stopped, looking side to side, thinking – I don’t want to get further involved in this Micro-moo gate, but she was intrigued.   She straightened her jacket and walked inside.

It was Henrietta attached to those Micro-moos.  ” Shhhh. ”  Henrietta said, pressing her face inches from Theresa’s chin.  ”  They suspect you?  Good, by the time they figure out what is happening I’ll be in South America.”

”  Henrietta what is all of this about you don’t even drink coffee, if I remember correctly.”

” Forget that, It is superfluous, don’t you understand – don’t you see?”

” Henrietta…”

” It is the principal of the thing.  I’ve been here for thirty years yet , after my retirement party I received a notice – I wasn’t even told in person. ”  Henrietta opened the drawer of her desk file cabinet and tossed the creamers in.  Theresa watched as she struggled to close the drawer, jamming the edges of the moos behind the metal plate, quickly she sealed the drawer with tape.

” So you are the one…”  Theresa held the side of her forehead.

” Clam up Upland, and listen.  I will be getting eighty percent of my pension – eighty percent.”

” But Henrietta, how are non dairy creamers involved in this?”

”  I am going to drive Featherstone crazy.  I have two weeks left.  I am striking back.  No, I say no Micro-moos will be available for Featherstone’s morning cup of java, not while I am still here.”  Henrietta thrust her freckled finger in the air.  ” Power to the…”

Theresa slinked around Henrietta and quickly exited.

As she walked down the hallway she thought about life, death and the meaning of Micro-moos.

 

THE END

 

PEACE  

BJHC 

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If the Banks Are Too Big To Fail: Let’s Bust Some Trusts

“A Pale Green Mermaid Blog”

 

If the banks that caused this crisis by selling and making a profit  on flawed mortgage backed investments products are too big to fail, as President Obama has said, perhaps it is time to break up some of these banking monopolies (i.e. trusts).

Trusts are large corporate entities that end up having too much control over the market. (see below).  

Certainly the fact that the bad decisions that the big investment banks and insurers made, have the market careening downward  – while we (the general public) wait for  them, to clean up the mess proves that these corporations have far too much leverage in the market.

The only reason that the government is afraid to lay the law down to these corporations is that the products created,  need  the perpetrator excuse me, the creator of the product to untangle and neutralize their effect on the market.

It is time to bust some trusts!  No one in a democracy should have the power/opportunity to devastate the national/global markets.

 

Write congress and request that a thorough investigation be made into how the current conglomerations of financial institutions effected the  crisis we are in.

 

Peace

www.congress.org

Note: Trust-busting is any government activity designed to break up trusts or monopolies. Theodore Roosevelt is the U.S. president most associated with dissolving trusts. However, William Howard Taft signed twice as much trust-busting legislation during his presidency.

Trusts were large business entities that largely succeeded in controlling a market, essentially becoming a monopoly. The term became common in the late 19th century, when a system of trusts controlled much of the economy of the United States. In 1898, President William McKinley launched the “saw-busting” era when he appointed the U.S. Industrial Commission on Trusts, which interrogated Andrew Carnegie, John D. Rockefeller, Charles M. Schwab, and other industrial titans. The report of the Industrial Commission was seized upon by Theodore Roosevelt, who became known as a “Trust-Regulator,” dissolving 44 trusts during his two terms as president. The “Trust Buster” name is probably more suited for Roosevelt’s successor, William Howard Taft, who brought an end to 90 trusts in one term. Although Taft may have done more to control the trusts while in office, Roosevelt retains the nickname because he was the pioneer of trust-busting.    From Wikipedia

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