Prime Mortgage Delinquencies up 20%
Tags: Financial Crisis.
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This isn’t the sub-prime stuff, good people – these are the loans made to well-qualified people:
Serious delinquencies among U.S. prime mortgages rose nearly 20 percent in the third quarter from the prior quarter, as the percentage of current and performing mortgages fell for the sixth consecutive quarter, banking regulators said on Monday.
The report by the Office of Comptroller of the Currency and the Office of Thrift Supervision, which are part of the Treasury Department, covered about two-thirds of all U.S. mortgages.
It found 3.6 percent of prime mortgages — those made to the most credit-worthy borrowers — were seriously delinquent in the third quarter. That was more than double the year-ago quarter and up nearly 20 percent from the … second quarter.
The report defined “serious delinquencies” as those loans 60 days or more past due…
It isn’t getting better out there – not in the least. And with all the bubbles being built up by the Fed and central banks around the world (especially China) its just a matter of time before the second crash hits. To be sure, the fools who got us in to this mess can continue to play fast and loose with the money supply and, perhaps, keep the ball in the air for even as much as a year or two, but without wealth creation, we’re doomed to another crash. And the bad news is we can’t create wealth if governments are printing and borrowing like mad (any real gains in wealth will be wasted effort as money and debt rise faster).
Only a complete reversal can save the situation – we have to stop borrowing, stop printing and clear the decks to allow a bit of wealth creation and “clearing the decks” means, among other things, allowing “too big to fail” corporations to do just that.
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12 Responses to “Prime Mortgage Delinquencies up 20%”
Caucus of Corruption
Mark
Only a complete reversal can save the situation – we have to stop borrowing, stop printing and clear the decks to allow a bit of wealth creation and “clearing the decks” means, among other things, allowing “too big to fail” corporations to do just that.
Yes along with MASSIVE government department closures and govt layoffs.
Dont forget water seeks it’s own level, and the economy seeks equilibrium. Both will eventually level out one way or another good or bad.
Mark
an analysis of todays financial dilemma…….
……………………………………………………………………….
History 101
For those that don’t know about history here is a condensed version:
Humans originally existed as members of small bands of nomadic hunters/gatherers. They lived on deer in the mountains during the summer and would go to the coast and live on fish and lobster in the winter.
The two most important events in all of history were the invention of beer and the invention of the wheel. The wheel was invented to get man to the beer. These were the foundation of modern civilization and together were the catalyst for the splitting of humanity into two distinct subgroups:
1. Liberals, and
2. Conservatives.
Once beer was discovered, it required grain and that was the beginning of agriculture. Neither the glass bottle nor aluminum can were invented yet, so while our early humans were sitting around waiting for them to be invented, they just stayed close to the brewery. That’s how villages were formed.
Some men spent their days tracking and killing animals to Bar-B-Que at night while they were drinking beer. This was the beginning of what is known as the Conservative movement.
Other men who were weaker and less skilled at hunting learned to live off the conservatives by showing up for the nightly Bar-B-Que’s and doing the sewing, fetching, and hair dressing. This was the beginning of the Liberal movement.
Some of these liberal men eventually evolved into women. The rest became known as girlie-men. Some noteworthy liberal achievements include the domestication of cats, the invention of group therapy, group hugs, and the concept of Democratic voting to decide how to divide the meat and beer that conservatives provided.
Over the years conservatives came to be symbolized by the largest, most powerful land animal on earth, the elephant. Liberals are symbolized by the jackass.
Modern liberals like imported beer (with lime added), but most prefer white wine or imported bottled water. They eat raw fish but like their beef well done. Sushi, tofu, and French food are standard liberal fare. Another interesting evolutionary side note: most of their women have higher testosterone levels than their men. Most social workers, personal injury attorneys, journalists, dreamers in Hollywood and group therapists are liberals. Liberals invented the designated hitter rule because it wasn’t fair to make the pitcher also bat.
Conservatives drink domestic beer, mostly Bud. They eat red meat and still provide for their women. Conservatives are big-game hunters, home builders, factory workers, rodeo cowboys, lumberjacks, construction workers, firemen, medical doctors, police officers, corporate executives, insurance brokers, athletes, members of the military, airline pilots and generally anyone who works productively. Conservatives who own companies hire other conservatives who want to work for a living.
Liberals produce little or nothing. They like to govern the producers and decide what to do with the production. Liberals believe Europeans are more enlightened than Americans. That is why most of the liberals remained in Europe when conservatives were coming to America. They crept in after the Wild West was tamed and created a business of trying to get more for nothing.
Here ends today’s lesson in world history:
It should be noted that a Liberal may have a momentary urge to angrily respond to the above before forwarding it.
A Conservative will simply laugh and be so convinced of the absolute truth of this history that it will be forwarded immediately to other true believers and to more liberals just to tick them off.
And there you have it.
Let your next action reveal your true self!
ur soo cute neo.
just like a lil kid making faces in the mirror 4 amusement.
just dont cross ur eyes or they’ll get stuck!
Deleted – troll.
neo,
You ticked OO right off…so, it works and its going out to everyone I know…
“Liberals produce little or nothing”…
…& then this doozy…
“Conservatives are big-game hunters, home builders, factory workers, (not rodeo cowboys), lumberjacks, construction workers, firemen, medical doctors, police officers, (not corporate executives), (not insurance brokers), athletes, members of the military, airline pilots and generally anyone who works productively.”
excepting the cowboys, execs & brokers, those are UNION MEMBERS !
imagine the humor in a old gelatinous suburbanite describing union members not producing, hunting, fighting fires, building houses, flying planes, etc
I was incorrect, not a lil kid.
rather a storyteller…which is alost art!
What a lot of people don’t seem to realize is just how much the various components of the economy are interrelated. Take mortgage delinquencies, for example. If mortgage payments aren’t made, then, in many instances, escrowed property taxes and homeowners’ insurance aren’t being paid either. Tax revenues at all levels of government have plummeted, and are continuing to plummet in the last couple years, and yet government employment continues to be the only sector of the economy that’s expanding. What’s wrong with that picture, and how long can such a trend continue before it all comes crashing down? What happens when large states like California, New York and Michigan go bankrupt, likely in 2010?
OOPS!.
“how long can such a trend continue before it all comes crashing down? ” – Spook.
Our NA economy is turning into a giant Ponzi scheme, with productive type jobs going overseas and leaving behind government drones and service workers.
AS you say, somethings got to give.
Mark
Mark Noonan says:
December 22nd, 2009 at 8:09 am
neo,
You ticked OO right off…so, it works and its going out to everyone I know
LOL
Imagine his reaction while typing on his bosses computer, and stealing time to post here and at the pitchfork…that some one would have the audacity to say such a thing about “liberals”
LOL LOL!!!!!
Chef
UNION members and “productivity” ??? in the same breath.
surely you jest!!!
Chef
PS
many many union members are conservative, just not in the janitorial dept at the university where you “work”.