So how’s it going in President Obama’s brave new world today?
Foreclosures and mortgage deliquencies have hit record numbers, according to Bloomberg.
The U.S. delinquency rate jumped to a seasonally adjusted 9.12 percent from 7.88 percent, the biggest-ever increase, and the share of loans entering foreclosure rose to 1.37 percent, the Mortgage Bankers Association said today. Both figures are the highest in records going back to 1972. Fixed rates rose to 4.91 percent, Freddie Mac said, and an increase in bond yields earlier this week shows rates may continue rising.
The three-year housing decline is proving resistant to efforts by the Federal Reserve and the Obama administration to keep homeowners current on mortgages by allowing them to refinance or sell to buyers enticed by affordable terms. Prime fixed-rate home loans to the most creditworthy borrowers accounted for the biggest share of new foreclosures at 29 percent, MBA said, a sign job losses are hurting homeowners.
How bad is the foreclosure situation? 1 in 8 US homeowners late paying or in foreclosure.
“We clearly haven’t hit the top yet in terms of delinquencies or the bottom of the housing market,” Jay Brinkmann, the association’s chief economist, said in an interview.
A whole field of icebergs ahead. Time for a course correction for the ship of state, do you think? Back to free market principles, perhaps?
The Federal government will own 72.5% of GM if bondholders agree.
I guess not.
Is the government closing Chrysler dealerships based on their political donations? Guess the political party involved.
To the brig with possible mutineers. Can keelhauling be far behind?
How stimulating has Porkulus been? Not very:
…the first contracts have amounted to only about $7.42 per person on average in the eight states with unemployment rates higher than 10% last month. By comparison, government records show it has awarded about $26 worth of contracts per person in North Dakota, whose unemployment rate is the nation’s lowest.
Is this a new tack–the government not rewarding less successful local economies? If so, it’s the exact opposite direction the stimulus funds were supposed to flow in. Need a new compass, bureaucrats.
People wanted seats at the Captain’s table on the Titanic, too.
House Speaker Nancy Pelosi traveled to China as part of an effort to get the Chinese government to sign on to an international climate change agreement. One of the terms of that agreement will require the US to redistribute the wealth our grandchildren have yet to create to China and other countries to help them lower their CO2 emissions. In a response to criticisms that China is not being called on their human rights violations, the Speaker has declared that a safe environment is a basic human right. Beijing says it is on board with that, so that should shut those critics up. In a response to a Chinese student’s question about how America is going to be forced to atone for its climate crimes, the Speaker said,
“We have so much room for improvement,” she said. “Every aspect of our lives must be subjected to an inventory … of how we are taking responsibility.”
You first, Nancy. Explain the huge carbon footprint you created by going to China at all. Ever heard of video conferencing? She should be hung from the greenie yardarm.
The President assures us we ain’t seen nothing yet.
Every link in this post but one came from this morning’s Drudge Report. I didn’t have to poke around obscure corners of the web to find them. So how much other negative stuff am I missing? A boatload.
Rough seas ahead. Be very afraid. Or get out your “Don’t Tread On Me” banner.