Yikes! – About half of U.S. mortgages are seen to be underwater by 2011

Tim Geithner call your office!

The percentage of U.S. homeowners who owe more than their house is worth will nearly double to 48 percent in 2011 from 26 percent at the end of March, portending another blow to the housing market, Deutsche Bank said on Wednesday.

Home price declines will have their biggest impact on prime “conforming” loans that meet underwriting and size guidelines of Fannie Mae and Freddie Mac, the bank said in a report. Prime conforming loans make up two-thirds of mortgages, and are typically less risky because of stringent requirements.

“We project the next phase of the housing decline will have a far greater impact on prime borrowers,” Deutsche analysts Karen Weaver and Ying Shen said in the report.

Of prime conforming loans, 41 percent will be “underwater” by the first quarter of 2011, up from 16 percent at the end of the first quarter 2009, it said. Forty-six percent of prime jumbo loans will be larger than their properties’ value, up from 29 percent, it said.

“The impact of this is significant given that these markets have the largest share of the total mortgage market outstanding,” the analysts said. Prime jumbo loans make up 13 percent of the total market.

via About half of U.S. mortgages seen underwater by 2011 | Reuters.

I wonder what “The One” will do about this? Cash for Refinancing?

Here’s why:

The drop in home prices is fueling a vicious cycle of foreclosures as it eliminates homeowner equity and gives borrowers an incentive to walk away from their mortgages. The more severe the negative equity, the more likely are defaults, since many borrowers believe prices will not recover enough.

Homeowners with the riskiest mortgages taken out during the housing boom have seen the greatest erosion in equity, in part because they were “affordability products” originated at the housing peak, Deutsche said. They include subprime loans, of which 69 percent will be underwater in 2011, up from 50 percent in March, Deutsche said,

Of option adjustable-rate mortgages — which cut payments by allowing principal balances to rise — 89 percent will be underwater in 2011, up from 77 percent, the report said.

Regions suffering the worst negative equity are areas in California, Florida, Arizona, Nevada, Ohio, Michigan, Illinois, Wisconsin, Massachusetts and West Virginia. Las Vegas and parts of Florida and California will see 90 percent or more of their loans underwater by 2011, it added.

“For many, the home has morphed from piggy bank to albatross,” the analysts said.

It is classic; The textbook reason why you DO NOT give home loans to high risk persons. Because they are the first to lose their jobs when the economy takes a dump. This is the invention of the Clinton Administration. But yet, no one on the left wants to blame slick willy. Call it the Clinton bubble, call it a huge screw up by the Democrats. I call it reality. Welcome to the Obama Economy and the Democratic Future, brought to you by Clinton stupidity.

Think the Mortgage Crisis is over? Think Again; round two is coming!

The Market Ticker has the ugly details.

(H/T to Freedom Phoenix)

John Stossel takes on Liberal Propagandist Michael Moore

I happen to like John Stossel; because he dares to take on the Liberals. Not in a mean or nasty way. But by simply stating the truth.

He writes about Michael Moore’s latest Movie:

Michael Moore has been working on another documentary. This time, he’s taking on capitalism:

“The wealthy, at some point, decided they didn’t have enough wealth. They wanted more — a lot more. So they systematically set about to fleece the American people out of their hard-earned money.”

How ridiculous is that? The wealthy, and everyone else, almost always decide that they don’t have enough wealth. People ask their bosses for raises. We invest in stocks hoping for bigger returns than Treasury Bonds bring. “Greed” is a constant. The beauty of free markets, when government doesn’t meddle in them, is that they turn this greed into a phenomenal force for good. The way to win big money is to serve your customers well. Profit-seeking entrepreneurs have given us better products, shorter work days, extended lives, and more opportunities to write the script of our own life.

He goes on…:

Moore also fails to understand is that it was not “capitalism” run amok that caused today’s financial problems. In reality, it was a combination of ill-conceived government policies and an overzealous Federal Reserve artificially lowering interest rates to fuel a bubble in the housing market. Then it was government that took money from taxpayers and forced banks to accept it.

Moore ought to understand that, because he makes a good point when he says his movie will be about “the biggest robbery in the history of this country – the massive transfer of U.S. taxpayer money to private financial institutions.”

That is indeed robbery. It sure doesn’t sound like capitalism.

Nope, sounds more like socialized Healthcare or simply Socialism in general; to me.

Mike Tennant writing over at Lew Rockwell’s Blog chimes in:

According to the press release you linked, Chris, “Moore has made three of the top six highest-grossing documentaries of all time,” which presumably means he has accumulated a great deal of wealth. Apparently, since he continues to foist his so-called documentaries on an unsuspecting public, Moore has decided that he doesn’t have enough wealth. He wants more–a lot more.

Like most anti-capitalists, Moore has no problem personally profiting from his own endeavors while demonizing other successful persons and attempting to have them dispossessed of their wealth. The good news is that Moore ultimately has to answer to the marketplace and thus may find himself begging for work from the very people he now condemns if enough of his audience members wake up to the fact that he’s a charlatan and stop shelling out their increasingly scarce cash for his celluloid propaganda.

Mike is right on point; that is exactly how the socialists in America are. The Socialist left wants to preach to America, how evil, rotten, nasty and no good the evil capitalist system is; all the whole pocketing a profit from their lectures, Movies and the books that they just happen to make a profit at. It is more of that “Yea for me, but Nay for thee”, type of mentality and outright hypocritical nonsense that the Far Socialist left is known for.

The troubling thing about it, is this; these knuckle-headed socialists basically control the Democratic Party and it’s message. Hence my reasoning for not wanting anything to do with them or their Party any longer.

Give me Capitalism, Freedom and Liberty or Give Me Death!

Others: Wake up America

Oy!: You'd think they would learn; perhaps not….

Think the Democrats will learn from their prior mistakes, and won’t make them again?

Perhaps not:

(Reuters) – Two U.S. Democratic lawmakers want Fannie Mae and Freddie Mac to relax recently tightened standards for mortgages on new condominiums, saying they could threaten the viability of some developments and slow the housing-market recovery, the Wall Street Journal said.

In March, Fannie Mae (FNM.N)(FNM.P) said it would no longer guarantee mortgages on condos in buildings where fewer than 70 percent of the units have been sold, up from 51 percent, the paper said. Freddie Mac (FRE.P)(FRE.N) is due to implement similar policies next month, the paper said.

In a letter to the CEO’s of both companies, Representatives Barney Frank, the chairman of the House Financial Services Committee, and Anthony Weiner warned that a 70 percent sales threshold “may be too onerous” and could lead condo buyers to shun new developments, according to the paper.

The legislators asked the companies to “make appropriate adjustments” to their underwriting standards for condos, the paper added.

In an interview with the paper, Weiner said the rules have “had a real chill on the ability to get these condos sold,” at a time when prices of condos have fallen enough to attract potential buyers.

via Fannie, Freddie asked to relax condo loan rules: report | Reuters.

This is the same sort of stupidity that got us into the mess that we are in now. You would think that the Democrats in question would learn from their prior mistakes. So much for that idea. :roll:’

Of course, when you’re dealing with a party, that has been taken over by people, who are essentially Communist-lite in nature. What do you expect?

The Federal Government cracks down on the Scam Mortgage Loaners , except for the most important one

So much for enforcing the law….:

The Obama administration has already unveiled its plan to stem the rising home foreclosure rate, but with foreclosure scams also increasing, the administration today announced a multi-agency effort to crack down on scams that prey on struggling homeowners.

“Just as this administration has intensified our efforts to help American homeowners, those who would seek to prey on the most vulnerable are intensifying their tactics as well, often through purported mortgage modification and foreclosure relief companies,” Treasury Secretary Tim Geithner said at an announcement in Washington. “These are predatory schemes designed to rob Americans of their savings and potentially their homes.”

The FBI is currently investigating more than 2,100 mortgage fraud cases, up 400 percent from five years ago

via Feds Crack Down on Foreclosure Scams – ABC News.

Hip Hip Hooray, Obama is enforcing the law! Well, perhaps not. 🙄

Judicial Watch reports that the two biggest corrupt lenders; Fannie Mae and Freddie Mack, have broken the law for years. What excatly is President Teleprompter and his attack Dog Tim Geithner AKA Eddie Haskel doing about this?

*crickets*

You guessed it! Not a damn thing……. So much for all the “Hope and Change” and a new direction in America. As I long suspected a very long time ago, it is simply more of the same from an empty suit, who’s big on speeches and low on substance.

Update: Hello to all the Freepers reading this! 😀 Please take a look around, you might just like it here. 🙂

Obama's Katrina Moment?

Seems that way to me!

The Video:

(Via Jim Treacher on Twitter)

An Interesting Movie

I post this because I believe that it is interesting. Alex Jones has always struck me as a kook. Someone amongst the “Tin Foil Hat” crowd. However, it is something interesting to watch.

Enjoy…

What do you think? Do you think that there is any truth to this?

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Can someone remind me as just to why exactly we elected this douche nozzle??!?!?

First off, check this out: (Via America Digest)

Via U.K. Telegraph:

Sources close to the White House say Mr Obama and his staff have been “overwhelmed” by the economic meltdown and have voiced concerns that the new president is not getting enough rest.

British officials, meanwhile, admit that the White House and US State Department staff were utterly bemused by complaints that the Prime Minister should have been granted full-blown press conference and a formal dinner, as has been customary. They concede that Obama aides seemed unfamiliar with the expectations that surround a major visit by a British prime minister.

But Washington figures with access to Mr Obama’s inner circle explained the slight by saying that those high up in the administration have had little time to deal with international matters, let alone the diplomatic niceties of the special relationship.

Allies of Mr Obama say his weary appearance in the Oval Office with Mr Brown illustrates the strain he is now under, and the president’s surprise at the sheer volume of business that crosses his desk.

A well-connected Washington figure, who is close to members of Mr Obama’s inner circle, expressed concern that Mr Obama had failed so far to “even fake an interest in foreign policy”.

A British official conceded that the furore surrounding the apparent snub to Mr Brown had come as a shock to the White House. “I think it’s right to say that their focus is elsewhere, on domestic affairs. A number of our US interlocutors said they couldn’t quite understand the British concerns and didn’t get what that was all about.”

The American source said: “Obama is overwhelmed. There is a zero sum tension between his ability to attend to the economic issues and his ability to be a proactive sculptor of the national security agenda.

“That was the gamble these guys made at the front end of this presidency and I think they’re finding it a hard thing to do everything.”

Oh, it gets better, trust me… Too Tired?!?! Seriously? Think that’s bad?

Via The Old Gray Lady:

President Obama declared in an interview that the United States was not winning the war in Afghanistan and opened the door to a reconciliation process in which the American military would reach out to moderate elements of the Taliban, much as it did with Sunni militias in Iraq.

Mr. Obama pointed to the success in peeling Iraqi insurgents away from more hard-core elements of Al Qaeda in Mesopotamia, a strategy that many credit as much as the increase of American forces with turning the war around in the last two years. “There may be some comparable opportunities in Afghanistan and in the Pakistani region,” he said, while cautioning that solutions in Afghanistan will be complicated.

[…]

“I don’t think that people should be fearful about our future,” he said. “I don’t think that people should suddenly mistrust all of our financial institutions.”

As he pressed forward with ambitious plans at home to rewrite the tax code, expand health care coverage and curb climate change, Mr. Obama dismissed criticism from conservatives that he was driving the country toward socialism. After the interview, which took place as the president was flying home from Ohio, he called reporters from the Oval Office to assert that his actions have been “entirely consistent with free-market principles” and to point out that large-scale government intervention in the markets and expansion of social welfare programs began under President George W. Bush.

Sitting at the head of a conference table with his suit coat off, Mr. Obama exhibited confidence six weeks into his presidency despite the economic turmoil around the globe and the deteriorating situations in Afghanistan and Pakistan. He struck a reassuring tone about the economy, saying he had no trouble sleeping at night.

[…..]

Asked if the United States was winning in Afghanistan, a war he effectively adopted as his own last month by ordering an additional 17,000 troops sent there, Mr. Obama replied flatly, “No.”

Again, can someone please tell me why we elected this feckless idiot douche nozzle? I am really beginning to believe that America blew it. In a really, really, really, big way.

Those who were actually stupid enough to vote for this socialist idiot, get what is coming to them. (yes, that applies to my family too.)

I mean, this asshole is acting like this is some sort of a community organizer job. Being the President is a serious job and this idiot is not even acting remotely like a President. 😡

As much as I disagreed with President George W. Bush on Iraq, I will say this; you never, EVER heard George W. Bush complain or his staff ever say to reporters, even anonymously say that the job was making him tired! Not once.

Not getting enough sleep, what a pansy ass! 🙄

Others: JustOneMinute, Power Line, Pajamas Media, Flopping Aces, QandO, Six Meat Buffet, Macsmind, Flopping Aces, Gateway Pundit, NO QUARTER, AMERICAN DIGEST, Wizbang, Atlas Shrugs, THE ASTUTE BLOGGERS, HotAir, NO QUARTER, PoliGazette and Cold Fury

Update: Right Voices links in. Thank you! 🙂

Update #3: Peace and Freedom Global Future links in. Thank you! 🙂

Update #2: Whole Bunch more cool people covering this:

Edited to remove accidental dupe links… ooops!

A New Parody "Barry's Farm"

Here’s the Original Song:

Update: It seems that some Fascist Socialist Liberal twit keeps going around getting my video yanked. No biggie, if they yank it. I will find it elsewhere and put it up. This is America and not fascist Germany and I have the RIGHT to express my opinions about the President and his fascist polices. You liberals don’t like it? TOUGH SHIT! 😡

History about the song and concert

New Lyrics:

Barry’s Farm

(Sung to the tune of Maggie’s Farm by Bob Dylan)

Written by Paleo Pat

I ain’t gonna work on Barry’s farm no more.
I ain’t gonna work on Barry’s farm no more.
Well, I wake up in the morning,
Fold my hands and pray that I might keep my gain.
I got a bill full of Taxes
That are drivin’ me insane.
It’s a shame the way he makes me tip the whore.
Naw, I ain’t gonna work on Barry’s farm no more.

I ain’t gonna work under Barry’s Law’s no more.
I ain’t gonna work under Barry’s Law’s no more.
Well, he hands you a Dollar,
Taxes you a dime,
Looks at you with a grin
While robbin’ you fuckin’ Blind,
Then he taxes you every time you open the door.
I ain’t gonna work under Barry’s Laws no more.

I ain’t gonna be a slave for Barry’s Government no more.
No, I ain’t be a Slave for Barry’s Government no more.
Well, he puts a Tax Bill
in your face just for kicks.
His White House
It is made out of Bricks.
The Secret Service stands around his door.
Ah, I ain’t gonna be a slave for Barry’s Government no more.

I ain’t gonna work for Barry’s Bitch no more.
No, I ain’t gonna work for Barry’s Bitch no more.
Well, she talks to all the people
About Equality and Race and Law.
All the while the workin’ people
Are payin’ for other peoples bad calls
She’s a lying thief, but she says her honesty stands tall.
Naw, I ain’t gonna work for Barry’s Bitch no more.

I ain’t gonna work on Barry’s farm no more.
I ain’t gonna work on Barry’s farm no more.
Well, I try my best
To do the best I can,
But everybody wants you
To pay thier bills for them.
They eat steak while you slave and I just get bored.
I ain’t gonna work on Barry’s farm no more.

Awesome Karl Denninger lays the smack down on White Press Secretary Gibbs

This is just too awesome!

Wow! I love it when smart people to stuff like that…

Karl Denninger’s Blog

(H/T Lew Rockwell)