corrente

November 23, 2007, 11:57 am
Alan Greenspan, now:

The collapse of the U.S. subprime market “was a shocker because no one expected it,'’ Greenspan said.

The New York Times, September 2006:
… analysts and officials have been ringing warning bells about exotic mortgages for months and fresh housing data has indicated that the risks are rising …

[NYTimes] Bush Visits Pennsylvania to Promote Homeowning - March 16, 2004 He then rode to a Y.M.C.A., where in front of signs set up by the White House saying "A Home of Your Own," he talked about a statistic the administration often cites in asserting that the economy is getting stronger. "Homeownership in America is at the highest rate ever," he said to applause. "It's a fantastic statement to say that, isn't it?" [/NYTimes]

Meanwhile, back at the suburban ranchhouse.

1- [NYTimes - Mar 16, 2004] - Adjusted for inflation, the average family's debt, including a mortgage, has climbed from $54,000 in 1990 to $79,000 last year. Mortgage foreclosures, credit card delinquencies and personal bankruptcies are all at near record levels. LINK

2- [New York Times - Mar 15, 2004]
... Mortgage foreclosure rates, personal bankruptcies and credit card delinquencies have been rising steadily and are at record levels. ... LINK

3- [Business Wire (press release) - Feb 12, 2004]
... As foreclosure rates continue to skyrocket nationwide... LINK

4- [The News Journal, DE - Feb 15, 2004]
... said. "They have succeeded with an astonishing and totally unacceptable side effect - unprecedented foreclosure rates."... LINK

5- [Miami Herald, FL - Mar 12, 2004]
Dayton, Ohio, Area Ranks Near Top in Predatory Lending
... loans. In addition, subprime loans have default and foreclosure rates five to 10 times higher than those for "A" rated loans. As ... LINK

6- [Salt Lake Tribune, UT - Mar 7, 2004]
... Sometimes out-of-state lenders refuse to lend because foreclosure rates are so high. LINK

7- In a deep financial hole, man tries to save house
Only five states have higher foreclosure rates than Pennsylvania, according to the most recent data from the Mortgage Bankers Association. [Philly.com]

8- [Indianapolis Star, IN - Feb 21, 2004]
... they can't afford. Whatever the cause, Indiana suffers from one of the highest foreclosure rates in the nation. LINK

9- [Gwinnett Daily Post, GA - Mar 13, 2004]
Home foreclosures on the rise
By Doug Sams. LAWRENCEVILLE — Home foreclosures continue to soar in Gwinnett, another sign that unemployment is still plaguing many residents. ... LINK

10- [Pittsburgh Tribune-Review, PA - Mar 13, 2004]
Surge in foreclosures threatens homeowners
... We need to find a way to go to a judge and get a moratorium on foreclosures.". ... Mortgage foreclosures since 1999 rose by 75 percent to 4,300 last year. ... LINK

11- [Miami Herald, FL - Mar 1, 2004]
Boulder County, Colo., Foreclosures Rising but Some Say Things ... ... fees. Foreclosures like the one Weber faces have climbed sharply for three straight years throughout Colorado and Boulder County. ... LINK

4 Backsee (2004) You Can't Go Home Again

This woodchuck in the White House isn't a statesman, or a leader, or even a President. He's nothing but a shallow shined up repo-man with a smirk and a sloppy spitter pitch. The entire G.W.Bush&Co operation is nothing more than a well fed puzzle palace inside a Potemkin Village being run by grifters for christ sake. Nothing more than a clan of inbred cheapjack fast talking backdoor preachers and quisling swine.

They need to be run out of town like the rapacious swindlers they are. Before they steal all the goddamned doorknobs and we won't even be able to get into our own house.