Housing Crisis Getting Uglier in 2010

Farewell - American Democracy
It's Official. Corporations Rule.
The American Justice System has decided

Ask your two year old on a seesaw about balance, weight and power
when 2% golden greedy guts owns 98% of the worlds’
Wealth and Resources









true to scale model would render top image invisible



total world population Feb 2010:......... 6,801,000,000
2% Golden Greedy Guts population:........ 136,020,000
98% rest of us population:................... 6,664,980,000

“Fascism is about the state running things on behalf of corporations. Adrian Lyttelton in his book on Mussolini wrote that ‘Fascism can be viewed as a product of the transition from the market capitalism of the independent producer to the organized capitalism of the oligopoly.’ It was a point that Orwell noted when he described fascism as being but an extension of capitalism. Lyttelton quoted Italian Nationalist theorist Affredo Rocco: ‘The Fascist economy is. . . an organized economy. It is organized by the producers themselves, under the supreme direction and control of the State.’ ”

Could Terrorists do more to destroy America: Millions of Americans losing their life savings, losing their homes, losing their jobs, going hungry, without health insurance, with surging productivity among those still working accompanied by steady decline in wages and benefits, local and state governments running out of money, interest rates on savings at negative 0 (Zero), and everyone stuck in nightmare traffic…………………. A declining economy on a planet whose population is exploding - an incredible impossibility

………... Review the election procedure last post
http://freedomtimes.blogspot.com/2010/02/its-official-corporations-rule.html

Advances in the science of energy would have eliminated all the above, providing prosperity and understanding for all people.

LOS ANGELES, Feb. 2, 2010
Housing Crisis Getting Uglier in 2010
Nearly 6 Million Foreclosures in Past 3 years - 3 Million More Expected in 2010
CBS) In its "Where America Stands" series, CBS News is looking at a broad spectrum of issues facing this country in the new decade. CBS News correspondent Ben Tracy report the American Dream is now a nightmare for many of the 75 million Americans who own a home. The housing report card is ugly. In the past two years, the housing market has lost an estimated $4.9 trillion dollars, as 59 million homes have declined in value. Nearly 1 in 4 homeowners -- 10.7 million households nationwide -- are underwater on their mortgages. They owe more than their home is now worth. The housing market is so bad in California, that a bank demolished 16 nearly completed homes - because it was cheaper to knock them down, than to finish them. Home building across the country is almost non-existent. In 2005, 2 million housing units were built in this country. Last year, that number dropped to nearly a quarter of that. That's left former boom towns like Las Vegas with a lot of roads to nowhere, as builders ran out of money and buyers for the homes they once planned to build here. Then, there's foreclosure. Nationwide, nearly 6 million households have been taken back by the bank in just the past three years - pushing down home values, and leaving some neighborhoods looking like warzones. The Problem People are still losing their homes, preventing a housing market recovery. "Disaster is not too strong a word and crisis is not too strong a word," said Michelle Johnson of Consumer Credit Counseling Services.

Rolling in Dough, Still Kicking Out Families
http://freedomtimes.blogspot.com/2009/12/capitalism-evolutionary-choices-fascism.html
A recent study by the Federal Reserve Bank of Boston showed banks have little incentive to modify loans to help homeowners avoid foreclosure because of one simple reason that at this time of year perhaps only Ebenezer Scrooge could appreciate: Loan modification is not profitable for lenders.
No Interest in Avoiding Foreclosure
Because mortgages are typically sold off to third party investors, the entities that service the loans, such as Litton, do not have a vested interest in avoiding foreclosure, according to Julia Gordon, senior policy counsel at the Washington, D.C.-based Center for Responsible Lending.
"Loan servicers make their money on late fees, so there is a perverse incentive for them not to work out solutions," Gordon said. "Meanwhile, there is zero incentive for them to help a family stay in their home. This is really a deep, serious problem and it has been for a long time."

"Today, the number one cause of foreclosure is unemployment," said Pete Flint of Trulia.com. Fifteen million Americans are now out of work. Twenty-seven-year old C.J. Mueller bought a house in Phoenix for $210,000. But then he lost his job. He tried to get his bank to modify his loan. Instead, he just got his foreclosure notice. "It came to a point where I didn't really care," he said. President Obama's mortgage modification program is supposed to permanently modify 3-4 million loans by 2012. So far, they've fixed 66,000. They want banks to speed up the process. "Unfortunately it's been lip service and little action," Flint said. "Until the administration gets tough on lenders, we're still going to see huge amounts of foreclosures." Banks say they are simply overwhelmed and some people are beyond help. "I gave up. I don't care anymore," Mueller said. "Take the house."