Over 4 million homedebtors, fraudsters and housing gamblers have chosen to stop paying.
And it's just gonna get worse.
Thank you realtors on commission. Thank you Bush and your "ownership society". Thank you toxic mortgage brokers. Thank you MSM. Thank you homebuilders. Thank you appraisers. Thank you NAR, NAHB and MBA. Thank you Freddie, Fannie, FHLB and FHA. Thank you Angelo Mozilo and Michael Perry. Thank you Congress. Thank you Casey Serin.
And a big thank you to the millions and millions of Americans who refused to look at the economic fundamentals of housing, who treated homes like lottery tickets, and got us into this mess by 'buying' overpriced homes they couldn't afford.
Mortgage delinquency and foreclosure rates hit records last quarter. And more prime borrowers are being affected.
About 4 million U.S. homeowners -- including more than 65,000 Minnesotans -- were either behind in their mortgage payments or in foreclosure at the end of June, according to a second-quarter survey released Friday by the Mortgage Bankers Association.
September 07, 2008
The end of the Great Housing Ponzi Scheme: 9% of all mortgages in America now behind in payment or in default.
Posted by blogger at 9/07/2008