"Economic woes, such as unemployment or reduced income, are the main catalysts for foreclosures this year. Initially, lax lending standards were the culprit. But homeowners with good credit who took out conventional, fixed-rate loans are now the fastest growing group of foreclosures.
Those borrowers made up nearly 37 percent of new foreclosures in the first quarter of the year, up from 29 percent a year earlier.
The risky subprime adjustable-rate loans that kicked off the foreclosure crisis are making up a smaller share of new foreclosures. They made up 14 percent of new foreclosures in the January-March period, down from 27 percent a year earlier."
The dominoes continue to fall. How many Americans are homeowners/mortgage holders I wonder? The 90% of mortgage holders who were current in 2008-2009 are now beginning to understand why it was wrong to blame the victims. Maybe if some of that money was used to actually hire Americans and pay them a living wage, using American made materials to produce those unnecessary "Developments," many more mortgages would have been paid in full. But the greedy hucksters didn't only steal the american depositors/investors money they maximized their take by using substandard materials (Chinese Drywall) and illegal immigrant labor. Re-read the following excerpt from Ismael Hossein-zadeh:
A major condition of the IMF/World Bank/WTO’s “restructuring program” is trade liberalization. Free trade has always been the bible of the economically strong, self-righteously preached to the weak. It enables the strong to use their market power for economic gains, thereby perpetuating an international division of labor in which the technologically advanced countries would specialize in the production and export of high-tech, high-value added products while less developed countries would be condemned to the supply of less- or un-processed products. It is not surprising, then, that such a lop-sided policy of trade liberalization is sometimes called “free trade imperialism.”
"Taking advantage of the so-called Third World debt crisis, the IMF, World Bank and WTO imposed free trade and other “adjustment programs” on 70 developing countries in the course of the 1980s and 1990s. “Because of this trade liberalization,” points out Walden Bello, member of the Philippines House of Representatives and president of the Freedom from Debt Coalition, “gains in economic growth and poverty reduction posted by developing countries in the 1960s and 1970s had disappeared by the 1980s and 1990s. In practically all structurally adjusted countries, trade liberalization wiped out huge swathes of industry, and countries enjoying a surplus in agricultural trade became deficit countries.” Bello further points out, “The number of poor increased in Latin America and the Caribbean, Central and Eastern Europe, the Arab states, and sub-Saharan Africa.” By contrast, in China and East Asia, where the neoliberal free trade and other Structural Adjustment Programs were rejected, significant economic development and considerable poverty reduction took place."
I guess I get it because like Ishmael I'm a refugee from ground zero. But when we were rioting and 'couping' and emigrating from our native land American citizens were oblivious. America will never be Argentina but I can't wait to see what happens as the crap is repeated all over again in the Commercial Property market. Talk is it will be worse.
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