Sunday, October 26, 2008

2700 American Dreams Shattered Per Day

Other woes makes foreclosure crisis hard to break
By ALAN ZIBEL, AP Business Writer
October 26, 2008

WASHINGTON - Each day from July through September, more than 2,700 Americans lost their homes in foreclosure.

That number, up from 1,200 a day a year ago, is a sign that the mortgage industry and government programs have done little to help troubled homeowners.

The mortgage market's troubles have proved to be far more serious and intractable than most in government or the private sector had predicted a year ago.

"We are behind the curve. We are falling behind," Sheila Bair, head of the Federal Deposit Insurance Corp. told a Senate hearing Thursday. "There has been some progress, but it's not been enough, and we need to act. And we need to act quickly, and we need to act dramatically to have more wide-scale, systematic (loan) modifications...."

More than 4 million homeowners with a mortgage were at least one month behind on their payments at the end of June, according to the latest data from the Mortgage Bankers Association, and a record 500,000 had entered the foreclosure process. Read On

Meanwhile, the rich are rewarded for their contributions to the foreclosure crisis:

"Wall Street Bankers In Line For $70 Billion Payout"
"CEOs Parachute to Safety"
"After Bailout, AIG Execs Lounged At Resort"
"As Lehman Collapsed, Execs Were Rewarded"
"Bailout No Bar To Bonus At Banks"

Both leading presidential candidates support the $850 billion wall street bailout, er, rescue package. Is it a quid pro quo exercise?

Top Contributors to Barack Obama
University of California
Goldman Sachs
Harvard University
Citigroup Inc
Google Inc
JPMorgan Chase & Co
National Amusements Inc
Microsoft Corp
Lehman Brothers
Time Warner
Wilmerhale Llp
Sidley Austin LLP
Skadden, Arps et al
Morgan Stanley
Stanford University
Latham & Watkins
Jones Day
General Electric
University of Chicago

Top Contributors To John McCain

Merrill Lynch
Citigroup Inc
Morgan Stanley
Goldman Sachs
JPMorgan Chase & Co
AT&T Inc
Credit Suisse Group
Blank Rome LLP
US Army
Wachovia Corp
US Government
Bank of America
Greenberg Traurig LLP
US Dept of Defense
FedEx Corp
Gibson, Dunn & Crutcher
Lehman Brothers
Bear Stearns


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