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
$777,593
Goldman Sachs
$743,371
Harvard University
$505,989
Citigroup Inc
$499,598
Google Inc
$493,705
JPMorgan Chase & Co
$478,462
National Amusements Inc
$437,669
Microsoft Corp
$434,156
UBS AG
$419,350
Lehman Brothers
$391,624
Time Warner
$388,063
Wilmerhale Llp
$383,024
Sidley Austin LLP
$371,166
Skadden, Arps et al
$361,409
Morgan Stanley
$344,130
Stanford University
$342,749
Latham & Watkins
$328,879
Jones Day
$314,760
General Electric
$299,434
University of Chicago
$294,237
Top Contributors To John McCain
Merrill Lynch
$349,920
Citigroup Inc
$290,101
Morgan Stanley
$249,377
Goldman Sachs
$220,045
JPMorgan Chase & Co
$210,992
AT&T Inc
$181,813
Credit Suisse Group
$175,503
PricewaterhouseCoopers
$163,670
Blank Rome LLP
$161,576
US Army
$150,470
Wachovia Corp
$150,006
US Government
$149,818
Bank of America
$142,776
UBS AG
$141,365
Greenberg Traurig LLP
$141,137
US Dept of Defense
$127,325
FedEx Corp
$123,654
Gibson, Dunn & Crutcher
$122,546
Lehman Brothers
$115,707
Bear Stearns
$108,000
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