Let's make sure the numbers are recorded as we all know how MSNBC likes to change their articles around once the Obama Administration determins the facts are detremental to their plight.

MSNBC and RealtyTrac stated on 1-13-11 that,

- Banks repossessed a record million homes in 2010 and this year is set to be even worse with 5 million borrowers at least two months behind on mortgage payments.

- Banks foreclosed on 69,847 properties in December, bringing the year's total to 1.05 million, topping the prior record of 918,000 homes seized in 2009, according to RealtyTrac.

- "Total properties receiving foreclosure filings would have easily exceeded 3 million in 2010 had it not been for the fourth-quarter drop in foreclosure activity triggered primarily by the continuing controversy surrounding foreclosure documentation and procedures that prompted many major lenders to temporarily halt some foreclosure proceedings," said James J. Saccacio, chief executive officer of RealtyTrac.

- "Many of the foreclosure proceedings that were stopped in late 2010, which we estimate may be as high as a quarter million, will likely be re-started and add to the numbers in early 2011," Saccacio added.

- Illinois, Arizona, Florida, California, Utah, Georgia, Michigan, Idaho, Illinois and Colorado rounded out the top ten states with the highest foreclosure rates.

- Already, about one in five homeowners with a mortgage owe more than their home is worth.

- More than half of the country's foreclosure activity came out of five states in 2010: California, Florida, Arizona, Illinois and Michigan.

-- Edited by SELLC on Thursday 13th of January 2011 06:10:11 AM

Some claim that in 2006 Bush saw the writing on the wall, and tried to get outside auditors to Look at Freddie Mac and Fannie Mae, but Barney Frank assured him and the American public that both organizations were solid.

Want to tell us more about your boy Phill Gramm?

You see PowerStroker the problem here is the government. As I have stated before elsewhere "Government" is the square root of all the problems.

We have lawyers who wear suits, and then we have lawyers that wear robes that they call judges. You seem to forget what happened to me when a bank stiffed me on $10K, all they had to do was hire a big dog attorney who was in good with the Judge (Who used to be an attorney) and whala, they got themselves a victory in the form of a summery disposition hearing. Thereby totally killing my right to a trial by Jury (that I had paid for by the way, along with all the proper fee's and documentations). The Judge said clearly on the bench "I know this attorney, how do you expect to go to trial against such a seasoned attorney"? He said this before he granted the SD to the defendant. As such the problem IS the government PowerStroker!

If these banks did not have the influence in the judicial system more cases would be brought before the people, who would deliver a more fair verdict in the case of people who were genuinely screwed or tricked by the bank. As it stands nearly NONE of these foreclosures are going in front of a Jury and meet the same fate as I did with regards to the SD.

There is however one more element, that regardless of the situation still remains a FACT. You see unlike me who NEVER got the contract amount of my loan, all of these people who purchased homes DID, otherwise they would never have gotten their homes to begin with. Now there is no law that says property prices must remain rock solid, and many people did this to themselves by over-buying their homes, or taking out too much equity. No one FORCED these people to do this, and thus the majority of the blame falls on the shoulders of the dreamers who thought a 30 year old 800sq ft home was worth $180,000, and even worse that they could make payments of $1500-1800 per month forever. Lest we forget that the amount they would have paid for that home would have come out to about $500,000 after the duration of the loan (30 years fixed rate) and that does not include taxes, upkeep or utilities.

Where I will agree with you it how these lenders were able to prop up the values of these homes to ridiculous amounts to where anyone wanting a home had no choice but to pay an over-inflated amount because they got so many people to make bad choices. That my friend was un-fair and WRONG.

I have but one thing to say to these people.... AT LEAST THE BANK WAS ABLE TO PAY OUT THE FULL AMOUNT OF YOUR LOAN! Unlike me who got stiffed and had to spend YEARS hounding banks, courts, and commissions! And it still draws on!

You see PowerStroker, back in the day I was close to pulling the trigger on one of them over inflated $180,000 homes but I knew in my heart there was no way I could guarantee my ability to fork out $1200-1500 per month for 30 years on top of the taxes, insurance, utilities and daily expenditures to live. I honestly felt many people were being buffaloed and I was very upset with myself wondering why I could not viably foresee myself doing what everyone else was, even though I had been approved and only needed to fork over my $10K nut. This is where many people shot them self in the foot. I am so glad that I didn't go that route and that I got rid of the bimbo that was more than happy to see me get in over my head.

-- Edited by SELLC on Friday 14th of January 2011 01:52:14 AM

Somalia sounds like a great place to reloacte all the Democrats!

That's a GREAT idea PowerStroker!

Oh how quickly we forget PowerStroker.

The end of 2001 thru 2004 there weren't too many Democrats that liked government!  I also recall a time not long ago in 2008-2009 where one Democrat was VERY unhappy with the government.

I got a strong feeling the end of 2012 thru 2014 is going to be some more years that the Democrats are not going to like government also.

Should we start lining up the planes on the runway for you guys? I am sure if we book them in advance you guys can get a discounted rate on all them tickets to Somalia... LOL

Then again you liberals never were concerned with saving money, so scratch that idea.

-- Edited by SELLC on Sunday 16th of January 2011 03:02:42 AM

Gee PowerStroker, the same could be said of Republicans too! We like Government when it's not being run into the ground by Democrats. After all if there was no Government there would be no need for Republicans... However there is really no need for Democrats either way.

Sorry.