Rising Foreclosures And Delinquencies

And just when you thought it was getting better. Well it's not. No!

According to Alan Zibel, an AP Business Writer for on line news, now the blame has been shifted again. Yep instead of it being borrowers with bad credit, now the blame is homeowners with good credit who took out exotic loans with ballooning monthly payments. Well I cannot speak for the other home owners, but I was told that my loan was a 30 year fixed. I did not want an exotic, balloon loan. But unfortunately my husband and I found out too late that the broker for the lenders lied to us. And after our loan was sold to another lender that was when the real problems started to come with the medical bills piling up. Don't you just love it when they LUMP all the homeowners into one category?

In the news Alan writes: The problem that policymakers and Wall Street once assured us was 'contained' to subprime mortgages has proven to be anything but," Mike Larson, a real estate analyst with Weiss Research, said in a research note. Gee, even I new that before I read it in Zibel's news article.

Now we are being warned that this wave of mortgage defaults flooding the market, with homes plunging in value, is expected to continue through the year 2010. One of the faults is loss of income or drop in income with either unemployment, health and medical, or loss of a spouse through death or divorce. And the numbers are climbing with new foreclosures rose from the first quarter in 35 states and Washington, D.C.

There were a few states where the foreclosures declined, but that was because those states passed laws to slow the foreclosures process and give the homeowners time to catch up on their payments.

Yet the blaming continues with the nick name "Liar Loans" because they claim that the incomes were not documented. That is a lie. My husband is a computer contractor who works for different consulting firms for their clients and we do our INCOME TAXES every year. Our income is well documented.

So Go ahead and blame the consumer. After all, we have had eight years of the Bush Administration, the Republican economists experts, and the Business news media who every year have blamed the American consumer for not spending enough. In fact, beginning November and December of 2001, all we got was complaints on how our not spending more was driving down the economy. Too bad we are not given an opportunity to review those news casts from money news on CNN, Fox cable, MSNBC and all the local station news as well along with all the Republican financial experts telling Americans that they should be using their credit cards more.

Yep, these last eight years, each and every year, the Republican financial experts and money news reporters have blamed the financial mess on the American consumers.