[Sixstrings]

After the repo-cleaners throw a family's stuff in the yard, "the neighbors pick through the remains."

And then that smug guy who started "Condo Vultures Realty -- vultures don't kill, they clean."

And, the acupuncturist who bought 6 properties with option arms as investments -- she was "too busy with acupuncture" to look into the details of the loans.

2009 predicted to be "miserable," 2010 "even worse".. "3, 4, 5 years" for housing to settle down.. "8 million families to lose homes in next 4 years"..

10% of Americans currently behind on mortgage

Ok, enough of all this tinfoil Doom news.. I'm going to go watch CBS

[Dreamtwister]

$this->bbcode_second_pass_quote('Rubin_Flagg', 'L')and is going to be really cheap really soon.

[Oil_be_alroit]

$this->bbcode_second_pass_quote('Dreamtwister', 'I') recently read about a house in Detroit that took 9 days to sell at...get this...$1.

[MrMambo]

So other mortage classes havent started hitting the fan yet? 1,5 trillion starting to reset during the next couple of years?

And then commercial property and auto loans on top of that, the same time as many more million people have lost their jobs.

A lot more deflation in real estate and cars ahead... Seems lik we are going to sea a couple of years with falling x-mas shopping. Maybe a couple of decades...?

I don't know if close to zero interest rates are going to fix this? I mean.. the banks need some asset base to lend from even using fractional reserve banking? And who are going to give the banks that fraction if they don't pay interest? Is it all going to rely on government money printing?

And how many trillion $ must the Fed print?

[ReverseEngineer]

$this->bbcode_second_pass_quote('MrMambo', '
')And how many trillion $ must the Fed print?

[AirlinePilot]

Standard and Poor's increases loss estimates for ALT-A and Subprime RMBS

IMHO this has huge implications and should be a much larger MSM story.

"Standard & Poor’s has increased its loss assumptions for projected losses for U.S. residential mortgage-backed securities (RMBS) transactions backed by subprime and Alternative-A (Alt-A) collateral issued in 2005, 2006, and 2007. “We are updating all of our 2005, 2006, and 2007 deal-specific subprime default projections. In aggregate, our remaining 2005, 2006, and 2007 default projections, as a percentage of the original pool balances, are approximately 11%, 30%, and 49%, respectively. As a result of our increased default and loss severity estimates, we are raising our 2005, 2006, and 2007 vintage subprime and Alt-A lifetime loss projections.”

http://www.researchrecap.com/index.php/ ... sumptions/

[jdmartin]

$this->bbcode_second_pass_quote('AirlinePilot', '[')b]Standard and Poor's increases loss estimates for ALT-A and Subprime RMBS

IMHO this has huge implications and should be a much larger MSM story.

"Standard & Poor’s has increased its loss assumptions for projected losses for U.S. residential mortgage-backed securities (RMBS) transactions backed by subprime and Alternative-A (Alt-A) collateral issued in 2005, 2006, and 2007. “We are updating all of our 2005, 2006, and 2007 deal-specific subprime default projections. In aggregate, our remaining 2005, 2006, and 2007 default projections, as a percentage of the original pool balances, are approximately 11%, 30%, and 49%, respectively. As a result of our increased default and loss severity estimates, we are raising our 2005, 2006, and 2007 vintage subprime and Alt-A lifetime loss projections.”

http://www.researchrecap.com/index.php/ ... sumptions/

[dorlomin]

Them stress tests are starting to look a little stressed, anyone know what the assumptions built into them were and how this compairs?

[FireJack]

Just how long can banks hide these tremendous losses?

[Keith_McClary]

GM Financial subpoenaed over subprime auto loans
U.S. government investigates possible violations of civil fraud law FIRREA
Thomson Reuters Posted: Aug 04, 2014$this->bbcode_second_pass_quote('', 'T')he U.S. government is investigating General Motors Co's auto financing arm over subprime auto loans it made and securitized since 2007, the company disclosed on Monday.

General Motors Financial Co Inc said it was served with a subpoena from the Department of Justice directing it to turn over documents related to underwriting criteria.

The subpoena, which the company said was in connection with an investigation into possible violations of the civil fraud law FIRREA, also asked for information on the representations GM made about the criteria when the loans were pooled into securities.

Financial services firms have paid billions of dollars to resolve investigations under FIRREA into questionable mortgages pooled into securities in the run-up to the financial crisis. The new subpoena could be one of the first public acknowledgements that investigators are also looking at the securitization of subprime auto loans.

FIRREA, the Financial Institutions Reform, Recovery and Enforcement Act, allows the Justice Department to sue over fraud affecting a federally insured financial institution.

GM Financial was known as AmeriCredit Corp until the carmaker acquired it in October 2010. It issued $2.15 billion in securities backed by subprime auto loans in the first six months of 2014, making it the second-largest issuer of such securities for the period.

[Pops]

I'll get on here and bash Obama before Plant does.
The post-Clintonian left completely abdicated to wall street. So now not only do you have Old Chamber Republicans shilling for the ownership, you have New Democrats on their side as well.
This is what I've been harping about, the constituency where TEAs and OWS anger overlaps covers about 99% of the country.