In an earlier post I misstated that the May 23, 2008 ACU had 40 mortgage foreclosure pages.
32 + 18 = 50.
There were 50 pages May 23, not 40.
Today, May 30, 2008, there were 47-1/2 pages.
At 8-9 notices per page, that is:
May 23: 400 - 450 notices of foreclosure.
May 30: 380 - 427 notices.
This seems unprecedented to me, and fits the view that this may be the biggest housing foreclosure crunch, and housing downturn, since World War Two.
I fail to see how the FED bailing out the subprime lender portfolios, by buying up or shoring up portofolios of speculative mortgage backed securities does any good for a single homeowner.
Capital markets and those taking risks in them can sleep easy, since they get downside risk protection courtesy of homeowners paying federal income tax.
Even the folks being foreclosed, in paying federal tax money, are subsidizing the lender-investor community that took advantage of them and set them up for a fleecing.
It makes you wonder.
No risk-free mortgage for the little guy.
Risk-free speculation for the deep pockets.
It looks clear who is making decisions.
Prosperity favors those who can provide a safety net for themselves, especially if they fashion one for themselves paid for by other peoples' money.
The Golden Rule at play.
