Treasury: Millions more foreclosures coming

[Grinchie]

Source: MSNBC.COM

WASHINGTON - Only 12 percent of U.S. homeowners eligible for loan modifications under the Obama administration's housing rescue plan have had their mortgages reworked, and millions more foreclosures are coming, the Treasury Department said on Wednesday.

A Treasury report showed 360,165 people had their monthly payments reduced through August, up from 235,247 through July, but a senior Treasury official conceded much more must be done to soften the impact of a severe and prolonged housing crisis.



Read more: http://www.msnbc.msn.com/id/32756481/ns/business-real_estate/

---

When I viewed this article, a Video titled "Commercial Real Estate on Shaky Ground" was located in a sidebar.

This being one of the first times I had seen this 800 pound canary on display in Mainstream Media, I clicked on it.

Imagine my surprise when MSNBC returned "This video is no longer available".

Now I want to see it more than ever, because it jibes with all the other data I have seen about this impending disaster yet to break.

Anyone have any ideas why a story on the troubles in the Commercial Real Estate would be pulled?

[htuttle]

1. The reporter was probably careless when they wrote the story...

...and totally forgot to take into account the impact the piece might have on the parent company's investment portfolio.

[Guy Whitey Corngood]

2. Yup. I had to sit through that boeing commercial and couldn't even watch the damn video. nt

[Grinchie]

5. I had to sit through a "MSN MOney Real Time Quotes" Advertisement.

The MSNBC video commercial are one of the more unpleasant things they've devised to try and brainwash the public.

The BOEING commercial makes me want to puke, with all the so call "Good" they do, and their hand picked, Demographically significant actors on display touting the wonders of the Military Industrial complex (That uses GE Jet Engines)

[Guy Whitey Corngood]

6. "BOEING, we bomb because we care." nt

[truthisfreedom]

3. I wanted to watch that video too! Fuckers!

I knew this shit was coming. They're trying to keep it quiet.

[CountAllVotes]

4. was reading about upcoming FHA foreclosures

the next huge balloon to go *pop*. :nuke: :scared:

:dem: :kick:

[Grinchie]

7. I was walking down University Ave in Berkely the other day...

And I counted at least 30 Commercial retail vacancies.

I have always been interested in manufacturing and Industrial areas, because I like to know how things are manufactured. It's one of my favorite things in life, the ability to know what it would take to reproduces something, given only the finished product. This gives me the motivation to patrol industrial areas that were once the bustling hubs of hundreds of thousands of jobs.

Well, I can tell you that my first hand observations of highly developed, state of the art, billions of dollars of established Industril sites are sitting idle. They have bee sitting idle since I started doing my little excursions into these areas almost 3 years ago. We are talking Millions up Millions of square feet of Warehouse and Industrial, thousands of acres of paved storage yeards that are producing nothing more than a good crop of the highly invasive weed, Horsetail, along with about a trillion seeds for next season.

It's getting worse. Now the cancer has crept into Retial space, and I am seeing desirable properties empty for almost 1.5 years, and the number is growing.

I don't know if people are stupid or ignorant, but empty commercial real estate is a Liability not easily sustained. Huge industrial sites usually are accompanied by huge tax bills. They are usually saddled with debt as well.

We saw the collapse of General Growth Properties a few months back, but it is clear that this news is being withheld by the Mainstream Media.

Pay attention. There is no reason to believe that properties lying idle for 3 years can be any good for the economy, or to the Bank holding the notes. If fact, I would surmise that the Commercial Real Estate morass is just as deep, and just as corrupted and the Subprime Bubble. After all, Monkey see, Monkey do.

[HCE SuiGeneris]

9. Hawthorne -- north of Torrance Ave in Redondo Beach -- is a veritable

empty window display along its Eastern side. The commercial market is in full meltdown regarding smaller businesses.

[Grinchie]

11. What amazes me is that the media, for the most part counts on people not being observant

The presuppose that people are too involved with their own personal problems to actually take note of their immediate environment and connect the dots.

Greespan did this when he spoke of "Froth" or regional bubbles that have no impact on the Macro view presented by the Fraudsters.

They try so hard to convince people that their own observations and interpretation are faulty, but it is our first hand observations that are telling us the pure, unadultereted scope and reality of the situation.

Thanks for the report. I'm sure a drive through the City of Industry would be a sobering experience as well.

[HCE SuiGeneris]

13. We not only have a media NOT reporting what is occurring,

we have the media reporting falsely optimistic tales to cover up the reports we SHOULD be receiving.

The collusion is very deep, and we are in incredibly dire straits with regard to democracy, free press, and individual (not corporate) rights.

[NashVegas]

15. The Media Isn't Allowed to Report the Truth

Because the RE industry is spending so much in advertising dollars.

[NashVegas]

14. We Have to Stop Encouraging the Perception That Access to Debt = Income, and Other Unrealistic ...

expectations.

We needed to let the bubble deflate until the ridicule-worthy, over-valued properties came back down to the real world.

the price of gold is still closing at over $1k, last I heard. What do they know that the rest of the US refuses to acknowledge?

[Grinchie]

19. Perhaps it was this little tidbit posted on the 7th of September...

http://www.telegraph.co.uk/finance/currency/6152204/UN-wants-new-global-currency-to-replace-dollar.html

We have seen this before in the BRIC countries, and we've heard the rumors regarding U.S. Embassies buying up local currencies to last them about a year of operations, so something is definately afoot, and the telltale signs of the rat gathering up the courage to jump overboard is growing.

There is also the very interesting, disappeared news story about the Japanese nationals caught smuggling Billions of dollars worth of Us Bonds into Switzerland.

Japanese pair arrested in Italy with US bonds worth $134 billion ...
16 Jun 2009 ... The bonds were found when the two men — said to be Japanese but as ... and bond
smugglers but the sums involved this time were “colossal”. ...

Quick, whats 5% of 134 Billion.. I read that the reward on counterfeiting of fraud on American bonds was 5%, but I can't verify it. If the "Reward" story is true. the Italian cops are set to receive a windfall of $6,700,000,000.00, or just enough to finance the Iraq War for 1.5 months, not including fuel.

The Ponzi Scheme that is the American Economy is starting to become too big to keep afloat, and it doesn't take a Phd. to see it unraveling in front of our own eyes.

I'm at least somewhat comforted to see a few intelligent people that can see through the charade, and I wish all the best in the trying times to come.

[NashVegas]

23. Oh My

What an interesting news article.

[NickB79]

21. Could you elaborate on what you read about FHA foreclosures?

My wife and I are closing on a house in October, and we are using an FHA loan. Is there something inherently bad about them that is going to bring about another wave of economic destruction?

Thanks!

[Michigan-Arizona]

8. Commercial real estate on shaky ground video

Not sure if this is the exact video you were looking for but here is the link to the one I just watched by the same title. http://video.yahoo.com/watch/5935982/15446275 Sorry if this is not the one.

[Grinchie]

10. It looks like the same one on the sidebar, and now I see why they pulled it.

This guy is a Talking head touting Commercial Mortgage Backed Securities, which is just another word for Toxic Waste hidden off the balance sheets and supported by Bailout money.

Propaganda so transparent that even MSNBC couldn't stomach it.

But , it did provided a few good data points such as Talf, and the amount of time they have been courting the Fed and Treasury to prop up the House of cards consisting a hundreds of millions of vacant commercial real estate.


Thank you for posting the link!

[Michigan-Arizona]

12. Grinchie

You are quite welcome!

[Joanne98]

16. THE BAILOUT WAS A FAILURE!

[CountAllVotes]

17. you are right

a complete & total failure! :nuke:

[OhioChick]

18. It sure as hell was, Joanne. n/t

[IDFbunny]

20. The greatest, ever, bank robbery.

Billions unaccounted for.

[TheWatcher]

22. Why Do You Hate The Recovery?