Mortgage Lending Implode-O-Meter Explodes In Popularity

New York Times:

The misery in the housing market is registering on the Implode-O-Meter.

As millions of homeowners fall behind on their mortgages, a fledging Web site called the Mortgage Lender Implode-O-Meter is gleefully tallying the number of lenders that run into trouble too. On Monday, the count was 265 -- and rising.

Visit the Mortgage Lending Implode-O-Meter here.

Read the whole story: New York Times

Comments

[levibatgirl]

greenspan reminds me of ronnie reagan for what he has wrought on the economy.

They will both be canonized by the rethugs. They love their incompetent leaders.

[Erdgeist]

There are three things those who use money to make money create, like financial institutions. The first thing they create are various bubbles (recall the South Sea Bubble of 1720). The second thing is recession (when bubbles stop inflating). And thirdly, they create depressions. This is when the big bubble pops!

[trollsbwild]

Bernanke was quoted as saying there will be more emergency funds to bail out the investment banks. Funny, but the rest of us.....

[worldtraveller]

Where do you think the money has to come from, government doesn't generate income, just spends.

[olephart]

It's the Republican philosophy of "rules, regulations, we don' need no stinkin' regulations" that causes this. Savings and Loan debacle, mortgage meltdown, Wall Street collapses, all brought forth by "Free Market" advocates. They're also the first in line for taxpayer bailouts and corporate welfare. It's a flawed philosophy espoused by charlatans and believed by morons. Regulations provide for orderly and profitable markets. IT'S WHY WE PUT STRIPES ON THE ROADS!

[Rule Of Law]

Ole, don't leave out the so called "Tech Bubble!" If economic policy were ever responsible for the crashing of an entire industry to the benefit of the old money dinosaur companies (who waltzed in and bought all that shiny new tech on the super cheap) then the Tech Tragedy of 2000 was a case book study.

"IT'S WHY WE PUT STRIPES ON THE ROADS!" Exactly! And why we have a tripartate system with check and balances and an independent judiciary and.....uh­.....well, at least we have the stripes.

[WIpatriot]

...STRIPES ON THE ROADS"

Love it, olephart, will use it, but credit you...thanks!

[NABNYC]

Bernake just announced that he's going to let all of his wall street friends come to borrow the balance of the U.S. treasury, at 2%. They of course will default, but they'll have enough time to send all that stolen money to their Swiss accounts.

The Bush people are in a frenzy in the rush to evacuate ahead of in-coming. They know the jig is up. They know that once they're thrown out, there will be citizen groups demanding subpoenas and criminal prosecutions. Nixon shredding papers will be a small-time amusing anecdote compared to the bonfire likely to take place in all the major federal agencies in an effort to cover up the biggest fraud ever committed on the American public.

People borrowed $500,000 at an interest-only 3-years, and they can't afford the loan at a normal interest rate. Tough luck, but time to move. Everything being done in Congress is only designed to bail out the banks from this ridiculous loans, have the taxpayers buy those loans and take the loss. We're all going to end up broke, and this frenzy at the end shows the ugly reality.

[nunzia]

Well geegollywhiz, Senator Dodd!
If I call the CEO of Countrywide, maybe he'll give me a lower-than-usual rate too.
Ya think?

And some of you people actually think this guy is a good candidate for president.
Can fool some of the people all of the time....

[worldtraveller]

Be careful... haven't you noticed HuffPo oddly refuses to report about that.

[WIpatriot]

None of them are REALLY good candidates, but it doesn't much matter anyway...we're going down the backside of the Bell curve....

[WorkingClass]

The American economy is in the toilet. HA HA HA. Greenspan is a moron! HA HA HA HA!

[WIpatriot]

*poke* *poke*

Just checking....

[Rule Of Law]

Quick Doctor--More thorazine, stat!

[UnknownSoldier]

The article is funny and sad at the same time. People are losing their homes, city and town tax revenue is lost, services are cut or the people who still have a home will have to pay more property taxes to cover the shortfalls.

This was not all G.W. Bush's fault, irrational Exuberance Alan Greenspan himself encourage banks to make Adustable Rate Mortgages to individuals

http://www.thestreet.com/story/10344345/1/kass-four-to-blame-for-the-subprime-mess.html

http://www.dealbreaker.com/greenspan/

[thegreatgiginthesky]

Look for the WH to save more of these wreckless lenders. If this was a free market economy then why do they not follow free market principles and let the weak die or be consumed by larger more responsible entities?

[trollsbwild]

The bizarro world of protecting the criminals and punishing the innocent continues.

[WIpatriot]

Bizzarro President....yes, it makes sense, now!

Thank you!!

[outnow]

Amazing information is coming out about the financial mess. The British are experiencing the Thatcher hangover which threatens to be permanent. The Americans are experiencing the effects of Reaganomics. It takes some time to destroy a nation through fraudulent financing. Hopefully, America will learn its lesson - free trade is a bust; we need our local agriculture and manufacturing. American needs to rid itself of the treasonous free traders who see global colonization as the answer. Abraham Lincoln fought that war only to be betrayed down the line. Lincoln stood firm on the tariff and resisted outside influences who used the slavery issue to divide American.

As British housing prices slide down and their economy is permanently ruined, let that be a lesson for those who would recreate the British Empire and the East India Company. How some people forget why we fought a Revolutionary War, a War of 1812, and a Civil War. The London banks are finished as are many on Wall Street who followed their lead into predatory lending, usury, and speculation.

As the financial sector in London and Wall Street declines, our societies can begin to rebuild themselves. The union-busting regimes of Thatcher and Reagan who wanted to control the Southern sections of the globe would do best to take care of their own people at home, not just the business interests who control the politics.

[UnknownSoldier]

I wouldn't say free trade is a bust, because we don't have free trade what we have is Multinationals trying to avoid paying their fair share of taxes under the guise of free trade.

[outnow]

Protecting American industries is not being "protectionistic." It's being smart and patriotic. Globalizing food production may be good business for multinational corporations but how does that better provide food for local people. How does that benefit us in the United States, other than some rich CEO somewhere? If 40% of the world's population is either starving or on the verge of starving, is that the "free trade" to which you refer?