Are More Foreclosure Coming?


Bad news are not coming to an end. It seems like the whole economy was purposely sabotaged by the very knowledgeable people who were supposed to give it strength and credibility. There are miles high condominiums in Florida and other places which are vying their space for foreclosure, short sales, and of course just plain abandonments. There seems no dearth of bad news coming from all the four corners. It is not the ARMS, or ALT papers anymore, it is the 30 years, 20 years mortgage secured by middle class people who had a credit score of 700 and more, who are declaring bankruptcy. I just heard on 60 minutes tonight that one in every third mortagee in US is behind at least one payment. This is bad news. It seems like the president-elect has already too much on his plate. The Wall Street has already cleansed itself, the index is what it should ideally reflect the market. Well, the oil prices are rapidly coming down. One thing which shocks me that all the Pundits used to say that oil prices are going up because people in India and China had bought too many cars. Folks, that was all belony. People in both China and India howns the same number of cars, but the oil prices are rapidly coming down. One thing is clear that oil prices were manipulated, and since the artifical control has been relaxed, they are coming down. I don;t know why the Bailout money was so lavishly given out to Banks without any proper checks and balances. Still, it is not too late to make them fully accountable, and the banks should not be allowed to either buy more banks with this money, or give bonuses to their employees and managers. This bailout money should judiciously be used for only one purposes and that is saving the home of average Americans and hard pressed families.

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