Last evening while browsing the internet, I came upon an article that was written addressing the foreclosure situation, and listed the top ten states with the highest foreclosure rates for February.
This article was written by a site know as "24/7 Wall Street" which took a few positions that seemed rather self-serving to Wall Street, to say the least.
It represented that "nine of the top 11 states with the highest foreclosures" were judicial foreclosures states, because of the amount of time it takes for the banks to foreclosure with the complexities involved.
Contrary to most of the reports in the mainstream media listing the states with the highest foreclosure rates thus far after this five year federal and state taking of American’s properties, which lists Nevada, California, Arizona, Georgia, Utah and Florida as highest (the majority of which are non-judicial foreclosure states), 24/7 Wall Street’s list was as follows:
Why the discrepancy, and spins on judicial vs. non-judicial foreclosures?
I can only assume 24/7 Wall Street has an agenda, that is certain.
It is no surprise that Nevada is on both lists. The loss of jobs in the gaming industry, particularly, has resulted in many Americans living in that state to lose their homes when they were unable to keep making those payments.
Vegas is hurting, since in a bad economy few people have much money for entertainment or gaming. And the glitz of Vegas is somewhat off putting to many Americans to begin with.
Since many of the retirees have seen their Social Security payments cut or those cost of living increases delayed. And with many also in the tourism industry, another hard hit during this recession, high foreclosures would only stand to reason.
But it is rather doubtful that the new figures have anything to do with judicial foreclosures states having higher rates.
Simply that those states are now catching up due to the still joblessness of many Americans, high cost of housing there, and fact that since there is a longer foreclosure process and time between serving notice and the banks taking of the home, five years later those states would be catching up to the non-judicial foreclosure states, such as Arizona, Utah and Georgia, that for the past five years have led the lists.
At least with a judicial foreclosure, an American homeowner would have the fundamental right to request a jury determination under our Constitution, if he has any investment or equity in that home whatsoever.
And place his case before his fellow Americans.
Not so in those unconstitutional non-judicial foreclosure states.
And guess who will be the largest beneficiary of the recent settlement Mr. Obama announced over the mortgage mess and foreclosure abuse which has transpired the past five years?
It was the states that actually "settled" with those banks – of course, after being fully aware, I’m sure, of the illegal lending practices which were going on in their states for literally decades.
Of course, mortgages backed or underwritten by Fannie Mae and Freddie Mac are not included in this "settlement."
The feds have indemnified themselves it appears, since Fannie Mae and Freddie Mac were, after all, created by Congress.
And definitely appears the American people aren’t buying.
Either this latest settlement, and that piddly $2,000 the states also negotiated for their now homeless citizens.
The market isn’t rallying in any fundamental way.
Unless those states plan to sell those homes to all the foreigners and immigrants they continue to request under those state resolutions to take also those "jobs Americans don’t want."
You know, all those Canadians buying winter homes in the Sunbelt states at bargain basement prices, or East Indians, Mexicans or South Americans under those free trade agreements and visa waivers…