Woops - Home Foreclosures Soar 120%

[Mike Ellis]

Guess those earlier projections of your relief contribution must have been a wee bit small, gentlemen. Get those billfolds outta yer britches and assume the position - somebody's gotta pay and it might as well be YOU.

Now aren't you glad that Unca Sugar left the border open, focused on diversity, and worked hard to convince lenders to give illegal aliens a break so they could buy into the American dream by purchasing a home that YOU will have to pay for?

More foreclosure gloom - Jul. 25, 2008

Foreclosure filings up 120%
There were 220,000 homes lost to bank repossessions in the second quarter, and the annual forecast for 2008 will have to be revised upward.

By Les Christie, CNNMoney.com staff writer
July 25, 2008: 5:09 AM EDT

NEW YORK (CNNMoney.com) -- Foreclosures continue to soar, with 220,000 homes lost to bank repossessions in the second quarter of this year, according to the latest statistics from RealtyTrac, an online marketer of foreclosed homes. That's nearly triple the number from the same period in 2007.

There were a total of 739,714 foreclosure filings recorded during that three month period, up 14% from the first quarter, and up a whopping 121% from the same period in 2007.

(snip)

All this is happening as Congress struggles to pass a housing rescue bill that will make FHA-insured loans available to many at-risk borrowers. That bill, even if signed this week, will not take effect until October.

One of the sponsors of the bill, Barney Frank (D -- Mass.), released a statement on Thursday in which he encourages lenders and mortgage servicers to delay taking action against delinquent borrowers before the new law takes effect.

"I am urging the mortgage servicers to hold off on foreclosures in applicable cases," he said, "so borrowers can take advantage of the program."