The madness of foreclosures and bankruptcies continues to spin out of control in America, long after economic “experts” and government officials assured the country that housing and debt problems were on the mend. Some of these foreclosures are indeed cases of overoptimistic purchases on the part of consumers who should have been living within their means. But, many others are a product of the corrupt banking culture and the greed driven local bureaucracies that gladly feed the machine by victimizing homeowners in desperate need of aid, as we have seen in the case of Warren Bodecker, Montana WWII Veteran railroaded by the system and robbed of everything he had.
Ultimately, this process of wealth destruction is going to strike the doorsteps of EVERY American. Though many in our culture have a dangerous tendency to conveniently overlook such trials and crises as long as they are not personally affected, it behooves all people to take note of this situation. No one is immune from an economic implosion, except, of course, the “Too-Big-To-Fails”, who steal our savings, our security, and our homes, and get paid by the government to do so with our tax dollars.
Brandon Smith, Associate Editor
Foreclosure starts rose year-over-year in May for the first time in more than two years as banks resumed dealing with distressed properties after a mortgage abuse settlement earlier this year, data firm RealtyTrac said on Thursday.
The $25 billion settlement between major banks and states, formally approved in April, had been expected to jump-start foreclosure proceedings that were previously stalled by uncertainty about the liability of banks.
Overall foreclosure activity, which includes default notices, scheduled auctions and bank repossessions, affected 205,990 properties in May, a 9.1 percent increase from April.
The figure was 4.2 percent lower, however, than in May 2011, RealtyTrac said in a monthly report.
Foreclosure starts grew 12 percent from April and 16 percent on an annual basis after 27 straight months of year-over-year declines. Foreclosure starts were filed on 109,051 homes in May, the first month-to-month rise since March.
Bank repossessions increased 7 percent after sinking to a 49-month low in April, with 54,844 homes repossessed in May.
“That the May numbers were up the month after that settlement was completed is an indication that lenders are more confident that there are clear ground rules to foreclose now, so they can play by the rules,” said Daren Blomquist, RealtyTrac’s vice-president.
“The banks are getting to a place where they consider their foreclosure processing issues resolved, so they’re confident enough to go ahead and push through more foreclosures,” Blomquist said.
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