Where Homes Are Worth Less Than the Mortgage

While home values have declined across the country, in some places the declines are so sharp that people owe more on their mortgages than their houses are worth.

//www.nytimes.com/interactive/2008/11/10/business/20081111_MORTGAGES.html?hp



One third of homes sold for a loss

Nearly one out of three homes sold in the last year was sold at a loss, and an estimated one in seven U.S. homeowners were "upside down" on their loans at the end of September, according an analysis of public records in 163 markets by Zillow.

//www.inman.com/news/2008/11/12/one-third-homes-sold-a-loss


From Information Clearing House

--------

New Federal Mortgage Plan Offers Relief to Only a Few

Kevin G. Hall, McClatchy Newspapers: "The Bush administration on Tuesday announced another plan to modify what it thinks will be hundreds of thousands of distressed mortgages held or backed by mortgage finance giants Fannie Mae and Freddie Mac. But the plan, more than 15 months into a deep nationwide housing slump, is far short of the moratorium on foreclosures sought by President-elect Barack Obama and the Democrats who next year will have stronger control of Congress."

//www.truthout.org/111208L



Lobbyists Swarm the Treasury for a Helping of the Bailout Pie

Mark Lander and David D. Kirkpatrick, The New York Times: "When the government said it would spend $700 billion to rescue the nation's financial industry, it seemed to be an ocean of money. But after one of the biggest lobbying free-for-alls in memory, it suddenly looks like a dwindling pool. Many new supplicants are lining up for an infusion of capital as billions of dollars are channeled to other beneficiaries like the American International Group, and possibly soon American Express."

//www.truthout.org/111208N

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The High Priests of the Bubble Economy

tpmcafe.talkingpointsmemo.com — Along with former Federal Reserve Board chairman Alan Greenspan, Robert Rubin and Larry Summers compose the high priesthood of the bubble economy. Their policy of one-sided financial deregulation is responsible for the current economic catastrophe.

//ga3.org/ct/v720pgF16Yya/



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