Mortgages, Committees, Foreclosures, The Grand Canyon
December 9, 2007
Post Tags: ARM-Reset , Reasons-for-Foreclosures , The-Grand-Canyon-of-Economics
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There is an old saying among people that want to get things done but are roadblocked at every step along the way. One of the biggest roadblocks throw is “The Committee”. Are you familiar with the little rhyme:
“Souls are dying what a pity, quick let’s form a new committee.”
Well, we have seen in the news this week the results of a committee to help stem the tide of foreclosures due to all the ARM mortgages due to reset. After all that is the main reason we are seeing these high foreclosure rates ISN’T IT?
From the Wall Steet Journal Blog
This graph was taken from The Peridot Capitalist that got it from a Countrywide conference. But you can read about that at the Peridot Capitalist.
So we have a lot of hubbub in the news about what this new program will do. We hear from some how it will cause great harm to the economy because of investors moving away from investing. At the same time we hear how this is going to really help stem the tide of foreclosures due to the “Great Reset of 2008″.
Looking at the chart and running a few numbers this looks to me a lot like saying “Throwing a can of peas in the Grand Canyon will fill it up”.
