Foreclosures Up 48 Percent From Year Ago: RealtyTrac

By AMY MCALISTER
Published: June 13, 2008
Foreclosure filings continued their surge in May, jumping 48 percent from levels recorded one year earlier as the number of distressed borrowers continues to mushroom in key housing markets across the nation. RealtyTrac Inc. reported Friday morning that 261,255 properties were subject some sort of foreclosure activity — default notices, [...]

The Empire of Debt

 
Money for nothing. Own a home for no money down. Do not pay for your appliances until 2012. This is the new American Dream, and for the last few years, millions have been giddily living it. Dead is the old version, the one historian James Truslow Adams introduced to the world as “that dream of [...]

Recent Economic Growth Was Funded by Debt

Over the past six years, the U.S. economy has not grown much.
Relatively little growth of only $3.4 trillion in aggregate gross domestic product (GDP) was created compared with $2.7 trillion in the previous six-year period, when the starting point was much lower.
What growth has occurred has been funded by a $6 trillion increase in household [...]

Today’s Bankruptcy Law helps the Banks

  
The New Bankruptcy Law is protecting Banks and Lenders more than the Consumers.
CONGRESS REVISED THE nation’s bankruptcy laws under 2005’s Bankruptcy Abuse Prevention and Consumer Protection Act, effectively making it harder for individuals to claim insolvency. The reform was seen by critics as protecting banks and lenders more than the consumers the legislation’s title claimed to [...]