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In The News Today

Posted: Dec 29 2010     By: Jim Sinclair      Post Edited: December 29, 2010 at 5:46 pm
Filed under: In The News

Jim Sinclair’s Commentary
Today’s conversation on mainstream media was focused on the US losing its AAA rating by June. That would mean Moody’s and Fitch have six months to live.



Jim Sinclair’s Commentary
To say business is improving is one hell of a stretch. To say statistically business conditions are MOPEd is closer to the truth.
John Williams of www.shadowstats.com gives us the real numbers.

Home foreclosures jump in 3rd quarter: regulators By Dave Clarke
WASHINGTON | Wed Dec 29, 2010 1:02pm EST
WASHINGTON (Reuters) – U.S. home foreclosures jumped in the third quarter and banks’ efforts to keep borrowers in their homes dropped as the housing market continues to struggle, U.S. bank regulators said on Wednesday.
The regulators said one reason for the increase in foreclosures is that banks have "exhausted" options for keeping many delinquent borrowers in their homes through programs such as loan modifications.
Newly-initiated foreclosures increased to 382,000 in the third quarter, a 31.2 percent jump over the previous quarter and a 3.7 percent rise from the same quarter a year ago, the Office of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision (OTS) said in a quarterly mortgage report.
The number of foreclosures in process increased to 1.2 million, a 4.5 percent increase from the second quarter and a 10.1 percent increase from a year ago, according to the regulators.
They said during a briefing that the numbers could send "mixed signals" about the health of the U.S. housing market.
Regulators also said a possible reason for the foreclosure uptick in the quarter was that a large pool of borrowers who were being considered for home retention programs but did not qualify moved through the system.
More…


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