Remarks From Remarksman

April 6, 2008

TheBigPicture on Subprime Mortgages

Filed under: Uncategorized — BrianB @ 5:33 pm
Tags: , , , ,

One of my daily read blogs, The Big Picture, has several really interesting posts on the impact of subprime mortgages on housing and the economy this weekend.

It leads off with this nice chart from the New York Times:
(click image to open full-size chart in new window)

the impact of the subprime mortgage

Then it points to a Tom Toles editorial cartoon in the Washington Post.

Tom Toles in the Washington Post

If you have some time, it’s worth taking a look at some of the other Tom Toles cartoons on the Washington Post site.

After the graphic stuff, there is some interesting news and analysis in this post which discusses an article that shows that there are actually more mortgage defaults than the foreclosure statistics reveal. This is because lenders and the repo court system are so far behind in processing repos that many lenders are just letting people who are behind on their payments stay in their houses. The statistics are grim enough without having additional problems not being counted. It really does look like a crisis is mounting.

Meanwhile, as the Tom Toles cartoon points out, the recent bill in congress provides billions of dollars in tax breaks for homebuilders, but for people whose mortgages are in default, it provides one hundred million dollars for credit counseling. Our representatives at work, keeping businesses in business. Exactly what we voted them into office for, I’m sure.

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