This is a PBS video re-post from The Daily Bail up on today’s Patrick.net (a site that follows the housing crash)

This article I wrote tries to explain how some of the assumptions concerning housing may not be valid. I wrote this in 2009 and the topic still remains absent from any housing financial forecasts.

What is most disturbing about the meeting with Treasury and the things that were said, or more accurately admitted, is that an argument could easily be made that this was an overt act by the administration to mislead and trick the American homeowner. That our government has been complicit in the bank’s ravaging of the bank accounts, retirement, and investments of nearly five million people.

There a many reasons why 2010 will go down as a record year, the amount of oil spilled, the historic legislation that was passed, the hottest average temperatures ever observed in the US. All these will be indicators of a year that in the words of the ancient Chinese curse were “interesting times”. This morning we have another looming on the horizon. So far this year foreclosures are running at 10 times their average.

In any given year in the United States there are around 100,000 foreclosures. This year Reality Track, the folks who keep track of the numbers of foreclosed houses, says that there have been 528,000 foreclosures so far, if this pace continues then the end of 2010 will see one million family homes foreclosed on.

"Originally posted at Squarestate.net"

This is another clear sign that the economy has not recovered. The foreclosed homes will eventually be put on the market, where they will increase the supply and decrease the price of homes in their neighborhoods. If it were just a few neighborhoods, we might be able to shrug and look the other way, but the reality is that we are talking about a significant number of the total privately owned homes in the U.S. being repossessed by the banks.

A few days ago, I passed on a story that the FBI was going to start making arrests for foreclosure fraud. Well, the arrests have been happening. According to an FBI press release there has been some bit of activity.

Corporate Directors should give back the money they earned if they say they’re not responsible for conduct that occurred on their watch.

Does it matter how Emanuel conducted himself as a Board Member at Freddie Mac?

The U.S. economy has diverged: Wall Street is living high on the hog while everyone else is struggling.

Is there a connection? Did Bushies promise a Republican government forever?

Using the lowered value of MBS’s to fix the housing crisis.