👉Mortgage Market Meltdown: Mortgage Delinquencies Suddenly Soar at Record Pace !!
Mortgage Market Meltdown: Mortgage Delinquencies Suddenly Soar at Record Pace. Over 4 million Americans are now skipping their mortgage payments. An indicator that presaged the Housing Crisis is flashing red again. New mortgage delinquencies hit a record as people couldn't pay. Many Americans did enter forbearance programs, but will they be able to pay in August, September, and October? 3.4% of mortgages are delinquent (2008 peak was 2.0%). Free cash flow is in free fall. The macro-environment is severely impaired. It’s actually worse. Mortgages that are in forbearance and have not missed a payment before going into forbearance don’t count as delinquent. They’re reported as “current.” And 8.2% of all mortgages in the US – or 4.1 million loans – are currently in forbearance, according to the Mortgage Bankers Association. But if they did not miss a payment before entering forbearance, they don’t count in the suddenly spiking delinquency data. These numbers will only go up after the "free money" train runs low on gas, which happens over the next few weeks. 30% of all renters are also now behind in paying their rents. And 28 million facing mass evictions over the next two months. Who will rent from those landlords who evict? You ain't seen nothing yet. Wait until the moratoriums prohibiting foreclosure sales are lifted. For FHA/VA/GNMA/FHLMC/FNMA, and most other private investors, there have been no foreclosure sales since March. With no interior appraisals, there has been little price discovery and mark to market balance sheet/loss reserve adjustments. Just wait. Madness is coming. The banks have a problem, and they know it. They may be better capitalized than they were in 2007, but that doesn't account for the bigger size of hidden risks embedded in the system (VIE). There is never just one cockroach. This will get way worse over the next few months. A new banking crisis is inevitable. Airlines, hotels, car rental, restaurants, oil drillers, refiners, and shippers did not sign leases and borrow huge sums of money based on 50% capacity. Too much debt and not enough customers equal bankruptcy. But no need to worry, the banks are too big to fail! “This is a financial extinction event, and the Fed's pathetic shamans can't reverse history.” This is a financial extinction event and the Fed's pathetic shamans, along with the willing politicians across the globe, and the abject stupidity of the sheeple, CREATED THIS history for the purposes of causing worldwide neo-feudalism. Global Debt Ponzi Death Rattle. We should be getting massive deflation, as asset values begin to reflect economic reality. Too bad that won't happen. The Fed won't allow it. The government can't afford it. This is the road to hyperinflation. There's still property tax, inflation tax, bank bailout taken from your bank account tax (incoming), police and eminent domain asset seizure on spurious grounds (like unproven speeding), rioters ravaging your area. Systemic collapse is ongoing. Debts are inevitable in this monetary system, same with foreclosures and therefore the need for forbearance, it's like a game of musical chairs. Americans have been sold the notion that homeownership is a means to independence, when, rigged as the system is, it’s just the opposite: a road to dependence on your employer and eternal debt. Banks have arranged mortgage payments so that a borrower pays mostly interest in the first years—and in most of the years—of a loan, which minimizes borrower equity. Not until roughly year 20 of a 30-year mortgage does the amount of principal paid off equal that of interest. With the game rigged like that, a homebuyer doesn’t acquire much equity until the last third of a mortgage’s life. Until then, they are paying mostly interest. That’s wealth extraction. It could be set up in many different ways, but the banks have gamed the system to benefit themselves and screw the mortgagee. The word MORTGAGE itself means death agreement. Stew on that It translates from the French, literally meaning "death grip." That means the lenders' attachment to the property until they are repaid can not be broken. And who is next in line - the taxing authority - none ( individually ) to my knowledge have allodial title to their property. In most cases, it can be taken from an individual if the taxes are not current. Everyone is paying rent, though it masquerades as buying ownership. The home mortgage is only one of countless methods by which the rich use their power to move wealth toward them. Corporate and wealth-favoring tax breaks, high taxes on earnings versus low taxes on capital gains, pre-payment penalties, exorbitant credit card interest on no-annual-payment cards versus low rates on high-annual-payment cards for the rich, redistribution of taxes to corporate officers via government contracts and subsidies, expensive lobbyists who write the laws, executive salaries thousands of times greater than those of workers—these are all legal tricks to help the rich pull money out of the pockets of the rest of us. It is a system designed for the rich to direct resource flows toward them, not because they merit it, but simply because they control it. If you haven't worked out by now to move out to the country ( preferably with some arable land and debt-free) away from urban crap holes, then it's likely too late. It is staggering how few people truly understand the usury of debt. For every dollar you borrow and then owe, you must earn 3 dollars to pay it back. Why? Because for each dollar you earn, the government gets a third, and then the bank gets a third in interest. It's modern-day slavery. Funny how they don't teach this in schools. Welcome back to The Atlantis Report. You are here for your daily dose of the truth, the whole truth, and nothing but the truth. Please take a second to smash that like button. And as You know friends, I rely totally on your donations to keep this channel functional, as you know, it takes a crazy amount of research and time to bring you this content on a daily basis, so I hope you consider helping with whatever donation you can afford. Thank You. What we have here is another crisis manipulated by the financial pirates to their gain. Just as when Bush was in office, they have another easy to manipulate leader in Trump. So what we get is huge government debt, which goes to cover the losses the pirates would have taken based on their previous reckless behavior. Politicians are just puppets. It's the central bankers orchestrating this takeover of everything they can get their greedy hands on. Mortgage defaults were skyrocketing long before the pandemic. Housing prices and rental rates were cratering long before pandemic too. Mortgage defaults started skyrocketing two years ago. Just wait until mid-September when the defaults skyrocket. If you think this is bad, wait until the eviction moratorium is lifted. Smart landlords are ahead of the game and have started the eviction process, so they can be first in line at the courthouse. But that ain't nothing compared to the avalanche coming when the rest of the landlords that have been operating with good faith realize that all that back rent won't be paid. And that's only residential. Commercial Real Estate will make all that SOAR EXPONENTIALLY! Central banks have been printing cash so fast since 2008 that they have managed to keep the nuclear winter away from the heat of the press. So, bank cartel, how's that MMT working out for you? Or is that your plan, to foreclose on all privately held property? Perhaps this is the endgame of the fiat currency debt-based economy that has been punishing savers and rewarding debtors for decades. To get nearly all private assets tied up with debt so that they could be stolen at the fall. Bought up with money created out of thin air. MMT is working great for Wall Street. Not much MMT for the main street. And MMT for individuals needs to become perpetual since this is the only thing supporting our economy. Once it ends, so does our economy. MMT, after this next round of stimulus, will end, and so will our economy. Everything is moving along as planned. And those who created this crisis in the first place will offer to bail us out after everything crashes. All we will need to do is allow this international banking cartel to replace our US dollar with a currency of their very own. A long-desired, one world currency. If Congress doesn't plug the unemployment hole, all Hell is going to break loose; you will see riots that make Soylent Green look like child's play. What the Globalists unleashed will earn them a repeat of "house cleaning" a la French Revolution. When they killed the Thin Blue Line, they killed their own wall, separating them from very angry, very hungry, very desperate mobs. "Desperate People do desperate things. The Globalists will get an education: You can't run the world from an underground bunker - especially when your bought and paid-for cops and military turn on you because they finally realize there is no reason to allow you to live when they can split-up your wealth. The fallout will be epic. You should have a plan and pray you never need to use it. This was The Atlantis Report. Please Like. Share. Leave me a comment. Subscribe. And please take some time to subscribe to my back up channels, I do upload videos there too. You'll find the links in the description box. 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