U.S. Home Foreclosures Jump 90% as Mortgages Reset (Update5)

Source: Bloomberg

"Feb. 26 (Bloomberg) -- Bank seizures of U.S. homes almost doubled in January as property owners failed to make higher payments on adjustable-rate mortgages.

Repossessions rose 90 percent to 45,327 last month from the same period a year ago, according to RealtyTrac Inc., a seller of foreclosure statistics that has a database of more than 1 million properties. Total foreclosure filings, which include default and auction notices as well as bank seizures, increased 57 percent.

``The most troubling thing is that we are seeing more and more of these properties actually going all the way through the process and going back to the banks,'' Rick Sharga, executive vice president of Irvine, California-based RealtyTrac, said..."

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Global Stocks Sell-off

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Analyze This: Global Stocks Sell-Off Bloomberg-Clip - (BLOOM-Clip) Jan. 21, 2008. 03:30 AM EST Global equities fall on recession fears; European Stocks fall on recession worries; Analysis by Andrew Beal of Henderson Global Investors

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Oups... (The name of the game)

Oups 1:

Florida Just First to Face National Run on the Bank

"The pool, which is where most of the state's municipalities put their money when they are not using it, owns $1.5 billion in securities that have been downgraded or defaulted as a result of the subprime market collapse.

In freezing the pool, Coleman Stipanovich, executive director of the board, said, ``If we don't do something quickly, we're not going to have an investment pool.''

The state stopped the clock.

The same clock is ticking for every state in the country where school districts and cities and towns put their faith in someone else, usually at the county or state level, to manage their money..."

Oups 2:

Lenders 'must prepare for worst'

"UK mortgage lenders have to prepare for the "very real prospect" of the global credit crunch getting much worse.
The Financial Services Authority (FSA), said a tougher global financial situation could affect the whole UK mortgage market, boosting defaults.

Access to cash could become more difficult - a problem that caused the run on Northern Rock earlier this year..."

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