oc-conservative_IHB
New member
<p>This is a shitstorm. And it does <em><u><strong>not</strong></u></em> include the mortgage collapse in July & August.</p>
<p>If I were in the foreclosure department of the banks, I would be asking the higher ups, WTF are we doing about this? Well, I'm not, and I'm still asking...WTF are we doing about this?!?
</p>
<p><img alt="" src="http://i225.photobucket.com/albums/dd17/oc-conservative/FDIC2Q2007.jpg" /> </p>
<p><strong>Commentary:</strong> </p>
<p><strong>>>>30 to 89 days past due</strong>: Up 5.6% at the end of the second quarter to $74.4 billion from $70.5 billion, and up 34.9% year over year. The staging ground before becoming noncurrent continues to grow. </p>
<p><strong>Noncurrent loans</strong>: Up 10.6% at the end of the second quarter to $66.9 billion from $60.5 billion, and up 36.2% year over year. If a bank can't collect, foreclosures occur and properties become other real estate owned. </p>
<p><strong>Other real estate owned</strong>: After homes and properties are foreclosed, they go into this category. In the second quarter, it was up 14.8% sequentially and 53.1% year over year. These assets have moved to the cost side of the ledger as the bank pays real estate taxes and property insurance instead of earning fees and interest. This could become next year's headliner as banks write down OREO to appraised values. <<<</p>
<p>If I were in the foreclosure department of the banks, I would be asking the higher ups, WTF are we doing about this? Well, I'm not, and I'm still asking...WTF are we doing about this?!?
</p>
<p><img alt="" src="http://i225.photobucket.com/albums/dd17/oc-conservative/FDIC2Q2007.jpg" /> </p>
<p><strong>Commentary:</strong> </p>
<p><strong>>>>30 to 89 days past due</strong>: Up 5.6% at the end of the second quarter to $74.4 billion from $70.5 billion, and up 34.9% year over year. The staging ground before becoming noncurrent continues to grow. </p>
<p><strong>Noncurrent loans</strong>: Up 10.6% at the end of the second quarter to $66.9 billion from $60.5 billion, and up 36.2% year over year. If a bank can't collect, foreclosures occur and properties become other real estate owned. </p>
<p><strong>Other real estate owned</strong>: After homes and properties are foreclosed, they go into this category. In the second quarter, it was up 14.8% sequentially and 53.1% year over year. These assets have moved to the cost side of the ledger as the bank pays real estate taxes and property insurance instead of earning fees and interest. This could become next year's headliner as banks write down OREO to appraised values. <<<</p>