US Banks Seizing Homes at Record Levels

Inquiring minds are reading The Telegraph’s article “US banks seizing homes at record levels“:

Major US banks wrote off approximately $8bn (£5.1bn) on mortgages in the first three months of this year, on track to repeat – or even surpass – last year’s full-year total of $31bn.

The news could have severe implications for the wider financial market, given it was problems in the US housing market which triggered the credit crisis back in 2007. Fresh data shows that the number of US homes being repossessed due to mortgage arrears rose to 92,858 last month, up 9pc on June and up 6pc from the same month last year.

The figure is just 1pc below the all-time high – recorded in May this year – and comes amid renewed concerns about the amount banks are writing-off in mortgage-related losses.

This comes, quite literally, as the President is holding a press conference saying the US economy is getting betterThis reminds one of the famous Groucho Marx line as Margaret Dumont (playing his wife) walks in during a compromising situation, “Are you going to believe me, or your eyes?”


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