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May 19, 2010

AP: Mortgage delinquencies hit new record

Topics: Political News and commentaries

As Ed Morrissey notes over at Hot Air, the only good news is that the AP doesn't use a form of the word "unexpected" even once in their report, as is their custom wihen news relating to the economy is less than rosy.

The bad news, as Ed points out, is that the contagion in mortgage delinquencies appears to have spread further into fixed-rate mortgages, a bad sign for the market:

While the market needed to correct for irresponsible lending, a correction delayed by gimmicks from the Obama administration, the risk now is an extended collapse in the housing and lending markets as inventory increases and lenders take more losses. The only real cure for this is to stimulate large-scale economic growth, but the Obama administration has already wasted a year with an ineffective stimulus plan and shackled growth through its signals on taxes, fees, and debt.
And with the Democrats apparently stuck-on-stupid and locked in on Obama's big government, big spending, anti-business agenda, there's little chance things will turn around anytime in the foreseeable future.

Posted by Abdul at May 19, 2010 1:54 PM

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