It's Just A Waiting Game Now

Fannie Mae Creates Housing Mirage With Bum Loans

"The big game of kick the can strikes at a deep-seated fear among many investors -- that banks and others faced with mounting housing losses are finding all manner of dubious ways to push a day of reckoning into the future."

A Bulletin From the Captain of the Titanic

"The financial media are abuzz with talk of a recovery as equities inch their way higher every week. CNBC's Jim Cramer, the hyperventilating ringleader of "Fast Money", announced last week, "I am pronouncing the depression is over." Cramer and his clatter of media cheerleaders ignore the fact that every sector of the financial system is now propped up with Fed loans and T-Bills, without which the fictive free market would collapse in a heap."

Banks keep foreclosed homes off the market to prop up values

"Lenders nationwide are sitting on hundreds of thousands of foreclosed homes that they have not resold or listed for sale, according to numerous data sources."
"It could be disastrous if the banks suddenly flooded the market with those distressed properties. You'd have further depreciation and carnage."