The below was taken from Bloomberg.com -- September 8th as reported on the Drudge Report.   It is NOT the full report, but is an indication of what TAXPAYERS are going to have to "bail-out" due to the financials market of giving out BAD LOANS !

        Congress will be coming back into session to pass a bill that would allow the lenders of "BAD LOANS" to be able to recoup their money at the expense of the taxpayers who currently have "GOOD LOANS".    People who had no means of even buying a car, much less a home, will be saved by taxpaying citizens.    The taxpayers will be giving THEIR money to lenders such as Bank America, Countrywide Financial Group (now owned by Bank America), and all other shoddy financials institutions so they can make their money, and  ---

THE HELL WITH THE TAXPAYERS of AMERICA !

        "New foreclosures increased to 1.19 percent, rising above 1 percent for the first time in the survey's 29 years, the Mortgage Bankers Association said in a report today.   The total inventory in foreclosures reached 2.75 percent, almost tripling since the five year housing boom ended in 2005.   The share of loans with one or more payments overdue rose to a seasonally adjusted 6.41 percent of all mortgages, an all-time high, from 6.35 percent in the first quarter.

        Tumbling home prices are making it difficult for even the most creditworthy owners with adjustable-rate-mortgages to sell or get a new loan as their financing costs rise, said Jay Brinkmann, MBA's chief economist.    Prime ARM's accounted for 23 percent of the new foreclosures and subprime ARM's were 36 percent, he said.   

        The three-year-old housing slump has slowed growth of the world's largest economy, caused more than half a trillion dollars of losses at banks such as Citigroup Inc. and UBS AG, and crimped earnings for companies such as Home Depot Inc. and Lowe's Cos. that rely on home purchases to fuel demand.

        The share of new foreclosures on prime ARM's was triple the 0.58 percent in the year-earlier quarter, and the total foreclosure inventory was 4.33 percent, up from 1.29 percent, the report said. The share of seriously delinquent prime ARMs was 6.78 percent, rising from 2.02 percent a year ago.