Bob Chapman The Banks have 80 percent of the blame in the Mortgage Crisis

Bob Chapman On Goldseek radio 28 Aug 2010

Bob Chapman The international forecaster : 80 percent of the blame lies at the feet of the borrower (banks) 20 percent with the borrower , and the reason why , is he is the pro and the borrower is not and he should know better ...and we see the same thing right now with the bank lenders who lent money to and bought bonds from Greece , they knew exactly what they were doing and they know that they are going to get paid back by the public sooner or later ....and that's wrong they shouldn't have made those loans an the same thing with the people who own homes here in America .....



Mr. Robert Chapman also known as The International       Forecaster  is a 74 years old. He was born in Boston, MA and attended       Northeastern  University majoring in business management. He spent    three    years in  the U. S. Army Counterintelligence, mostly in Europe.    He   speaks  German  and French and is conversant in Spanish. He  lived   in   Europe for  six  years, off and on, three years in Africa, a  year   in   Canada and a  year  in the Bahamas.

Mr.  Chapman became a stockbroker in   1960    and  retired in 1988. For 18 of  those years he owned his own     brokerage  firm.  He was probably the  largest gold and silver     stockbroker in the  world  during that period.  When he retired he had     over 6,000 clients.
Bob  Chapman : you got to remove  these  people from   the    government
Starting  in 1967   Mr. Chapman began    writing  articles on business, finance,  economics  and  politics having    been  printed and reprinted over the  years in over  200  publications.    He owned  and wrote the Gary Allen  Report, which had   30,000    subscribers. He  currently is owner and  editor of The   International    Forecaster, a  compendium of  information on business,   finance,    economics and social and   political issues worldwide, which   reaches    10,000 investors and  brokers  monthly directly, and parts of his      publication are picked  up by 60  different websites weekly exposing    his   ideas to over 10  million  investors a week

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Bob Chapman : Mortgage purchase applications sank 27.1 percent to the lowest level since May 1997

Bob Chapman on Dr Deagle Show

Bob Chapman




the global economy is failing , Extract from THE INTERNATIONAL FORECASTER of SATURDAY, MAY 22, 2010 :
"
Mortgage purchase applications sank 27.1 percent to the lowest level since May 1997 in the absence of the popular government support, the group said. U.S. housing groped for footing after more than a year of homebuyer tax credits worth up to $8,000 expired on April 30. Requests for home purchase loans have fallen almost 20 percent over the past month despite low borrowing costs. "It's disturbing," said John Canally, economist at LPL Financial in Boston.
"It seems that every other data point for housing is pretty good -- high affordability, low interest rates, relatively low inventory, home prices are up -- so I'm leaning toward the hangover from the tax credit but I'm going to need to see a couple of more weeks of data." Overall loan requests were down 1.5 percent, on a seasonally adjusted basis, in the week ended May 14, cushioned by a 14.5 percent jump in mortgage refinancing applications as home loan rates neared historic lows.
Average 30-year mortgage rates fell 0.13 percentage point last week to 4.83 percent, the lowest since last November, the MBA said. The record low was 4.61 percent in March 2009, based on the group's survey, which has been conducted since 1990.
Refinancing applications jumped to a nine-week high and accounted for about 68 percent of all applications last week.
But buyers took a low profile after rushing en masse to take advantage of the tax incentive. "The data continue to suggest that the tax credit pulled sales into April at the expense of the remainder of the spring buying season," Michael Fratantoni, the industry group's vice president of research and economics, said in a statement.
The MBA separately reported that total U.S. home loans that are late paying or in foreclosure eased in the first quarter but remained near record highs, largely because the country's unemployment rate remains elevated.
One out of seven U.S. households with a mortgage ended the first quarter late on payments or in the foreclosure process.
With the tax credits gone, home shoppers will take more time to find the right property, said Marc Demetriou, branch manager/mortgage consultant at Residential Home Funding Corp in Bloomingdale, New Jersey.
"Unemployment is definitely still an issue and inventory is still an issue, but it's definitely a buyer's market," he said. However, "people that were serious about buying worked very hard and spent a lot of time and effort to find the right house to get in for April 30," when the tax credit expired,
U.S. borrowers have gotten a hand from Europe, on worry that roughly $1 trillion in emergency funding might not be enough to stabilize euro zone debt markets. Investors have fled for the safest securities, slicing the U.S. Treasury yields that are used as a peg for mortgage rates.
Low borrowing costs and stabilizing home prices are being offset by the near double-digit U.S. unemployment rate and a looming supply of foreclosed properties yet to hit the market. The worst of the housing crisis is over but recovery will be long and slow, most economists agree."


Mr. Chapman also known as The International Forecaster is a 74 years old. He was born in Boston, MA and attended Northeastern University majoring in business management. He spent three years in the U. S. Army Counterintelligence, mostly in Europe. He speaks German and French and is conversant in Spanish. He lived in Europe for six years, off and on, three years in Africa, a year in Canada and a year in the Bahamas.

Mr. Chapman became a stockbroker in 1960 and retired in 1988. For 18 of those years he owned his own brokerage firm. He was probably the largest gold and silver stockbroker in the world during that period. When he retired he had over 6,000 clients.
Bob Chapman : you got to remove these people from the government
Starting in 1967 Mr. Chapman began writing articles on business, finance, economics and politics having been printed and reprinted over the years in over 200 publications. He owned and wrote the Gary Allen Report, which had 30,000 subscribers. He currently is owner and editor of The International Forecaster, a compendium of information on business, finance, economics and social and political issues worldwide, which reaches 10,000 investors and brokers monthly directly, and parts of his publication are picked up by 60 different websites weekly exposing his ideas to over 10 million investors a week.

In June of 1991, at the request of business associates, and due to retirement boredom, he began writing the International Forecaster.
Bob Chapman : do not expect the government to guarantee your bank account , it is bankrupt

Bob Chapman : Real Estate is not going to recover for at least 8 years , you should rent not buy

Bob Chapman : Southern California is going to become an absolute zoo

The silver is really under priced , silver is basically a commercial metal today , and they do not produce enough silver every year to meet the commercial demand , the only reason the silver price is where it is today is because the government is manipulating the prices , this won't last forever , these prices are going to break out , silver is probably a better buy than gold from a leverage point of view says Bob Chapman the International Forecaster
you do not want to own a real estate you want to rent , it is cheaper and gives you more mobility ...you wanna travel light nowadays says Bob Chapman , we do not know what it is going to happen but it is not going to be good , Bob Chapman added . The price on the average house in America right now is down 32% , Bob Chapman expects it to go down 40% , there are areas where they are down 50% 60% , 70% and they are going to go lower......

Bob Chapman : Real Estate is not going to recover for at least 8 years , you should rent not buy

Mortgage Delinquencies Reach Record 9.24%

Interview with Mortgage Bankers Association Chief Economist Jay Brinkmann (Bloomberg News)
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Loan refinancings also known as remortgage will take advantage of lower rates have also been key supports of the housing market in 2009, providing a rare bright spot for a market buffeted by rising defaults, foreclosures, and falling prices.some expert see a stabilization in the market others say that the worst is still to come

Home Price Stabilization Key to Recovery

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