Banks foreclosed on 804,000 homes in 2011…

That works out to a rate of over 2,200 per day.  Every day in 2011.

While foreclosures eased slightly in March 2012 vs March 2011, “RealtyTrac expects banks will repossess close to 1 million homes this year.”

For 2012, that would work out to over 2,700 per day. Every day.  For the next 365 days.

The Leviticus 25 Plan, on the other hand, would ‘power up’ liquidity at the family level, providing debt relief and a strong dose of financial security to American citizens.  These benefits have been utterly lacking throughout the government’s orchestrated (‘central planning’) response to the ongoing, 3-year financial crisis.

The debt relief benefits of the Leviticus 25 Plan would provide the equivalent of what is known in the ‘derivatives’ world as direct “support of the underlying assets.”  Namely housing (with additional support for any other form of pledged collateral).

Daily American News – Apr 12, 2012 :  “At the end of last year [2011], some 1.5 million U.S. homes had mortgages that had gone unpaid at least 90 days, according to Mortgage Bankers Association data.

First-time foreclosure notices, such as warnings of initial default, are the first step in the process that can potentially result in a home being foreclosed upon. Homes can exit the process if the overdue payments are paid. Sometimes, a bank will allow that the home be sold for less than what the borrower owes on their mortgage, a so-called short sale.

All told, 101,939 U.S. homes received a first-time notice in March, the biggest monthly increase since October, RealtyTrac said.

Thirty-one states posted a monthly increase in homes with a first-time foreclosure notice. Nevada led the pack with an increase of 153 percent.

Even so, foreclosure activity overall — as measured by the number of properties receiving a notice of default, scheduled for auction or repossessed by lenders — sank in March to the lowest level since July 2007, the firm said.

In all, 198,853 homes received a foreclosure-related notice last month, down 4 percent from February, and down 17 percent from March last year.

Banks took back 55,075 homes in March, down 14 percent from the previous month, and down 25 percent from March 2011.

RealtyTrac expects banks will repossess close to 1 million homes this year.  Last year, lenders took back 804,000 homes.”

U.S. remains economically stagnant – IMF warns of Eurozone risks – Central Banks quietly moving into gold

U.S. Private Debt as a % of GDP” remains excessive at 270%. This is down slightly from an all-time high of 330% several years ago; yet still higher than the 261.8% level that was registered at the height of the Great Depression in 1932 (Hoisington First Quarter Outlook and Review 2012 – Graphs ).

Real Median Household Income” has been skidding steadily lower since 2008 – and is now down to Levels last seen 15 years ago.

The “Velocity of Money” has dropping sharply over the past 2 years, and has now  fallen below the “1900-2011” average.

All this – in spite of the trillions of dollars that have been “dedicated” by the Government to domestic and foreign banks and other “institutions” to ignite an economic recovery.

A continuing debasement of the U.S. Dollar (gradual or sudden) will have severe consequences on those living below the poverty level… and on those in the middle class.

It is time for the Government to move toward direct credit extension benefits for American families.

The Leviticus 25 Plan would provide a mechanism for massive debt reduction (mortgage debt, installment debt) at the family level – thereby protecting American families from significant additional loss of assets pledged as collateral on loans. The long-term benefits of such a level of debt reduction would prove to be invaluable in maintaining economic liberty for American families.


April 28, 2012 GoldCore:
IMF: Risk of Collapse of Euro and “Full Blown Panic in Financial Markets”
The Eurozone could break up and trigger a “full-blown panic in financial markets and depositor flightand a global economic slump to rival the Great Depression, the IMF warned yesterday. In its World Economic Outlook report, the International Monetary Fund said the collapse of the crisis-torn single currency could not be ruled out.

It warned that a disorderly exit of one member country would have untold knock-on effects.

The potential consequences of a disorderly default and exit by a euro area member are unpredictable… If such an event occurs, it is possible that other euro area economies perceived to have similar risk characteristics would come under severe pressure as well, with full-blown panic in financial markets and depositor flight from several banking systems,” said the report.

“Under these circumstances, a break-up of the euro area could not be ruled out.”

This could cause major political shocks that could aggravate economic stress to levels well above those after the Lehman collapse,” said the report.

Risk Averse Central Banks Favour Gold Over Euro
The risks outlined by the IMF are real and are being taken seriously by central banks who are becoming more favourable towards diversifying foreign exchange reserves into gold.

Central bank reserve managers responsible for trillions of dollars of investments are shunning euro assets and questioning the currency’s haven status because of the region’s sovereign debt crisis, research has found, according to the FT.

Among the most conservative of investors, central bankers have tended to keep much of their fx reserves in high quality euro and dollar denominated assets, such as government bonds.

However, a survey of reserve managers at 54 central banks responsible for portfolios worth $6 trillion, almost half the world’s total, signals that the sovereign debt crisis has sparked a reversal of that trend.

More than three-quarters said the sovereign debt crisis has had a profound impact on their reserve management strategy, with their central banks pulling back from eurozone counterparties and reconsidering attitudes toward the single currency.

Signifying the mood of caution among the world’s central bankers, 71% of those polled said gold was a more attractive investment than it had been at the start of last year. Central banks made their largest purchases of gold in more than four decades last year and have continued to buy the precious metal in the early months of 2012.

Central bank demand is set to continue and may accelerate as the global debt crisis deepens in the coming months.

Debt continues to pile up – March 2012 deficit

March 2012 deficit recently rolled in at a hefty $198.2 trillion. This follows on the heels of the “all-time record high” deficit of $232 trillion in  February.   This brings the total to $779 trillion through the first 6 months of FY 2012.

WSJ 2-1-12:   The “federal debt has increased by $5 trillion in a mere 4 years.”  National debt held by the public (CBO estimate) “will climb this year to 72.5% of the economy from 40.3% in 2008.  This isn’t as high as Italy or Greece, but it’s rising fast toward the 90% level that begins to debilitate an economy.  [Note – the “national debt held by the public” is comprised of U.S. debt securities held by parties outside of the government itself.  The remainder of U.S. debt is held by intragovernmental agencies – for example there are Treasury IOU’s sitting in the Social Security trust fund.]

Government revenues “have been in the tank for five years.  In 2012 revenues will hit $2.52 trillion down from $2.57 trillion in 2007.  Revenues are still only 16.3% of GDP, about two percentage points below the norm.”

Tax revenues flowing in to the U.S. Government are anemic. 

American families remain ‘mired’ in “Household Debt”  (See the latest Quarterly     )

February 27, 2012 Federal Reserve Bank of New York report:

Mortgage and home equity lines of credit (HELOC) balances fell a combined $146 billion, a sign that consumers continue to reduce housing related debt.

After a mild uptick in the third quarter, total household delinquency rates resumed their downward trend in the fourth quarter. The report finds that $1.12 trillion of consumer debt (or 9.8 percent of outstanding debt) is currently delinquent, with $824 billion seriously delinquent (at least 90 days late).

Meanwhile about 2.2 percent of mortgage balances transitioned into delinquency during the fourth quarter, resuming the recent trend of reductions in this measure. However, delinquency rates remain elevated compared to historical figures.

“While we continue to see improvements in the delinquent balances and delinquency transition rates this quarter, there has been a noticeable decrease in the rate of improvement compared to 2009-2010,” said Andrew Haughwout, vice president and economist at the New York Fed. “Overall it appears that delinquency rates are stabilizing at levels that remain significantly higher than pre-crisis levels.”

Other highlights from the report include:

  • Mortgage and HELOC balances on consumer credit reports fell $134 billion (1.6 percent) and $12 billion (1.9 percent) respectively.
  • Non-real estate indebtedness rose $20 billion (0.8 percent) during the quarter, resuming a trend of increases.
  • Aggregate credit card limits rose by $98 billion (3.6 percent), resuming the trend of increases observed in the first half of the year.
    • Open credit card accounts increased by 3 million to 386 million.
  • Credit account inquiries within six months, an indicator of consumer credit demand, increased (2.7 percent) for the third quarter in a row.
  • Roughly 289,000 individuals had a foreclosure notation added to their credit report in Q4, a 9.5 percent increase from the third quarter.
  • Student loan indebtedness increased slightly, to $867 billion.


It is time to bring in the Leviticus 25 Plan.

America is ready.

Progress Report update – April 2012

The Leviticus 25 Plan was launched in January 2012.

It was sent to all 50 governors, 50 state Chamber of Commerce organizations, major financial news sites and nationally-syndicated columnists.  It has also been sent to certain key members of Congress.

Interested responses have been received from certain financial new sites, several syndicated columnists, and two contacts in Washington.

The Plan has broad popular appeal for working Americans.

And April begins round two.  All of the same individuals and sites named above will again receive notice of the Leviticus 25 Plan – see the message below.

Help spread the word


A bold new economic recovery plan was launched in January of this year.  This Plan delivers powerful cost savings and tax revenue benefits for state and local governbments.   Ihas been sent to all 50 Governors in America, along with all 50 state Chamber of Commerce organizations.
The Leviticus 25 Plan is a unique economic acceleration plan which gets right to the heart of economic recovery in America. It provides direct liquidity benefits to American families and long-term benefits for small businesses and housing markets across America – while scaling back the role of government and reducing debt burdens on our country.
These benefits are accomplished through a $50,000 direct credit extension from the Federal Reserve – to each U.S. citizens who wishes to participate.
The Federal Reserve has provided trillions of dollars in liquidity extensions to foreign interests via currency swaps, the purchase of European sovereign debt, and direct credit extensions to foreign banks.  U.S. citizens deserve nothing less than the same access to credit.
This comprehensive plan has been two years in development, and January 2012 marked the official launch.  This is the second round of the launch.  It has also been sent to major financial media sites, think tanks and various economic organizations.
This economic plan would be a major benefit to the good American citizens in your state.Your support and influence for the plan will be appreciated.And also note – the federal government has no credible plan to deal with the nation’s sovereign debt and turn this economic crisis around.
 The Leviticus 25 Plan is included immediately below (note especially the FAQ section).

Foreclosures 2012 – another surge coming…

Reuters April 4, 2012:  “We are right back where we were two years ago. I would put money on 2012 being a bigger year for foreclosures than 2010,” said Mark Seifert, executive director of Empowering & Strengthening Ohio’s People (ESOP), a counseling group with 10 offices in Ohio.

In 2011, the “robo-signing” scandal, in which foreclosure documents were signed without properly reviewing individual cases, prompted banks to hold back on new foreclosures pending a settlement.

Five major banks eventually struck that settlement with 49 U.S. states in February. Signs are growing the pace of foreclosures is picking up again, something housing experts predict will again weigh on home prices before any sustained recovery can occur.

Mortgage servicing provider Lender Processing Services reported in early March that U.S. foreclosure starts jumped 28 percent in January.

More conclusive national data is not yet available. But watchdog group, which helped uncover the “robo-signing” scandal, says it has turned up evidence of a large rise in new foreclosures between March 1 and 24 by three big banks in Palm Beach County in Florida, one of the states hit hardest by the housing crash

Although foreclosure starts were 50 percent or more lower than for the same period in 2010, those begun by Deutsche Bank were up 47 percent from 2011. Those of Wells Fargo’s rose 68 percent and Bank of America’s, including BAC Home Loans Servicing, jumped nearly seven-fold — 251 starts versus 37 in the same period in 20