Even the banks can't afford the houses anymore...

This bodes ill and is infuriating. There should be pitchforks and marchings and I'm not ruling out the guillotine.

"City officials and housing advocates here (South Bend, Ind.) and in cities as varied as Buffalo, Kansas City, Mo., and Jacksonville, Fla., say they are seeing an unsettling development: Banks are quietly declining to take possession of properties at the end of the foreclosure process, most often because the cost of the ordeal — from legal fees to maintenance — exceeds the diminishing value of the real estate.

The so-called bank walkaways rarely mean relief for the property owners, caught unaware months after the fact, and often mean additional financial burdens and bureaucratic headaches. Technically, they still owe on the mortgage, but as a practicality, rarely would a mortgage holder receive any more payments on the loan. The way mortgages are bundled and resold, it can be enormously time-consuming just trying to determine what company holds the loan on a property thought to be in foreclosure.

In Ms. James’s case, the company that was most recently servicing her loan is now defunct. Its parent company filed for bankruptcy and dissolved. And the original bank that sold her the loan said it could not find a record of it.

“It is what some of us think is the next wave of the crisis,” said Kermit Lind, a clinical professor at the Cleveland-Marshall College of Law and an expert on foreclosure law.

...“Nobody has any idea who owns what or who’s responsible,” said Judy Fox, Ms. James’s lawyer at the Notre Dame Legal Aid Clinic. “It’s a very common story.”"

LINK

Frak. We're so effing stupid.

Unbelievable. WTF, mate? From Discover-

"In preparation for future oil shale mining projects near the Rocky Mountains, six oil companies have gained rights to billions of gallons of water in the American West, potentially jeopardizing water supplies throughout the region, according to a new report by Western Resource Advocates [pdf], an environmental group. It is still preliminary to speculate on the implications of the findings, but many are concerned that if the companies put their rights to use, water will be shifted away from agriculture and community use.
Using public records, the report examines more than 200 water rights held by six energy companies, including Shell and ExxonMobil, which, it is estimated, are collectively entitled to divert at least 6.5 billion gallons of water from rivers in western Colorado, as well as almost 2 million acre-feet of water from the state’s reservoirs, which is enough to supply the Denver metro area for six years. Shale oil production is a water-intensive process: up to five barrels of water are consumed for every barrel of oil produced. This means that projects producing 1.55 million barrels of oil per day would require 378,000 acre-feet of water each year, compared to the Denver metro area’s consumption, which is less than 300,000 acre feet. Should oil shale production hit full stride in the next 15 to 20 years — something the White House under President George W. Bush tried to accelerate by opening up 2 million acres controlled by the Bureau of Land Management to leasing and approving royalty rates and leasing rules — there will be a major political battle over water rights."

LINK to Discover blog, which has further links in it. Amazingly good coverage of this shit.

Water scarcity = DOOM

"Humanity is facing "water bankruptcy" as a result of a crisis even greater than the financial meltdown now destabilising the global economy, two authoritative new reports show. They add that it is already beginning to take effect, and there will be no way of bailing the earth out of water scarcity.
The two reports – one by the world's foremost international economic forum and the other by 24 United Nations agencies – presage the opening tomorrow of the most important conference on the looming crisis for three years. The World Water Forum, which will be attended by 20,000 people in Istanbul, will hear stark warnings of how half the world's population will be affected by water shortages in just 20 years' time, with millions dying and increasing conflicts over dwindling resources. "
LINK to article

Tent cities during an economic disaster? You don't say.

"In hard times, tent cities rise across the country
Since foreclosure mess, homeless advocates report rise in encampments

Within weeks, more than 150 people were living in tents big and small, barely a foot apart in a patch of dirt slated to be a parking lot for a campus of shelters Reno is building for its homeless population. Like many other cities, Reno has found itself with a "tent city" — an encampment of people who had nowhere else to go.

From Seattle to Athens, Ga., homeless advocacy groups and city agencies are reporting the most visible rise in homeless encampments in a generation.
Nearly 61 percent of local and state homeless coalitions say they've experienced a rise in homelessness since the foreclosure crisis began in 2007, according to a report by the National Coalition for the Homeless. The group says the problem has worsened since the report's release in April, with foreclosures mounting, gas and food prices rising and the job market tightening." LINK

So put on a happy face!

Yeah, that classless society in America sure is great.

"Out here — just a few miles from world-class golf resorts, private hunting clubs and polo fields — half-naked children toddle barefoot through mud and filth while packs of feral dogs prowl piles of garbage nearby. Thick smoke from mountains of burning trash drifts through broken windows.

People — sometimes 30 or more — are crammed into trailers with no heat, no air-conditioning, undrinkable water, flickering power and plumbing that breaks down for weeks or months at a time.

"I was speechless," said Haider Quintero, a Colombian training for the priesthood who recently visited the parks as part of his studies. "I never expected to see this in America."" LINK