though. how about that for a heckler? here we go. martha: new warnings from the u.s. housing secretary about the nationwide foreclosure meltdown, saying that the freezing of all foreclosures, which has been, you know, put out there, would do more harm than good, those statements pushing back against those calling for a blanket moratorium after claims some of the lenders used faulty paperwork for homeowners. this is serious stuff and is affecting everybody across the nation. eric bolling from the fox business network joins me. good to have you here. thanks martha. martha: i want to start by showing you some of the new information we just got, if we can put that on the screen. this is new data, roughly 5 million mortgages are now delinquent, and these numbers that you re looking at are the expected numbers, 3 million, plus, expected for 2010, and from july to september, 288,345 u.s. properties were seized, this is just over the past couple of months, and are now
of it and start to become healthy again. what this does is keeps the buyners place, keeps people in homes they can t afford. martha: and that prolongs the entire process for everybody in this country. what about this phenomenon where you have houses that are falling into disrepair that have been foreclosed upon that some first-time home buyers might want to get into, they can t get into those houses and those homes are becoming delapidated and bringing down the neighborhood. absolutely bringing down the rest the neighborhood and consider the lenders, citigroup said friday things are doing well, the stock was trading higher, then this news came out there may be a blanket moratorium on foreclosed homes. remember, these are banks that are trying to put money out, they have a risk, they can t get it back, citigroup tanked, it was a free market tanking of lenders across the board. it s a bad idea. got to let the free market take over even though it may hurt. martha: what do you think will
the mortgage foreclosure notices being sent out are being sent out correctly that, is to people who haven t been paying their mortgages, but it s a big problem for the housing market now because if the foreclosure process does not work properly, i think it makes it very difficult to get to the bottom of the housing crisis so we can move out of this and move on. bill: so the answer to the why is this: that the banks are worried about legal proceedings down the road, okay? we got that now. right. bill: the white house, david axelrod, says he thinks it s a bad idea. this is for once the white house has taken apgs i agree with. i don t think the government should be involved in this, i think the idea of a blanket moratorium on foreclosures, bill, would be the worst possible thing to do right now. we want the foreclosure process to work properly, so people if they haven t been paying their mortgages for six months or something like that get taken out of the hole and you resell it. the
decision to ban the deep water drilling. he says federal officials appear more interested in ideology and scoring political points as they have done with the misguided cap and trade legislation as americans who derive from the energy center. he says thousands of jobs will continue to be lost and the problem appears to have been solved, but the moratorium had nothing to do with the cleanup effort and the current problem. he s suggesting a more strategic approach. if you have to add federal regulators to check out the rigs, he yes, so be it, and if you have to halt production on some of the ones where you have some safety concerns, okay. that s fine, but to do a blanket moratorium is just, he said, adding insult to injury and further hurting the depressed job situation down in the state. he says 20,000 jobs and almost 100 million dollars in lost wages every month. let s turn the page now to
just the easy way out and saying have a blanket moratorium, you re wrecking the economic here, and you re also hurting the security to the extent that we re losing a lot of production of our domestic resources here. so, you know, again, there s a way to do this properly. really good engineers say it can be done and should be done. in fact, the administration did send down a s.w.a.t. team immediately after the blowout preventer and the spill in the first place, failed, and they cleared all these other riggs. again there s only a couple dozen. we re not talking just about the jobs on the riggs, but the vessels that service the riggs, the vendors that service the vessels. we re talking hundreds of thousands of jobs, and that is a national issue. this is not an economy that can withstand the loss of hundreds of thousands of jobs. as this new operation unfolds, 24 hours since they put the new cap in place, we re told perhaps late tonight, early tomorrow we ll get some preliminary result