Uh..It's good to be back in bloggersville...It been 15-20 days that i have not opened my blog. Then i don't get time these days....Lotsa things happenin in office..Last month we saw the melting of financial giants..this month we saw the the melting of Satyam and near-disaster at Wipro. So much data is flowing for reproccesing or verification that we financial data security people hardly get any time. and again with the implementation of Siebel CRM the work has increased many folds. I sometime think that working on a financial vertical is notall a good option but sometimes it feels good coz in many situation you will be the first to know abt things. For Example the meltdown of American Mortage sector. When i joined the Equifax team the mortage sector 
was already extended for lower middle class, immigrants and students on some terms and conditions which , now quite evident were not sufficient.
was already extended for lower middle class, immigrants and students on some terms and conditions which , now quite evident were not sufficient.At that point of time nearly one in five U.S. mortgage borrowers owe more to lenders than their homes are worth, and the rate may soon approach one in four as housing prices fall and the economy weakens, a report on Friday shows. Banks and Capital depositors are central to any economic model- be it Capitalism or Communism. They are responsible for the liquidity and availability of capital. On Monday, 20 Octoder 2008 I recieved a advanced alert report from Carelogic about a possible rise in Negative Equity. We were also dealing with Data breach at CountryWide Home Mortagage and BM Melon. We also got some advanced reports on irregularities in the books of Wachovia and AIG. A stupid can also guess that a big organisation like AIG or Lehmann Brothers cannot go bankrupt in a single day. This is the result of inefficient policy making and poor control. About 7.63 million properties(it's abt 18%) had negative equity in September, and another 2.1 million will follow if home prices fall another 5 percent. We identified seven states which were badly hit by the crisis- Arizona, California, Florida, Georgia, Michigan, Nevada and Ohio . Together these states accumulated 61% of all "underground" borrowers and the shocking thing was this is about 41% of US Mortage. That blew the minds. I said " Jesus! they granted mortgages to these people. How in god's grace these companies will manage to pull up the money." It was quite evident that these companies were left with little and it would be hard to steer away from this situation.
On 1 November CNN-IBN was broadcasting a interview with David Wyss, chief economist at Standard & Poor's...according to Mr. Wyss ""This is very much a regional problem, and people tend to forget that".One of my collegue was furious "This is so typical american..kis *****ye ko le kar aaye hai"....m********do ko samaj nahi aata ki lagne wali hai....sale hamari jobs aur salary kha jayenge"....Well in a way he was right...i think we were more concerned about the meltdown. If something happens there we will have to share the consequences- Projects will be withdrawn, People will loose jobs or salary cut. Mr. Wyss Continued ""Most of the country is not in bad shape. Things seem to be stabilizing in Michigan, but the big bubble states -- Florida, California, Arizona and Nevada -- are still very overpriced."
I was wondering is this a honest way to avoid any economic panic or he's just trying to patching up irregularities. In reality about 68 percent of U.S. adults own their own homes, and about two-thirds of them have mortgages. Now the situation is like JPMorgan Chase & Co, one of the biggest mortgage lenders offered to modify $70 billion of mortgages to keep a potential 4 lakh homeowners out of foreclosure. Bank of America Corp, which bought Countrywide Financial Corp in July, also has a large loan modification program. Despite a series of expensive government programs to spur lending, mortgage rates are rising, making it tougher to borrow or refinance. The rate on a 30 year fixed rate mortgage jumped this week to 6.46 percent from 6.04 percent. Now it seems like New York is also under fire. We're going to see home prices coming down pretty significantly in New York. I think It's the after effect. Obama Sure will have a tough time in White House. But GoodLuck to You, Mr. President!
And from our side we are making honest attempts to save American money- for our betterment and our country's.
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