Foreclosure Prevention Act
April 11, 2008
It seems as though everyone has a "Foreclosure Prevention Act." I'm thinking that some of you who read this blog may have ideas about a "Foreclosure Prevention Act" that might actually help the homeowner facing foreclosure - a plan to help the homeowner who likes his home and wishes to remain in it.
Since I was a real agent during the foreclosure epidemic of the 1990s, I am aware that it took government intervention in the form of the Resolution Trust to take over all the properties that caused the banks and savings and loan companies to fail. It was a different scenario than the present one. In the 1990s, at least here in the Inland Empire, the loss of jobs due to base closures and due to companies moving out of California created an oversupply of housing and an under supply of Buyers. Today, the foreclosures seem more related to lender practices - namely the growth of 100% financing.
The President, H.U.D., FHA, the Senate, the House, the California Governor, the State legislators, and the presidential candidates - all have plans. What the adopted solution will be is hard to determine. I personally find all the plans very complex and am waiting to see one that is clear and concise.
If those of you who are following all this economic news wish to weigh in on the subject, click the comment button and enter your thoughts. I look forward to hearing from you.
It seems as though everyone has a "Foreclosure Prevention Act." I'm thinking that some of you who read this blog may have ideas about a "Foreclosure Prevention Act" that might actually help the homeowner facing foreclosure - a plan to help the homeowner who likes his home and wishes to remain in it.
Since I was a real agent during the foreclosure epidemic of the 1990s, I am aware that it took government intervention in the form of the Resolution Trust to take over all the properties that caused the banks and savings and loan companies to fail. It was a different scenario than the present one. In the 1990s, at least here in the Inland Empire, the loss of jobs due to base closures and due to companies moving out of California created an oversupply of housing and an under supply of Buyers. Today, the foreclosures seem more related to lender practices - namely the growth of 100% financing.
The President, H.U.D., FHA, the Senate, the House, the California Governor, the State legislators, and the presidential candidates - all have plans. What the adopted solution will be is hard to determine. I personally find all the plans very complex and am waiting to see one that is clear and concise.
If those of you who are following all this economic news wish to weigh in on the subject, click the comment button and enter your thoughts. I look forward to hearing from you.
posted by shirley harry at 8:59 AM
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