Let The Voting Begin
I have to tell you I must have been a few days behind catching up on my news because yesterday I was watching President Bush talking about the housing and mortgage industry and it said breaking news. However, when I turned to other channels he was not on there. So I determined that it was more than likely a re-run of the talk he gave last week unveiling the mortgage plan. I was not really surprised by what I had heard since there was a lot of build up to the unveiling. So I listened and then went on with my day.
This morning as I was doing my reading, I read through CNNMoney’s real estate website that a House committee is scheduled to vote Wednesday on legislation that would permit judges to shrink the size of home loans for bankrupt homeowners – a mortgage-mess remedy supported by consumer advocates and ardently opposed by the lending industry. I would have to ask the question for those that oppose this, do they not believe that the housing and mortgage industry is in crisis? Let me give you an example, I read last night in our local news that
Colorado is on tract to have 37,000 foreclosure filings by the end of the year. They topped their end of the year 2006 number in November of this year. How many homes in your neighborhood say for sale or look vacant as if the people moved out over night?
The article went on to share that under existing law, judges cannot modify loan terms on a borrower’s primary residence, but can do so for mortgages on second homes. I really wonder how many people fall into the category of having second homes. Maybe it is my being naïve, I thought many people that were facing foreclosure was on their primary home. Well that is the way it appears in our neighborhood. When people go through foreclosure on a home, they still end up somewhere. What is the bigger picture of helping them keep the home they have?
The bill that is being considered on Wednesday would apply to subprime loans made since 2000 to borrowers with shaky credit, and other nontraditional loans, such as those in which borrowers only make interest payments. The more I read national news and watch local news, everyone keeps saying the worst is not over. I do believe that because it seems each quarter it is getting worse and worse. Everyone keeps having these meetings to discuss the problem and reach some viable solutions. With each meeting there are solutions being presented, however the problem continues to grow and the number of foreclosures increase as well. What is going to happen one the votes are taken on Wednesday? What viable options will home owners have that they can see a light at the end of the tunnel? Don’t miss out on the vote. Either come back here to receive an update or watch the local and national news. With all the discussions that have been going on, this is a story that will be watched and reported on as soon as the voting is over.
Taffy Wagner