Foreclosure Help From Government 2009
November 24th, 2006
Foreclosure Help From Government 2009
Question: can anyone turn the housing market around?
Industry experts say there have been more than 900,000 foreclosures since 2007. We'd all agree things are pretty bad right now
Nearly 2 million mortgages are delinquent by 60 days or more, putting them at risk of foreclosure.
The Government says it will wait to take any action until after the new president is seated in Jan 2009. that's at least five months from now...
So I ask if only 900,000 foreclosures have damaged the market this bad what's going to happen when we see 2 million home owners go belly up? Can this even be stopped at this point?
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Answer: Yes it can be stopped if banks are willing to renegotiate the value of the house to reflect current market value. Put a moratorium on foreclosures. Put a cap on mortgage rates from 6.5 % to 5.5%.
Banks want Government bailout with taxpayers money but they are still too greedy to make any concessions to people who are in financial distressed.
Eviction Day Foreclosures in America 2009
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