Mortgage defaults have surged to record levels amid rising unemployment and falling home prices. Lenders are expected to move quickly to clear up backlogs as moratoriums on foreclosures expire.
By Don Lee
July 4, 2009
Reporting from Washington -- Just as the nation's housing market has begun showing signs of stabilizing, another wave of foreclosures is poised to strike, possibly as early as this summer, inflicting new punishment on families, communities and the still-troubled national economy.
Amid rising unemployment and falling home prices, mortgage defaults have surged to record levels this year. Until recently, many banks have put off launching foreclosure action on the troubled properties, in part because they had signed up for the Obama administration's home-stability plan, which required them to consider the alternative of modifying loans to make it easier for borrowers to make payments.
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So happy I didn't get suckered into 30 years of financial slavery circa 2005-06. You can keep your granite countertop and oak floor. I'll keep my freedom from the monthly Ponzi payment.
ReplyDeleteAttention Suckers!!!
ReplyDeleteObamarama gives "el voters" $$$$.
(Wo)Men in mirrors do YOU vote or work for a living?????
All is WELL until $$$ run out then RUN for the door as fast as you can!!!!
Happy Birthday America!!