Sep 17th 2010 @ 11:15AMAug. 30 (Bloomberg) -- The Obama administration plans to set up an emergency loan program for the unemployed and a government mortgage refinancing effort in the next few weeks to help homeowners after home sales dropped in July, Housing and Urban Development Secretary Shaun Donovan said.
“The July numbers were worse than we expected, worse than the general market expected, and we are concerned,” Donovan said on CNN’s “State of the Union” program yesterday. “That’s why we are taking additional steps to move forward.”
The administration will begin a Federal Housing Administration refinancing effort to help borrowers who are struggling to pay their mortgages, and will start an emergency homeowners’ loan program for unemployed borrowers so they can stay in their homes, Donovan said.
“We’re going to continue to make sure folks
EDITORS NOTE: notice the word LOAN - they are not addressing the fraud it another refi... banks are bailed out and homeowners are enslaved into debt
The latest figures from the Bank of England revealed that net lending – which strips out redemptions and repayments – dropped to just £86 million in July, a steep fall from June’s £518 million.
The pound declined against the dollar before a report economists say will show U.K. lenders approved fewer mortgages last month, adding to evidence the economic recovery will falter.
EDITOR NOTE: THESE TWO ARTICLES GO TOGETHER - it is appalling that the economic recovery and housing go hand in hand and yet mortgage fraud is allowed to go on without any meaningful reform (my op)
WASHINGTON — Millions of Americans are still likely to lose their homes in the coming years, but the foreclosure crisis is finally showing signs of subsiding.
The number of households facing foreclosure in April fell 2 percent from a year ago, the first annual decline in five years, RealtyTrac Inc. said Thursday.
But the data aren't all sunny. While the number of new delinquencies is dropping, the number of borrowers losing their homes is still rising. Banks seized a record 92,000 homes last month.
And there are millions more potential foreclosures ahead. Nearly 7.4 million borrowers, or 12 percent of all households with >>>>KEEP READING
For those friends that have not seen foreclosure results up close and personal, here are a few videos to show you what is happening in America all over. Starting with the first video that includes how the loan broke TILA or truth in lending laws. And ending with 7 strategies to use if you are faced with foreclosure. Check also the links to the right of other blogs if you need help!
Less than 1% of home loans are modified. In some states the eviction is 3 days. 3 days to move a lifetime of memories. Arizona is generous - you get 5 days. Evicted homeowners lose their downpayment money, as well any money towards principal payments is gone. To add insult to injury, about 90% of foreclosures are estimated to be wrong. Many do not know that they are victims of toxic loans or fraudulent loans. Many do not know of some of the answers that are out there.
What the heck.... ? What is the hurry to EVICT? 3-5 days? Cash for Key's options mean that you sign away all rights to property! Choice you get 30 days and a POSSIBLE few bucks OR you get evicted in 5 days. That is COERSION. We have courts that are applying COERSION additionally by presuming the banks word that they foreclosed properly. They don't need notes, deeds or anything other than a trustee's deed of sale as a document to force eviction. It does not matter HOW they got that document. AADD YOUR THOUGHTS HERE: COMMENTS
Check out these videos and explore more. LISTEN TO THE STATISTICS and then get involved because it involves everyone in America not just a few nameless people that got themselves into a financial mess. Most people have used all assets to stay in the house as long as they can. All savings, retirement and possibly even loans to try to stay in a house that has no equity to draw from.
DAN'S STORY: Fighting for our Homes - mortgage fraud involved here! TILA (truth in lending) laws violated
CASH FOR KEYS: Explained from REALTOR point of view
HUD foreclosure
Does this sound familiar?: fixed income, no equity and YOU DON'T QUALIFY for help
CALIFORNIA DEPUTIES ARMED EVICTIONS: Several dozen per week
PETS EVICTED TOO: This video from 2008 when there were less foreclosures
Where have all the builders gone? NEW Industry - Foreclosure Cleanup
2009 What to do if facing foreclosure: Jeff Lerman on Fox News: 7 Ways To Legally Delay or Avoid Foreclosure - remember only 1% of homes in 2010 are now modified!
