Record 12 percent of homes have mortage woes

[Stuart G]

Source: MSNBC, AP

http://www.msnbc.msn.com/id/29528856/

updated less than 1 minute ago

NEW YORK - An industry survey shows a record 5.4 million American homeowners with a mortgage, or nearly 12 percent, were either behind on their payments or in foreclosure at the end of last year.

The Mortgage Bankers Association said Thursday the percentage of loans at least a month overdue or in foreclosure was up from 10 percent in the July-September quarter and up from about 8 percent a year earlier.

The sharpest increases in loans 90-days past due were in Louisiana, New York, Georgia, Texas and Mississippi, reflecting a spreading recession and massive job losses nationwide.

No link yet.

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This is the very definition of deep deep trouble..(that is one in eight)

[Myrina]

1. Is the President going to call a freeze on foreclosures?

I recall Candidate Hillary suggesting she's put one in place while working on 'the plan', were she elected.
Now we have a plan from the Obama Administration and the fed & the mortgage companies are all saying its going to take them
at least 60-90 days to get it in place, start the wheels in motion.
Shouldn't there also be a moratorium on foreclosures for the at-risk-folks waiting for the entities to get their shit in order?


:shrug:

[kestrel91316]

2. Most people can probably get a "moratorium" by saying the magic three words:

PRODUCE THE NOTE.

[Myrina]

3. Right, but ...

... it would be nice if it didn't have to come down to that kind of confrontation for people who will undoubtedly be under massive stress already.

[Lance_Boyle]

4. why prolong the inevitable?

The foreclosures need to happen. If you cannot (or can no longer) afford to make the pre-arranged payments on the dwelling you occupy, you should not keep that dwelling.

[Myrina]

5. Wow, nice compassion for people who are temporarily up shit creek.

Glad you're not MY president.

[David__77]

6. I don't think a blanket policy is good.

Some people are so far in over their heads that it will do no good. They bought at the peak of a credit bubble and selected housing under "creative" financing that was not appropriate in any sense when considering their income. For these cases, orderly foreclosure makes sense. There are others, of course, that should be assisted to remain in their homes.

[David__77]

7. The good news is that people can become renters.

There's nothing wrong with renting. Many people can short sell their homes and reorganize and purchase again at a later date. Nothing wrong with that.