Metas
Naples Florida Real Estate News - 11/20/07
FORECLOSURES - Created to combat a rising flood of mortgage foreclosures, the Hope Now alliance began a nationwide mail campaign Monday to 300,000 homeowners, offering help to those who may be having trouble meeting their mortgage payments. Hope Now alliance, is backed by the Bush, is a partnership of mortgage companies and nonprofit housing counselors. It is the hope that consumers will be less reluctant to contact their lenders when they start to realize or think they will have problems with making their monthly payments.
It is interesting to note, that some lenders tell people, there is nothing that they can do for them until they are behind in their payments.
“It is in no one’s interest to see a home go into foreclosure,” says Robert Steel, Treasury Undersecretary. This is a very true statement, but in conversations with homeowners behind in their monthly payments, the lender verbally agreed to accept a check to make up the payments on two different occassions. Both times the check was returned to the homeowner. The lender foreclosed on the home and it was auctioned off at the Collier County Courthouse. Lender purchased the home for $100! Could this be another misleading statement by the Bush Administration?
FREDDIE MAC - Freddie Mac set aside $1.2 billion in the third quarter to account for bad home loans but posted a $2 billion loss Tuesday amid a worsening mortgage crisis. The results heighten investor anxiety over Freddie Mac and Fannie Mae, which had been considered less vulnerable with less exposure to high-risk, subprime mortgages.
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