Your Questions About Foreclosures |

Your Questions About Foreclosures

Your Questions About Foreclosures

Ken asks…

0bama on track for achieving 1 million home foreclosures in 2010. Change we can believe in?
Homes lost to foreclosure on track for 1M in 2010
“Nearly 528,000 homes were taken over by lenders in the first six months of the year, a rate that is on track to eclipse the more than 900,000 homes repossessed in 2009, according to data released Thursday by RealtyTrac Inc., a foreclosure listing service.

“By comparison, lenders have historically taken over about 100,000 homes a year”

But I’m sure Bush is to blame for this, somehow.
So, at what point does Obama become responsible for correcting problems he “inherited?” Bush inherited the 9/11 attack, but somehow he was SOLELY to blame. How does this work, exactly?

Your Questions About Foreclosures

The Expert answers:

And from London this morning, NPR reported that banks are starting to issue mortgage backed securities again due to the lack of investment vehicles. Deja Vu all over again. Oh but the best thing is, the US securities will be backed by Fannie and Freddie. The point was made that approximately 1 million foreclosures will occur in the US therefore it would appear that there has been no alleviation of home loss, no real methodology to assist homeowners to quickly resolve their mortgage issues and in the meantime, the mortgage backed security business will be in full flow courtesy of F and F. As a taxpayer I don’t find that comforting at all.
Edit: the following is taken from the link attached “In the period 1989-2008, topping the list of recipients of contributions from Fannie Mae and Freddie Mac is the chairman of the Senate Banking Committee, Sen. Dodd (D-Connecticut), who received $165,400. Second on the list is Sen. Obama (D-Illinois), receiving $126,349 with only three years in the Senate. Rep. Frank (D-Massachusetts), received $42,350.
November 1994

President Clinton addresses homeownership: “I think we all agree that more Americans should own their own homes, for reasons that are economic and tangible and reasons that are emotional and intangible but go to the heart of what it means to harbor, to nourish, to expand the American dream. . . . I am determined to see that you have the opportunity and together we can make that opportunity for the young families of our country. I am committed to a new and unprecedented partnership between industry leaders and community leaders and Government to recommit our Nation to the idea of homeownership and to create more homeowners than ever before.”

June 1995

Republicans had won control of Congress and planned CRA reforms. The Clinton Administration, however, allied with Rep. Frank, Sen. Kennedy (D-Massachusetts) and Rep. Waters (D-California), did an end-around by directing HUD Secretary Andrew Cuomo to inject GSEs into the subprime mortgage market.

As Kurtz notes,”ACORN had come to Congress not only to protect the CRA from GOP reforms but also to expand the reach of quota-based lending to Fannie, Freddie and beyond.” What resulted was the broadening of the “acceptability of risky subprime loans throughout the financial system, thus precipitating our current crisis.”
See full article for chronology of events and who to did what to whom.

Your Questions About Foreclosures

Nancy asks…

How can one obtain foreclosure info?

I am looking to buy a foreclosure in the future. I do not want to pay for a service to find foreclosures.

Will a bank give you the list for free?

Your Questions About Foreclosures

The Expert answers:


Your Questions About Foreclosures

Ruth asks…

How correct is Yahoo Search? Or why yahoo search engine doesn’t like

The most advanced foreclosure listing service in Illinois seems to have problems with Yahoo search. is rated among the top search results on Google but on Yahoo it’s intentionally kept on the 5-6 page.On all request for more specific explanation regarding the unreasanable low placement we received only general answers. So if there is somebody who really knows how this can be solved I’d appreciate it.

Your Questions About Foreclosures

The Expert answers:

I use for my default search engine. It uses 5 or 6 engines in one. Try that.

Your Questions About Foreclosures

Linda asks…

Isn’t it Great to be the King? Playing hoops with the “Big Names”, As Americans are kicked outta their homes?

Obama Plays Hoops With NBA Superstars
President Obama was joined on the court today for a pick-up game of basketball by about a dozen professional basketball greats past and present

Foreclosure Rate: Americans On Pace For 1 MILLION Foreclosures In 2010

More than 1 million American households are likely to lose their homes to foreclosure this year, as lenders work their way through a huge backlog of borrowers who have fallen behind on their loans.

Nearly 528,000 homes were taken over by lenders in the first six months of the year. If foreclosures continue at that rate, the yearly number would eclipse the more than 900,000 homes repossessed in 2009, RealtyTrac Inc., a foreclosure listing service, said Thursday

Ain’t it great to go half-court and make that three pointer- Homeless Americans can go “Eat their cake” right Mr. President?
Hey Mr Wolff: I’m just saying that it’s obious that THIS Basketball game is all part of his great plan to help america. Why he would NEVER use the Office of the President for Personal Gain (rolls eyes)

Your Questions About Foreclosures

The Expert answers:

Nope but people like wolf clapped their hands and wet themselves and chanted yes we can not knowing the repercussions!!! Too bad,..lib actions and answers prove that they care nothing for America as long as they can whine and blame Bush!!!

Your Questions About Foreclosures

Susan asks…

What do you think If 1 in 10 U.S. households at risk of losing their homes should we abolish the Dream Act?

Our own people are suffering and Obama save the homes programs failed. What should come first illegals getting free college educations or helping out fellow Americans ?WASHINGTON — One in 10 American households with a mortgage is at risk of losing its home, and the foreclosure crisis could worsen if jobs remain scarce.

About 9.9 percent of homeowners had missed at least one mortgage payment as of June 30, the Mortgage Bankers Association said on Thursday. That number, adjusted for seasonal factors, was barely down from a record-high of more than 10 percent as of April 30.

The Labor Department said requests for unemployment benefits fell sharply last week. The drop in first-time claims to a seasonally adjusted 473,000 was the first decline in a month and a hopeful sign after a raft of dismal economic reports.

Still, unemployment claims remain much higher than they would be in a healthy economy. Employers are reluctant to hire as economic growth appears to be slowing.

The number of Americans who are missing payments and falling into foreclosure has followed the upward trend in unemployment. The jobless rate has remained near double digits all year.

“Ultimately, the housing story, whether it is delinquencies, homes sales or housing starts, is an employment story,” Jay Brinkmann, the Mortgage Bankers Association’s top economist, said in a statement. “Only when we see a consistent increase in employment will we see an increase in sales and starts, and a sustained improvement in the delinquency numbers.”

More than 2.3 million homes have been repossessed by lenders since the recession began in December 2007, according to foreclosure listing service RealtyTrac Inc. Economists expect the number of foreclosures to grow well into next year.

Besides forcing people from their homes, foreclosures and distressed home sales have pressured home values and crippled the broader housing industry. They have made it difficult for homebuilders to compete with the depressed prices and discouraged potential sellers from putting homes on the market.

The housing market is struggling even as mortgage rates fell to the lowest level in decades for the ninth time in 10 weeks. Mortgage buyer Freddie Mac said the average rate for a 30-year fixed loan fell to 4.36 percent this week.

Rates have fallen since the spring as investors, spooked by a slowing economy, shifted money into the safety of Treasury bonds. That has lowered the yields on long-term Treasurys. Mortgage rates tend to track those yields.

The economy has grown for four straight quarters. But the pace has slowed from a 5 percent annual rate in last year’s fourth quarter to 3.7 percent in the January-to-March period. It has weakened even further in the past several months.

Many economists expect the government Friday to revise lower its growth estimate for the April-to-June quarter to below 2 percent. That’s weak in normal times and even more worrisome after a steep recession.

Your Questions About Foreclosures

The Expert answers:

Its time our country start to take care of our own people.

The only reason unemployment rates are showing at a lower percentage is because many of the unemployed are not longer qualified to receive unemployment and some of the unemployed have taken part time jobs which is all they can get.

What is stated above is correct, the job market needs to improve before housing becomes stabilized.

My son lost his job over 2 years ago, after awhile of looking for jobs and becoming tired of staying at home, he entered a new field, home health care, but that is only a part time position. However, because he had this part time job that paid him almost as much as his unemployment did, the was no longer qualified to receive any unemployment. Therefore, he is now 9 months behind on his mortgage and has made a deal with the bank to have the house listed to sell so that the mortgage can be paid off, and the realtor will get paid, IF the house ever sells, my son has lived in this house since 1991 and now will lose the house and walk away with no money.

I say a big ThankYou to our deal old Uncle Sam who has seen fit to screw as many Americans as they can.

TO our Government…START HELPING THE AMERICAN PEOPLE! We are losing every thing this country was based on.

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Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures

Your Questions About Foreclosures

Your Questions About Foreclosures