From the article: Shadow Inventory
Millions of homeowners have gone into foreclosure, and many more are headed that way. This shadow inventory of homes in the foreclosure pipeline keeps housing prices down. The government has launched HARP, which allows homeowners to refinance at current low rates. The Making Homes Affordable program assists with modify loan payment terms. However, banks won't reduce principal amounts so borrowers can stay in their homes. Banks prefer to wait until after the foreclosure auction to take their losses. The Fed keeps interest rates low. So far, nothing has made a real dent in the problem. What do you think should be done? What Do You Think?
Foreclosure Mess:
- The Government and the lending"banks" institutions encouraged millions of people to take these loans and walk away when the problem came. No responsibility from either side, (no one care an more), its all about profit, in the name of "greed" is why we are in this mees at this time. our leadership in Washington, DC. is where the problem is, no "leadership." To give an example, the justice department is happy about being able to retrieve only $25-B dollars from this banks and leanding institutions, not enough, they should have forced them to pay more than $100B for the damage they cause the world economy. Again, the lack of leadership in Washington, DC. is the problem we are having today. The justice department should be demanded to go after more money for those home owners and former home owners for the pain they are suffering at this time. The (international monery fund) is waiting for America to lead again, America needs a (billion dollar lottery, and term limits).
- —Guest Sammie McNeal Jr.
Mr.
- Vote out the liberal, social progressives that exacerbated this problem with Fannie Mae and Freddie Mac as well as the draconion actions forcing the banks to offer loans to those that were not qualified.
- —Guest John
Home Value
- The home value has reduced drastically. I believe the mortgage should reflect current home value not 5 years ago. I am not able to refinance my home today because the loan is upside down. I have a second mortgage that is a balloon which matures October 2012. The bank was not able to give me an answer on what happens after October 2012 and I am not able to pay.
- —Guest Catrina
Nationalize Banks
- The government should do what they did in the Savings and Loan debacle. Nationalize the banks, and take over the loans. Help homeowners keep their houses if possible. Create a Resolution Trust Corporation to manage the foreclosed homes. The banks got us into this mess, why should they be protected?
- —Cre8iveForce
