Facing Foreclosure? You’re Not Alone.
By Däna Wilkinson, Attorney at Law on Jun 15, 2007 in General Bankruptcy Information
According to the Mortgage Bankers Association, mortgage foreclosures hit a record high the first quarter of this year. The Washington Post reports that
[t]he problems arose last year as the housing market softened, driving down home prices and making it more difficult for cash-strapped borrowers to sell their homes or refinance their way out of trouble.
The most dramatic fallout took place in the subprime market, which caters to people with blemished credit or other factors that make them a risk to lenders.
The report notes that foreclosure rates are not uniform across the country, and that overall rates would have fallen if not for big jumps in California, Florida, Nevada and Arizona, and high rates in Michigan, Indiana, and Ohio. Is that supposed to make us feel better? Last time I looked, a significant percentage of the population of this country lives in California, Florida, Nevade, Arizona, Michigan, Ohio, and Indiana.
Ah, but the Federal Reserve is coming to the rescue, inviting consumer groups, lenders and other experts to weigh in on how it can rewrite its rules to prevent predatory lending. At that meeting this week, no consensus was reached on any of the issues. Color me unsurprised.
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