Foreclosures Are Up , Surprise, Surprise
May 13, 2009 by admin · Leave a Comment
From the I hope you are not surprised section of the financial news a report surfaced today that “The number of U.S. households faced with losing their homes to foreclosure jumped 32 percent in April compared with the same month last year, with Nevada, Florida and California showing the highest rates. More than 342,000 households received at least one foreclosure-related notice in April, RealtyTrac Inc. said.”
As Gomer used to say “surprise, surprise, surprise!” No not really, it is going to get worse, lots worse before it gets better, unless of course you listen to our leaders in Washington. President Barack Obama’s administration announced a plan in March to provide $75 billion in incentive payments for the mortgage industry to modify loans to help up to 9 million borrowers avoid foreclosure. Good news right? Boy oh boy the media loves to love Obama.
Mortgage lenders and the mortgage industry are idiot proof. The United States Government is seeing to that. Make bad loans?, no problem here is a few billion to fix it.
When and if our government decides to let it break rather than bailout private industry after private industry, then we have a chance at a changes occurring.
America cannot go on living, borrowing and spending like it never needs to be paid back. Unless of course you are big business, then you get a free pass. I am a Republican , I love business, but everyone needs to be accountable, everyone.
Our economy is in a reset mode and we need to let it reset. This past November I lost a home of 18 years to foreclosure. I did not seek help from the government nor anyone else. The mortgage company did not want to modify my loan , discount the interest rate or anything like that. I lost it and I take responsibility for that I just wish our leaders and corporate bigwigs would be so accountable
