One out of six American homeowners are afraid they’ll have their home foreclosed, according to a new survey conducted by Housing Predictor.
More than one million homeowners throughout the nation have already under gone foreclosure in 2007 and at least an additional two million are forecast by Housing Predictor to be foreclosed through 2009. The epidemic of foreclosures were initially because of defaults in the subprime lending market, but a growing number of conventional loans are being foreclosed as a result of higher interest rate adjustments and exotic mortgages provided by lenders who wanted to make mortgages to borrowers at any cost.
I have been saying this for quite some time. This is spilling over into prime mortgages big time. Homeowners who did not use these adjustable rate mortgages or negative amortization loans think they are not affected by this? Think again. Because soon all that equity that you haven’t touched will be snuffed away. They soon will not be able to refinance because their loan to values are too high. All that debt they racked up and on their 5 credit cards, the beemer in the garage and Mary’s college fund will all go down the subprime toilet.
I personally think the Holiday season will be a time of reckoning for the American economy. Poor results on retail sales will definitely prove that the housing mess is affecting every nook and cranny of our financial system. What confidence is left will be lost.
A series of lawsuits have already been filed against major national mortgage companies and subprime lenders, and attorneys representing borrowers are preparing class action lawsuits against many of the nation’s largest mortgage companies.
Mortgages, including conventional, subprime financing and second mortgages were traded on Wall Street as securities at a feverish pitch as hedge funds until investors, who required 30% profits to keep investing in the funds became leery of the practice and stopped investing in the mortgages at such a fever pitch shutting off the supply of money to invest in mortgages.
Many have likened the practice to a Ponzi scheme, where the last investor to come into the game is left holding the bag to find another investor to get their money back. A series of lawsuits have been filed against Wall Street investment bankers, mortgage brokers and mortgage companies as a result.
Housing Predictor regularly surveys visitors on real estate related issues and provides more than 250 local housing market forecasts in all 50 U.S. states.
Check your markets forecast and search for real estate listings, including foreclosures at www.housingpredictor.com
{ 65 comments… read them below or add one }
The stock market took one big hit when this started… wait until the Holiday “spending” numbers are out… and watch the second hit to Wall Street.
Countrywide is the scum of the earth and I don’t believe a da*m word they say. We got ourselves out of foreclosure last February paying over $6,000. Just the other day we got a letter from Countrywide telling us we owe them over $600 for additional lawyer fees regarding our foreclosure. I call them and they tell me to call the lawyers office. I call the lawyers office who tell me they did NOT charge any additional fees and per our written foreclosure agreement we were paid up and taken care of. So now trying to get the morons at Countrywide to listen and remove the lates off our account not to mention our credit reports is going to take an act of God not to mention an attorney. I’m going to have to contact our attorney to try and intervene since Countrywide REFUSES to help. All I hear is we’ll turn it over to the shift manager…whatever morons. I’m seriously so done with Countrywide I could just scream. I hope they get whats coming to them and that the feds do something with this corrupted group. My rant is over for now…:)
Thanks for the rant and please come back and rant anytime.
I have been known to do that on occasion.
It seemed as if Countrywide was doing all they could to keep their REO’s in CA,below the 3,000 mark (probably playing with the numbers), now that it is over that mark it
seems to be constantly on the upward move(3201). So much for their Work Out Dept. That Dept. is a scam in itself. Countrywide makes vampires look like blood donors.
Yes, they make the Gambino crime family look like punks
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