Sacramento, California - Governor Schwarzenegger Discusses Ways to Help Homeowners Avoid Foreclosure in his radio address.
Hi, this is Governor Arnold Schwarzenegger with another California Report.
Thanksgiving was Thursday and all across California, people gathered in their homes with friends and family to share a meal, give thanks and build memories that last a lifetime.
But in too many of those homes, the Thanksgiving holiday was saddened by the threat of a mortgage foreclosure.
A survey last week said that 7 of the 16 metropolitan areas with the nation’s highest foreclosure rates are right here in California. And by the way, another half million Californians have sub-prime loans that will jump to higher rates in the next two years, so they are feeling this pressure too.To lose your home in a foreclosure is an emotional crash that can take years to overcome. It devastates families, hurts neighborhoods and depresses our economy, which is a big reason why our state revenues have taken such a big hit.
But we don’t have to sit idly by to watch the American Dream turn into the American Nightmare. Help is available. I urge all Californians who are having trouble making their payments to seek assistance. Many lenders are willing to work with the borrowers on finding a solution, so don’t run when they reach out to you. Answer the phone when they call. If you get something in the mail, respond to it. And we have set up a website to help.
It is available at http://www.yourhome.ca.gov/ or in Spanish at http://www.sucasa.ca.gov/.
The Homeownership Preservation Foundation also has a toll-free hotline at 1-888-995-HOPE.We want next Thanksgiving to be filled with wonderful memories, not foreclosure worries. So we met with lenders and some of the biggest companies have agreed to help.
Normally the payments for many sub-prime loans would spike up when the rates are supposed to be adjusted. But these lenders have agreed to keep mortgages at the initial lower rate, for a period of time, for people living in their homes and making timely payments. This will help more than 100,000 California families keep their homes and we are encouraging other lenders to do the same. I am also working with our legislators to make sure we take whatever steps are necessary to better protect consumers.
This approach does not involve a government subsidy or a government bailout. It involves common sense, pragmatism and doing the right thing. By working together we can protect the American Dream, and our economy, without hurting the American taxpayer.
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The real problem here is Greed and nothing more. Wallstreet sure liked the money and created the bad products to fuel the sin. CW is just like the rest - Wallstreets’ Scapegoat.
Countrywide wants to modify the junk loans because to not do so would result in immediate defaults. It benefits CW to bleed the buyers as much as possible for as long as possible, but it does not benefit the buyers who eventually have to give up an overpriced house they ultimately cannot afford.
CW will end up with these houses sooner or later.
“But these lenders have agreed to keep mortgages at the initial lower rate, for a period of time, for people living in their homes and making timely payments.”
I like that “for a period of time”. Just what is the length of this period of time? Until after the elections next November maybe?
The people who are over their heads with higher rates now will also be over their heads with higher rates later. Unafforable will remain unaffordable.
Schwarzenegger is best buddy’s with Roland Arnall, Our Not so Great AMBASSADOR. And Owner of Ameriuqest Argent and AMC Mortgage Services.The Nightmare Mortgage Company from He//…
Who are the lenders they talked to, That agreed to ‘Quote’ Help?