The mess is massive and the clean up gargantuan! Over $2517 BILLON of this toxic sludge is out there right now!
I’m speaking of the biggest mortgage, housing, financial, and economic crisis EVER! I’m talking about the most ridiculously defective credit instrument that was ever designed or imagined. The largest financial catastrophe that we will ever see in our lifetimes is being played out right now, in front of our very eyes.
SUBPRIME SLIME! TOXIC LOANS! COUNTRYFRIED MORTGAGES! LENDRON!
Call it what you want. But the true, dark and harsh reality of what our poor country is facing, as a result of these loans, is downright terrifying.
Take a look at these numbers from a recent report and recommendations by the majority staff of the Joint Economics Committee called “The Subprime Lending Crisis“:
* Approximately $71 billion in housing wealth will be directly destroyed through the process of foreclosure
* More than $32 billion in housing wealth will be directly destroyed by the spillover effect of foreclosures, which reduce the value of neighboring properties
* States and local governments will lose more than $917 million in property tax revenue as a result of the destruction of housing wealth caused by subprime foreclosures.
They are fricken terrified of what the housing and mortgage crisis is going to do to our entire economy. Well, I don’t know that for sure. But if I was in Treasurer Paulson’s shoes, my knees would be shaking a bit, to say the least.
This is a war and we are going to need a massive deployment of troops to fight these adjusting toxic mortgages and put out foreclosure fires in every community in America.
It will take a huge effort to effectively fight foreclosures and ease the strain on the rest of the economy.
Literally thousands of employees will need to be added to these poorly staffed lender and servicer loss mitigation departments (we need to force them to properly staff or this is all fluff and BS), thousands of housing counselors will need to be hired and trained, more counseling centers will need to be opened, legal aid clinics and staff attorneys will need funds, hundreds of millions in tax dollars, grants and emergency assistance, National TV ad campaigns, constant media attention and much, much more!
The Under Secretary for Domestic Finance for the U.S. Department of Treasury testified before the U.S. House Committee on Financial Services on Friday to discuss the agency’s ongoing push for foreclosure prevention efforts nationwide.
“The role of counselors is crucial to helping challenged homeowners, and no where is that more apparent than in communication. We have heard anecdotally that servicers achieve only a modest success rate with their letters, because borrowers in trouble do not want to hear from their lenders,” Steel added.
Steel said the Hope Alliance is pushing to expand and is prepared to launch a letter campaign on November 19th, which will target 200,000 at-risk borrowers.
So a letter campaign is the brilliant idea that the Hope Now Alliance has come up with? You must be joking guys!
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Pulled from the Rip-Off Report about Ameriquest HURTING OUR TROOPS!
http://www.ripoffreport.com/reports/0/286/RipOff0286186.htm
Ameriquest took advantage of deployed soldier and family. Orange California
My wife and I chose AMC Ameriquest to help refinance our home, we meet with Torin Beeler, We discussed what we wanted; 40 yr fixed rate plus pulling our $25,000 for debit consloidation and home repair. He told us he could do that with a new program were we would make 3 or 4 payments at $2265. the the payment would drop to $1165. for 40 yrs. My wife and I agreed to this. I asked if this was a 2yr ARM. he said, no. I told him I was leaving for Iraq in 2 days, and that my wife has power of attorney and would sign. I told him to print this contract up. we signed a draft document showing that we agreed to what was told to us. I believe Torin knew my wife wouldn’t read the contract, so, Torin Beeler changed the contract to a adjustable rate at 7.9% with a jump to 13.9% for 30 yrs and only giving us $12,000 cash and a check to a lcredit card lender that had already been paid off. I would never agree to this, and if he would of told my wife, she also would not agree. Torin Beeler took advantage of my family. I can not afford this 13.9% rate. we will lose our home of 15 yrs, which we have never missed a payment. nobody in their right mind would agree to these kind of number.
Ssgdawson
san bernardino, California
U.S.A.