WASHINGTON — The pace of loan modifications on adjustable subprime mortgages is lagging, which could prompt regulatory action on the mortgage industry, U.S. Federal Deposit Insurance Corp. Chairman Sheila Bair warned Thursday.
“Unfortunately, at this point, the available information seems to show that foreclosures continue at an unacceptably high level while true loan modifications are lagging,” Bair said in prepared testimony to the Senate Banking. “It is important that servicers demonstrate and document real progress soon or they invite regulatory and legislative action to supplement the industry’s actions.”
Citing an increase of more than 60 percent in foreclosures during the first three quarters of 2007 from a year earlier, Bair said mortgage servicers need to act more quickly to prevent a bigger wave of defaults over the next two years.
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State housing agencies are having a hard time doing refinances too.
http://www.bloomberg.com/apps/news?pid=20601109&sid=al4wLYqTFa10&refer=exclusive
They need to sue state government for racketeering through appraisal and broker fraud. The State of California intentionally supports real estate fraud.
I dont think you can actually sue the state, but if you really believe there is fraud go after the cities and municipality. State sovereign immunity extends only to the state and “arms of it.”
It’s unreal, just unreal. There’s no realization how this is going to bite them in their butts big time. Both the cities/county goverments and the real estate industry in both places have nothing going on to help the homeowners. The In Las Vegas where the people in real estate have profited greatly in past years are still in denial and are still pushing their “everything is fine and now is the best time to buy”. Cant figure out if real estate people in Las Vegas are deceiving themselves or still stuck on deceiving their clients.
Yes, I do agree with SoCalSal that there is a lot of denial going on ! I have noticed the shift of Realtor advertising and saw and ad in the Californian this morning to sell those Bank Owned homes which now offer Bus tours that leave at 9:30 and return at 1:00 p.m. on Both Saturday and Sunday !
Obviously these are for investors with lots of money because the average person has alot of trouble getting loans now a days .
Maybe while they are taking those bus tours they could swing by the homeless encampments in Temecula area and chuck some bread out the windows for the new families that are out on the streets which many have lost their homes after years of steady home ownership and know that many of those Bank Owned Homes come from families who shed a many tear and now are just cast aside and yet the profits are still trying to be made…
As far as the jails go, why are they putting money into them?
Aren’t they suppose to be uncomfortable ? That is what jail is suppose to be ! A punishment ! Not a vacation at the Hilton !
The prisoners eat better than we do!!
Shame on you Riverside County !!!!!!!!!!!!!
I’ve been saying this all along, the Fed and the REALTOR company manipulate the market way too much! If people realized that, this wouldn’t happen.
Scott
http://www.accelerateyourtraining.com