Further evidence of the crisis came last week, with the second report published by the State Foreclosure Prevention Working Group, which also found that industry efforts to avoid unnecessary foreclosures are not keeping pace with the rising rate of homeowners in trouble. The report provides analysis of data from October 2007 through January 2008, and found that seven out of 10 seriously delinquent borrowers in the United States are still on track to lose their homes to bank foreclosure, despite widely-publicized campaigns to encourage homeowners in trouble to seek help and for servicers to fast-track loan modifications. (The full Report is available online at http://www.banking.state.ny.us/pr080422.pdf).
As the data clearly shows, this is a situation where we need to take immediate action. We can’t delay any longer,” said Paterson. “It was a lack of action that helped get us here, and more inaction is inexcusable. Forecasts show that the worst is yet to come, so we must move now to save the tens of thousands of New Yorkers impacted by the crisis.”“I am encouraged by the Congressional attention and recent funding initiatives at the Federal level aimed at stemming the tide of foreclosures,” said Paterson. “But there is still a great deal of work that needs to be done at the Federal level. Helping people keep their homes should continue to be a top national priority and is certainly one of mine as Governor of New York.”
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Sign the petition to prevent bailout of irresponsible lenders, banks and homeowners:
http://www.angryrenter.com/
Posted on May 8th, 2008 at 3:43 pm
w t f….wtf.
you are aware that if the current course continues without intervention then many families with children will be on the street? Also if you think the bailout takes your tax dollars…guess what will happen to your insurance rates (life/health)…where do you think the insurance companies have been placing money to help reduce life insurance rates. If we let this historical event continue then it will hurt everyone and not only those that you despise for taking tax dollars. The depression showed us the path if govt help is too late.
We are way past moral hazard….it is now about the financial well being of each of us.
Posted on May 8th, 2008 at 11:57 pm
“you are aware that if the current course continues without intervention then many families with children will be on the street?”
No, I am not, nor do I believe that will happen. These are not people without jobs or means - they got in over their heads and can’t afford their current lifestyles. They were renters once upon a time and will be renters again. There are plenty of rental properties out there.
Gatorbait - from Florida, no doubt - this does not go beyond moral hazard - it is the quintessential moral hazard. To ask the 95% of us that live in non bubble states and have no problems paying our bills to foot the bill for your foolishness is immoral and unfair.
You’re right about one thing, though, the depression did show us the path straight to the the welfare nanny state when government is used socialize the losses.
Posted on May 9th, 2008 at 9:36 am
I’ve been trying to get a loan modification from Countrywide since January 4, 2008. It is now May 12, 2008, they have not gotten back with me. At first they sounded promising to help, but now all I get is rude responses from their customer service. I am planning on taking further action on them before it is too late.
Posted on May 12th, 2008 at 1:11 pm
Now HOW do I get these people to STOP CALLING MY CELL PHONE? I’ve had it 2 weeks and have more BS & SALES AND COLLECTION calls then from people I know. Verizon… Pah.
Posted on May 20th, 2008 at 4:00 pm
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