The latest foreclosure debacle by BofA, GMAC, JPMorgan and PNC will, IMHO, most undoubtedly be joined by Wells Fargo, Citi and even Fannie & Freddie. To that point it is our belief that a meaningful and useful solution to the negative equity in residential real estate is one major component that the administration and the treasure refused to address. To add fuel to this fire, is it not interesting that the latest "hot dog" bill from Barney Frank and Chris Dodd (Dodd-Frank Wall Street Reform and Consumer Protection Act) specifically signals out and distances itself from helping folks in the hardest hit areas of the country. If you review the list of eligible states, you will not see, California, Nevada, Florida, Arizona or Michigan, four of the most heavily devastated areas of the country, where homeowners are suffering with record depreciated home values and negative equity. Compare the list of states suffering with NEGATIVE EQUITY http://tinyurl.com/2exzzl8 with the list of states slated to received foreclosure mortgage assistance in the (Dodd-Frank Wall Street Reform and Consumer Protection Act) http://tinyurl.com/24ygb7x . Most of these homeowners are growing weary of making payments on their mortgages because they know that, at present, there is no way, in the next decade to two decades or even three decades, that they can ever sell their homes for the mortgage balance. To this point Check out our latest Video Blog at http://tinyurl.com/27no296 to see what I mean.
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