Many Real Estate Professionals, have witnessed a repeated theme, when they hear troubled homeowners stories these past several years. It is the overwhelming number of homes with either a second mortgage added, or a total refinance at some point during the duration of ownership. Essentially homeowners came to believe their house was a ATM or a bank. Reasons for these refinances and second mortgages vary. There are those who simply wished to take advantage of available lower interest rates at one point or another. But, an over-whelming majority of folks currently in hot water with mortgages are those who added considerable debt … (14 comments)
housing crisis: Senators Call For Freeze on Foreclosures
- 09/14/08 12:16 AM
Senators Call For Freeze on ForeclosuresVarious news agencies in the last several days have reported that four U.S. Senators have urged mortgage companies, Fannie Mae, and Freddie Mac to temporarily halt foreclosures on loans they hold.The lawmakers advised the new chief executives and federal regulator now running Fannie Mae and Freddie Mac. The beleaguered companies, seized by the government a week ago, should help struggling borrowers attempting to keep their homes, to swap their mortgages for more affordable loans.The senators, Democrats Charles Schumer of New York, Sherrod Brown of Ohio, Bob Casey of Pennsylvania, and Bob Menendez of New Jersey state … (0 comments)
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