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By 2012, 16% of mortgages will be foreclosed.

Discussion in 'Political Discussion' started by PatriotsReign, Dec 11, 2008.

  1. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    More innuendo's about reducing the principal on troubled mortgages...

    Foreclosures dip - but hold the applause
    November foreclosure filings dropped 7% from October, but that may be the calm before the storm.

    "Last week, Credit Suisse issued a report forecasting 8.1 million foreclosures by the end of 2012, accounting for 16% of all U.S. mortgages.

    Meanwhile, evidence is mounting that current foreclosure-prevention efforts are falling well short of the mark.

    A Dec. 8 report from the U.S. Office of Thrift Supervision stated that more than half of the borrowers who had their mortgages modified in the first half of 2008 are already delinquent again. Many of these delinquencies will turn into foreclosures in the coming months.

    "A lot of those modifications are simply pushing back principal payments," said Sam Khater, senior economist for First American CoreLogic, a financial data and analytics company. "They're not reducing the level of debt. Many homeowners are in such bad shape that only much more drastic or radical modifications will help them."

    To be viable, Khater added, most modifications will require lenders to make a significant principal reduction. And for the most part, that's not happening."


    Foreclosure filings down: Calm before the storm? - Dec. 11, 2008

    Not with my tax dollars you won't! :mad: The reason principal reduction is not happening is because once that precedent has been set, the rest of mortgage holders will want their share of the pie. Especially those who are upside down but still making their payments!

    I can not believe that reducing mortgage principal is even being discussed.
     
    Last edited: Dec 11, 2008
  2. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    Currently in RI 1 in 14 mortgages are 3 or more months behind.. I believe that is the 5 or 6th highest in the nation..
     
  3. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    Is that where you live Darryl? I've heard RI's economy is really getting bad. I used to work inside CVS's corp. office back in 2002-2004
     
  4. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    RI economy has one foot in the shytter... getting ready for the big flush..
     
  5. MrBigglesWorth

    MrBigglesWorth Veteran Starter w/Big Long Term Deal

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    they should just let every american citizen reduce their interest rate(through financing if interest rates got to 4%) and no principal reduction. i think this is the most fair thing to do.
     
    Last edited: Dec 11, 2008
  6. IcyPatriot

    IcyPatriot ------------- PatsFans.com Supporter

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    #24 Jersey


    Have we ever had 2 feet out of the crapper?

    Oh well we have the I-Way to celebrate. :rolleyes:
     

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