Real Estate Marketing & Beyond
This recession just will not go away. In foreclosure related news from Oregon, that state's rate of filings just jumped off the scale, reaching a whopping 235% higher for April. With the rest of the country improving slightly in the same time frame, the Oregon numbers clearly show the volatility of the industry still.
Bank of America CEO Brian T. Moynihan - Courtesy StumpTownBlogger
Foreclosure numbers from RealtyTrac for April showed a slowing of foreclosure filings across the United States. The rate of foreclosures actually dropped by 14 percent for most Americans affected, but Oregon's drastic jump from 1,100 to 3,700 revealed a bit of the cruel fate of the nation's real estate industry - the bulk of the foreclosure "iceberg" still lurks beneath the surface - within the lending halls, so to speak.
The problem for Oregon homeowners on the brink is complicated (red tape), yet simple. Some lenders appear to be trying to circumnavigate court orders, or at least they seem determined to file. In the case of Oregon's most recent woes, Bank of America Corp.'s foreclosure arm, ReconTrust Co., is the agency responsible for all the new filings. Bank of America spokesperson Jumana Bauwens told OregonLive.com:
"We wanted to provide our customers with every opportunity for home retention as well as ensure all foreclosure filing were completed with our improved process. As we entered April, we began initiating filings with that improved process. The filings in April may or may not be those held back in February and/or March."
Despite what Bank of America says their intentions are, the whole foreclosure filing situation for them begins to take on the appearance of a game. Federal judges order a halt for foreclosures, banks regroup and refile, and at both ends technicalities rule the mix. Meanwhile, real people suffer every indignity.
Homeless people in Seattle, Washington - Courtesy the fine photography of SimplySteph
In Oregon, Federal judges halted foreclosures by ReconTrust and others on a technicality basically. Improper filings and the chain or ownership not being clearly defined hardly seems like a permanent solution for imperiled homeowners there. But, this seems to be the only way to keep Oregon wolves from the proverbial doors of citizens. Just why the governor cannot suspend foreclosures because "the people of the great state of Oregon demand it," is anyone's guess.
Camp Dignity in Portland, America's most prominent homeless community - Courtesy Ridenbaugh Press
So while banks and regulators fence, Oregon's homeowners who need help lay awake at night wondering about their future. This is the scene across America actually. Your neighbor fearing the inevitable, with no new jobs in sight. The moral of this story is surely; "Don't count your chickens before they are hatched." What happens in Oregon can happen in Mississippi. More later on Oregon's housing situation.
Why does everyone seem surprised ?The answer to the present dilemma is,to Quote fromer Sect Treas. Hank Paulson,when interviewed by FOX News,when he was asked..." of the 737 Billion dollar TARP money how much...will be lost?
Mr Paulson answer, "WE WILL NOT KNOW UNTIL THE HOUSING CRISIS IS RESOLVED"
Perhaps,it was too good to be true,because they have done EVERYTHING else but resolve that issue.
They tried by giving billions to banks,but they used that money to make money (can you believe that...banks using low cost money to make money instead of righting a wrong ?)And because they still stand a chance to get a better buck they will foreclose insteade of mediate because ?they have a chance of getting some of the money from AIG (their mortgage insurer,that is "too big to fail" and therefore getting free government money)
THE SOLUTION
The solution is simply.It will stabilize prices It will increase employment and lower the national debt.
YOUR PRAYERS HAVE BEEN ANSWERED
STEP ONE:
The Federal Reserve Bank will purchase ALL "underwater loans,Toxic loans and foreclosures at Fair Market Value plus 10%.The FRB will use..not yet revealed .QE3...for up to $10 trillion dollars.
K.I.S.S.
Wouldn't this be an immediate solution to the housing crisis! Wouldn't this create 2 million jobs in construction and real estate .
If you think that is a dumb dream, wait you have got to hear how it reduces the national debt !
The FRB will then underwrite ALL new loans with a special assumable mortgage
with 36 year loans @3% and to qualify you must have paid taxes for two years and showed earnings that would allow the LOW AFFORDABLE MONTHLY PAYMENT.A $100,000 mortgage would be less than $600 per month for PRIN
+ INT.
These loans would provide a $10 trillion dollar TAXPAYER PROFIT! Goodbye NATIONAL DEBT.This could be considered no increase in the national debt as it would be an investment 100% secured by American real estate in America.
Why is this a fairy tale.
THE BANKERS WILL NOT ALLOW THIS TO HAPPEN. PERIOD .
They would kill if nesessary , rather then not have a $20 trillion profit from these notes over a 30 year period.
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