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Report: Mortgage crisis won't top out til 2010
The numbers on defaulted home mortgages this year have been staggering -- $46 billion worth through August. Treasury Secretary Henry Paulson told the Wall Street Journal next year's number will be significantly bigger. The firm Credit Suisse says the mortgage crisis won't top out until 2010, with about $270 billion in defaulted loans. Mayors from the cities hardest hit by home foreclosures will meet next week. They need strategies to keep falling properties values from dragging down the quality of life. Communities in Arizona, California, Florida, Indiana, Michigan, Nevada and Ohio have been hit the hardest.
Posted on November 21, 2007 7:29 AM PT | Permalink
Comments (1)
Won't SOMEBODY explain to me why individual cities or other municipalities (towns, counties, parishes, etc.) don't or can't pass their own laws that require that any foreclosure action that goes through that municipality be accompanied by a $25,000 bond for support and maintenance of that property. Failing the posting of that bond, if no maintenance action is taken on that property for two months from the date of vacency, that property will revert to that municipality under eminant domaine and be eligable for direct sale to human family eligible for affordable housing at a fair market price. I'm talking humans, not corporations or development companies etc. The municipality can hold the mortgage and add the income from the mortgages to it's own cash flow thus giving tax relief.
The mortgage note holder is protected because it recieves notice of the consequences of abandonment at the time it has a human being present to the municipality the necessary paperwork for foreclosure.
Why won't governments start to solve their problems in a pro-active way?
Posted by Peter Bradley | November 29, 2007 5:26 AM PT
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