The last several years have hit many homeowners who have little to no ability to repay their mortgages. Fourteen million of these homeowners have no equity in their homes and owe the lender more than the property’s appraised value.
Foreclosures may be up, however the foreclosure process varies from state to state. In some states short notice is given by lenders. In others, homeowners have 9 months to 18 months before a foreclosure is posted.
What can lenders and homeowners do to work together? Is it at all possible for both the lender to profit and the homeowner to keep their home?
Joining Dennis McCuistion to discuss the various options to foreclosure and how to work with a lender to keep from being foreclosed are the following panelists:
- Richard Bitner – Author of: Confessions of a Subprime Lender
- Linda Davis – Housing Director: Consumer Credit Counseling Service
- George Roddy – CEO of The Roddy Report
Join us as always as we talk about things that matter… with people who care.
Niki Nicastro McCuistion
Executive Producer/ Producer
***
04.24.2011 – 1904
Is your home worth more than your mortgage? For many Americans that is not the case and they fall further and further behind in their payments.
Yet why did so many Americans obtain mortgages they should not have?
Have you wondered why you can’t pick up a paper today without reading about someone having their home foreclosed on and what caused that problem?
The number of Americans behind on their mortgage payments keeps increasing. For some- they obtained mortgages they could not keep up with. Many mortgages were given to people who could not repay. According to panelist: Richard Bitner,” the mortgage industry is essentially a food chain-
Borrowers on one end and investment banks, rating agencies and securitization on the other. Mortgages were bundled and sold off to investors world wide under the belief they would perform better than they did. There was a belief that mortgages were low risk, like bonds.”
Panelist: C.K. Lee adds “ People owning homes is a good thing. Everyone from the President to mortgage bankers have said so- BUT- But there was a flawed premise behind this . The problems started with investment banks and Fannie Mae and Freddie Mac- operating under the auspices of government.”…
In this program we’re going to examine, in simple language, all the mistakes and fraud that led us to where we are today and the many causes of the mortgage debacle.
Panelists include:
- C.K. Lee –Managing Director; Commerce Street Capital
- Richard Bitner- Author; Confessions of a Sub Prime Lender
***
1903 – 2.20.11
NEW YORK (CNNMoney.com) — New home sales rebounded in June from the record low hit the previous month but remained sluggish.
New home sales increased 23.6% to a seasonally adjusted annual rate of 330,000 last month, up from an downwardly revised 267,000 in May, the Commerce Department reported Monday. Sales year-over-year fell 16.7%.
Obama, Republicans to duel over tax cuts
Both the White House and Republicans in Congress are eager to join the battle that’s likely to dominate debate in September: cutting taxes.
Treasury Secretary Timothy Geithner stuck to President Obama’s guns Sunday when he told NBC’s Meet the Press that the administration still wants to extend most of President George W. Bush’s tax cuts — but let them expire for the wealthiest Americans.
PRECIOUS METALS: Comex Gold Pulls Back After Home Sales Data
NEW YORK (Dow Jones)–Gold futures have pulled back as sharply stronger U.S. housing data follow as-expected European bank stress test results to sap the fear factor that recently drove the yellow metal to record highs.
The most-actively traded gold contract, for August delivery, was recently down $5.90, or 0.5%, at $1,181.90 an ounce on the Comex division of the New York Mercantile Exchange.
“You’re seeing people come out of some of the safe haven instruments and back into equities,” said Charles Nedoss, senior market strategist with Olympus Futures in Chicago.
