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ChrisGraley (29.87)

Center for Responsible Lending Puts 2009 Foreclosures at 2.9 Million

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November 21, 2009 – Comments (2)

http://www.dsnews.com/articles/center-for-responsible-lending-puts-2009-foreclosures-at-29-million-2009-11-20

 

The Mortgage Bankers Association (MBA) reported this week that a record number of loans — 1 in 7 — is delinquent, up from 1 in 10 a year ago. The numbers also show that 1 in 22 families in the United States is in the process of losing their home, up from 1 in 34 this time last year.

Based on these figures, the Center for Responsible Lending says the industry is on track for 2.9 million foreclosure starts in this year alone.

 

MBA blames the rise in defaults on the nation’s worsening employment picture. But the Center for Responsible Lending argues that it was lax lending practices that not only precipitated the economic crisis, but prolongs it with every new foreclosure, which in turn forces down surrounding property values and pushes recovery farther out of reach.

According to Michael Calhoun, president of the Center for Responsible Lending, the damage from reckless lending continues to harm families and the economy and has made it imperative for Congress to establish a single federal regulator to police consumer credit products, such as mortgages.

“These [MBA’s] results underscore the need for a Consumer Financial Protection Agency to avoid another housing debacle and bring focus to the best interests of consumers — who drive 70 percent of the economy — and of taxpayers, who have to pick up the tab when lenders act irresponsibly,” Calhoun said.

The Washington, D.C.-based Center for Responsible Lending is a nonprofit, nonpartisan research and policy organization with a credo of protecting homeownership and family wealth by working to eliminate abusive financial practices. The group is affiliated with Self-Help, one of the nation’s largest community development financial institutions.

 

If it truly is this bad, I'm not sure how we can print that much money.

 

2 Comments – Post Your Own

#1) On November 23, 2009 at 5:15 PM, traderpat9 (73.57) wrote:

hi chris-i just wanted to thank you for the info you provided me on my question on the best buy headquarters phone #. here is the info you provided me:

#3) On November 18, 2009 at 3:55 PM, ChrisGraley (99.67) wrote:

Jill Nezworski
Sr. Executive Resolution Specialist
Best Buy, Inc.
Desk (612) 292-0072
Fax (952) 430-4918

Hope that helps-well chris it was her direct line & she was very helpful & is working on correcting a problem we had with the best buy geek squad hi def tv installation that everyone i talked to at stores just seemed to ignore or made promises that never happened in the past month. also i had heard the info you wrote about last friday on cnbc. it is quite an uncomfortable feeling as to what is happening. we live in twin lakes, wi. & just last week one of our best friends who has had a lakefront property on lake mary for over 20 years, which is value for tax purposes at $2.2 million w/property taxes of $22,000 a year had to auction off his home off. the buy price was $420,000. our friends were just grateful it was paid off & can pay some back taxes they owe-but it still broke their hearts. other people in southeastern wi. we know are going thru trial 4 month mortgage programs at 2% in hopes they can somehow keep their homes. i am talking about people who have worked 20/25 years with great college educations & just lost their jobs or 1 or both had their hours cut drastically. how the madness really started & when will it end just baffles me. i thought i was a good investor until last year-that is when i decided to become a FOOL!! NOW I AM INVESTING AGAIN WITH SOME HOPE FOR THE FUTURE. thanks again chris i have added you as a favorite.

pat & sue morris ie traderpat9

 

 

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#2) On November 23, 2009 at 7:52 PM, ChrisGraley (29.87) wrote:

I'm glad that helped. I wish both of you the best.

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