And yes, I know there were issues with the lenders and how they ?robosigned? loans ? the question that needs to be asked is why haven?t these suits been charged? That?s another topic ? but one that should be seriously looked into as banks were handed billions and have been nothing but combative, obstinate and offensive. The administration should spend a few minutes in those waters?.
Instead, this administration continues to throw nonsensical plans against the wall that have either failed in the past, have no return on investment and are economically dysfunctional or are so complex that they are impractical to implement. How about acknowledging that the foreclosure will stop the bleeding and effective disposition of the assets is a critical first step toward recovery?
But some housing experts argue that the administration should go in a different direction than it has in the past. Instead, they say it?s time to focus on pushing many of those delinquent borrowers through the foreclosure process and putting foreclosed properties back into use. While some of the 2.2 million loans in foreclosure can still be saved, many are too far gone, they say. Some 37% have not made a payment in more than two years, while another 34% have not made a payment in 12 to 23 months, according to Lender Processing Services.
?Loans enter into foreclosure, but never come out,? said Thomas Lawler, founder of Lawler Economic & Housing Consulting. ?If this keeps going on, you have a continual overhang that never goes away.? Delaying foreclosure increases the percentage of homeowners who?ll likely never catch up, Lawler said. In 2009, only 6% of delinquent borrowers were more than two years behind. And it means vacant properties still in limbo could fall even further into disrepair, hurting the value of the surrounding housing market.
Just to reiterate ? ?Some 37% have not made a payment in more than two years, while another 34% have not made a payment in 12 to 23 months, according to Lender Processing Services.?? What brand of goblin juice will the administration be serving to correct that?
Another key to helping the housing market is facilitating the resale of homes that have already been foreclosed upon, experts said. This glut of vacant properties will continue to weigh on home values until they are sold. A first step could be to sell off the foreclosed properties owned by Fannie Mae, Freddie Mac and the Federal Housing Administration. Collectively, they own 248,000 homes, about 31% of the foreclosure inventory.
The administration and the Federal Housing Finance Agency, which regulates Fannie Mae and Freddie Mac, are already looking for ways to unload these foreclosed homes. Earlier this month, they put out a request for ideas, including possible bulk sales of inventory. Also, they are interested in turning many of these properties into affordable rentals, which are sorely lacking in many communities. Experts interviewed agree this would be a good move for the market.
Are these the same experts that continue to choke out this economy? The same that wants to offer federal help to refi troubled loans and encourage owners to spend the difference and help the economy?? Or the great idea to rent these homes sitting in inventory? A rental owned by the feds?I don?t see any potential issues there. Never mind the idea of the Uncle Sam as a landlord has been tried and failed again and again. Washington continues to offer a buffet of BS.
There?s a video clip of a town in NJ in that report where the banks own a significant amount of the real estate, the damage on area values and appeal is obvious. Replicate this situation many thousands of times all over the country. Here in metro Atlanta, there are neighborhoods where 50%+ of the homes are vacant and/or bank owned?.how does that movie end? Given it?s been playing for years and years I think I know.
Source: http://www.wannanetwork.com/2011/09/13/help-the-housing-market-increase-foreclosures/
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