Trying To Help With Foreclosures
July 31st, 2008 categories: Rants & Riffs
With the spate of national foreclosures and the recently signed “Bail Out” bill, it is good to hear that Freddie Mac is going to attempt to slow down some of them. A recent Wall Street Journal article read as follows.
“Freddie Mac, which has been stung by surging delinquencies, will double the financial incentives it offers to mortgage servicers that help borrowers with Freddie-owned loans avoid foreclosure.”
CLICK HERE TO READ THE ARTICLE
I wonder if part of the Bail Out bill is being used to buy time for these foreclosures? May people from Oahu and Honolulu benefit from this plan!
Today’s picture is of Kahakuloa, which is on the north side of Maui. It was taken this past weekend while I traveled on the Hawaii Super Ferry.
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Even though we are told of instances of foreclosure in terms of statistics, to so many, it’s a story of a family member or friend that they know.
I’m not sure who to blame – the owner who could’ve taken different actions to avoid foreclosure or the banks and government who do such a poor job of keeping homeowners informed with all their small-print info.
It’s a spiral where everyone is chasing and blaming someone else. But one thing that we all can agree on in difficult times like this is that it’s a downward spiral that is collectively drowning us as a whole nation that once was prosperous and less wounded.