Saturday, January 30, 2010

The Mortgage Crisis

Think of:
The Marshall Plan
Louisiana Purchase
Race to the Moon
Savings and Loan Crisis
Korean War
Entire New Deal
Viet Nam War
NASA; Lifetime budget
Iraq War

The mortgage bailout will cost more than all of these put together.

One out of four homeowners in the United Sates is "under water" (owe more on their mortgage than the house can be sold for).
2011 will bring even more foreclosures due to "Option ARMS" or exotic loans where interest rate adjustments are estimated to rise 63%. What most people don't realize is "Option ARMS" generally cannot be modified.

Seven out of ten homes go into foreclosure without any visible signs of intervention. Why? Are people in denial? In despair? Don't know where to turn for help?

What can be done? How can we help? What will this cost us and our children and our children's children?
Stay tuned. We can do something about this.

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