A Sad Note In the Fight To Stop Mortgage Foreclosure
According to the Center for Responsible Lending, there is a new foreclosure started every 13 seconds. And that number does not look to be going down anytime soon. As unemployment skyrockets to new highs not seen for 26 years, it is likely that the number of foreclosures will continue to get worse before it gets better. More and more homeowners will be looking for ways to stop mortgage foreclosure on their homes and to find resources to help them.
So how did we get to this mess in the first place? Eric Stein’s testimony to the Senate Committee on Banking, Housing and Urban Affairs in October of 2008 helps shed some light on the issue. Eric is the senior vice president of the Center For Responsible Lending. In that testimony Eric indicates that base of the foreclosure problem we currently find ourselves in is founded on the number of unsustainable loans.
On the bright side, Eric offered the senate possible solutions to help stop mortgage foreclosure and get us back on track. The question is, will anything be done to fix the problem that we now find ourselves in?
You can get Eric’s full testimony at http://www.responsiblelending.org/pdfs/senate-testimony-10-16-08-hearing-stein-final.pdf
