The Bush government had taken action to help the mortgage crisis in the US by offering 5 year plan of freezing mortgage rates of the US homeowners. Will this plan help the mortgage crisis in the US? Find out.
Bush released his plan on a day the Mortgage Bankers Association reported that the number of mortgages entering the foreclosure process in the July-September period set a record. Behind those foreclosures is a steep slump in the housing market. After a five-year boom, home sales are plunging and prices declining in many parts of the country. More foreclosures mean more homes dumped on a glutted market.
The housing slump has caused multibillion-dollar losses at some of the largest banks and investment firms and roiled financial markets. All these problems are expected to drag down economic growth to near recession levels over the final three months of this year and into early 2008.
“It is seems to be a crisis, as the result of a perfect storm” said Managing Partner of eOnline Financial, Mark Garner. “Macroeconomic environment with a prolonged period of low interest rates, high liquidity and low volatility, which led financial institutions to underestimate risks, a breakdown of credit and risk management practices in many financial institutions, and shortcomings in financial regulation and supervision.”
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1 comments:
We have a solution that the consumer can even do themselves and save thousands or opt in for non profit groups or attorneys to assits them.
STEP ONE
Create Free Web Account
Web Software Determines Qualification
FREE ANALYSIS
Login to New Account
STEP TWO
Free Consultation with Attorney
View Free Evaluation for Consumer Instructions on "How To do this on their own Option is offered"
Attorney Representation option is offered to Borrowers.
STEP THREE- (If Opted In For Attorney's Representation)
If Opted In For Attorney Representation Borrower pays only $300 Fax in required documents via exclusive Barcode Fax to the secure login provided by Myrecast System
PHASE ONE
MyRecast System Requests Original Mortgage File from Lender to be Audited - Power of Attorney Agreement Faxed into System for Acting Attorney - Cease and Desist filed with Lender from Attorney.
PHASE TWO
Once file is received from Lender, MyRecast System will audit mortgage file for Predatory Lending and Deceptive practices violations from the lender - Software Program has Original Subprime Lender Matrix and Guidelines that Underwriters used in qualifying consumers loans originally.
PHASE THREE - (Only If Needed)
If a Lender refuses to negotiate with the attorney we will request a HUD Expert; Professional Witness to review file and File HUD and or RESPA violations complaint against Lender. If necessary an additional fee of $250 will be required.
PHASE FOUR
Lender has agreed to the changes on the loan. Completion to Modify Lenders Loan for Consumer. Upon successful modification of the NOTE a final payment of $425 will be due.
Please feel free to contact us as a source for mortgage recasting, mortgage freeze, mortgage resting. You can go to http://myrecast.blogspot.com to see what others are saying. or go to http://www.myrecast.com
Pat
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