by Blog Boss
27. July 2009 14:26
If you are one of the many unemployed, well over 6.2 million to be exact, new help from Washington is likely on the way. The only real question is - what type of help? While the plans are still being worked out, it is clear to Washington that the continual rise in unemployment is further contributing to a continual rise in the national foreclosure rate. At the the current pace of foreclosures, it is likely that 1.9 million homes would go into default status which could lead to foreclosure. Now if that isn't a reality check on the true state of the economy then I don't know what is. Wow!!
So what exactly is Washington pondering? How about housing vouchers for those facing foreclosure. Essentially these "vouchers" would act as a form of payment for homeowners facing foreclosure as a result of a job loss. Washington is even considering allowing homeowners to stay in their homes as "renters" following foreclosure. In any event, undoubtedly Washington has its hands full trying to sort through this mess. A mess not created by Washington but a mess created by the scavengers of the mortgage lending industry fueled by none other than your banker who (after participating in the current decline) most likely has had his or her hand out begging for TARP money. What a mess. As usual the little guy winds up being caught in the middle. Oh well. 