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30.01.2014
From a story today at Housing Wire by Jacob Gaffney, we learn that the number of homes with mortgages owned by government sponsored entities (GSEs) Fannie Mae and Freddie Mac entering foreclosure is at an all-time high, and is still increasing. The increasing foreclosure rate may be attributed to borrowers falling out of government mortgage modification programs, or it could be an increase in strategic defaults, which are increasing rapidly amongst more expensive homes.  As home values continue to decline, we may see even more strategic defaults as underwater borrowers decide it is no longer worth it to pay the mortgage. Apparently foreclosure rates amongst mortgages that are not owned by Fannie or Freddie have remained stable.  This discrepancy between foreclosure rates on agency and non-agency mortgages is not explained in the article. In my opinion, the reason for the large foreclosure rate for Freddie Mac loans is they take too long to review for HAMP.
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In Mesa, Arizona, for example some neighborhoods might have at least two homes for sale on each block. In Arizona, another big problem was so many unethical sub-prime loans made at interest rates of 7% that were suddenly raised to 10% due to fine print clauses. The fact of the matter is that many borrowers in Arizona were duped by scam teaser loan rates that were very low, only to find these rates soon raised to a payment level which they could not afford, especially as the job market softened up in Arizona and unemployment worsened.
John McCain is way too typical of way too many long time Washington politicians who have been in office way too long that have grown far out of touch with their own voters.
Earlier this week, President Obama made a speech in McCain's own Arizona setting up a framework to address this serious home foreclosure crisis because this situation is the most serious in this state than any in the nation. McCain has been very busy sending out re-election campaign Emails this past week as he kicked off his 2010 senate re-election campaign.
Florida, California, Michigan (Detroit metro), Arizona (Phoenix metro) and New Mexico (Las Vegas metro) currently have the highest foreclosure rates in the nation.


You'll notice that the top four cities are in California (Barbara Boxer and Diane Feinstein) and Nevada (Harry Reid, Senate majority leader).
According to a study by Lender Processing Services cited by the article, the rate foreclosure starts are increasing by is the fastest pace yet. View all required contact information like name, phone and email, realty firm name and address.
While one in 466 homes nationally is currently in foreclosure, in McCain's own Arizona the rate is actually one out of every sixteen homes in some parts of his own state.
Many homes that are now owned by banks with foreclosure signs might have seriously deteriorated conditions such as brown dried-up lawns, broken windows, gang graffiti and other eyesores.
In many of these homes, the banks forced the buyers out so quickly that they left behind much of their personal property including their wedding photos or pictures of their family members.
Yet John McCain sits on the senate committee that is supposed to deal with consumer issues. When John McCain only narrowly won his home state over Barack Obama by the relatively tight 54 to 45% margin in 2008, a margin closer than Bush's 2004 win over John Kerry in the state, it should have been a political wake-up call to McCain that there is something seriously wrong in his own home state and his position among his own voters is deteriorating about as fast as their own lives are. But it was John McCain who was supposed to look out for the best interests of his own voters, but did not.
How in the hell did Kit Bond get an amendment added to a bill that he didn't have any part of? But the Republicants don't talk about that when they say, as Republicant Congressman Jerry Lewis of California did on Friday, that the American Recovery and Reinvestment Act of 2009 is a recipe for bloated government programs that will saddle taxpayers with debt "well, well into the future." "Facts are stubborn things," Mr. But with little loan money available from banks to assist new buyers, these homes are only expected to continue to deteriorate in appearance as the "For Sale" signs grow cobwebs.
In many cases, a sheriff knocked on their front door and simply ordered entire families to leave the property immediately because some bank was taking over the property.


Where has John McCain been when thousands of letters arrived in the mail to his senate office complaining about unethical loan terms that set so many up in his own state to fail and lose their homes? McCain also didn't look for the best interests of his own voters when was a leading figure in the Lincoln Savings & Loan Scandal either.
He stopped listening to his voters a long time ago, and has only coasted to re-election based on his past war hero image. In fact, some angry neighbors have even started some websites to highlight these awful looking rundown bank owned foreclosure homes for sale in states like Arizona where banks never bother to mow the lawn or perform basic yard or appearance maintenance. John McCain has no doubt received thousands of letters from voters telling him of such sad stories. Maybe that's why even McCain expects his 2010 re-election to be one of the toughest campaigns that he has ever faced. Yet John McCain works hard to oppose President Obama's policies to revive the economy and to address issues like the home foreclosure crisis. But he doesn't seem to care based on his recent voting record opposing all financial rescue attempts by the Obama Administration.
We had to start the process all over again because they clear their files out every 60 days. Four months later, another phone call telling us we didn’t qualify for HAMP but they would try and put us in another program.
We followed their rules and the rep told us to make more money and then we would qualify for these programs.



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