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Foreclosure prevention has helped some NC homeowners

Submitted by WWAY on Tue, 06/16/2009 - 5:21pm.READ MORE:
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Governor Perdue said the State Home Foreclosure Prevention Project has helped more than 1,000 North Carolina homeowners avoid foreclosure. The General Assembly enacted the emergency program last November to reduce foreclosures on sub prime loans. The program requires mortgage companies to file notices with the state in advance of foreclosure on sub prime loans and authorizes the commissioner of banks to delay a foreclosure filing by 30 days. The economic impact of the program to date is estimated at $86 million.

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foreclosures

Submitted by Guest doodah (not verified) on Wed, 06/17/2009 - 7:13am.
Helped 1000 people? Really, hows that by delaying the foreclosures 30 up to days? Exactly how many foreclosures have there been in the 7 months of the program? More than 1,000? I got an idea, why not investigate the sub prime lenders, the mortgage brokers that brokered the deals. Look for bank fraud, lying on applications, false tax returns, lets see if the lender fudged the qualifications of the applicant or instructed the applicant to fudge some numbers. The only help these people need are interest rates. 90% of these foreclosures have to do with interest rates jumping to over 10%. They start out paying one thing then the rate gets bumps to double in some cases.
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Did they sign the mortage?

Submitted by Commonsensenotc... on Wed, 06/17/2009 - 9:12am.
Anyone who agrees to an ARM and then can't live up to its terms gets exactly what they deserve. You can't protect stupid people. The sub-prime lenders got careless and lowered their standards too far. Mortgage pimping exploded into a major industry, and dishonest sleazebags who would fake or ignore documentation became far too common. Many lenders are working with people to re-work their obligation. The new federal program for Fannie Mae and Freddie Mac actually provides a cash incentive to banks who can lower payments. All that said however, ultimate blame still lies with the dope who signed a mortage knowing full well that he could never repay it.
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you are forgetting

Submitted by guesty on Wed, 06/17/2009 - 10:45am.
But common, you are forgetting that we have shifted to being the United States of not my fault America. Don't hold me responsible for my actions. The federal government is in the business of protecting stupid people.
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LOL

Submitted by Guest7969 (not verified) on Wed, 06/17/2009 - 10:24am.
Commonsense....now COME ON..this is the land of the FREE..the good ole US OF A...where NOTHING is my fault and you or the government must PAY...PAY PAY PAY!
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