PLEASE! PRETTY PLEASE! WITH SUGAR ON TOP! PLEASE HELP THEM!
The Federal Deposit Insurance Corporation asked the buyers of under performing banks to assist with home buyers who are behind in their payments. Here is a list of bank failures since 2000. The list is quite impressive. Experts predict another 100+ banks to close by end of 2009. The FDIC is asking the bank buyers to relieve their burden at the present time.
"With more Americans suffering through unemployment or cuts in their paychecks, we believe it is crucial to offer a helping hand to avoid unnecessary and costly foreclosures," FDIC chairman Sheila Bair said in a statement. "This is simply good business since foreclosure rarely benefits lenders and would cost the FDIC more money, not less. "This is a win-win for the borrower, who can remain in his or her home while looking for a new job, and the acquiring institution, which continues to receive payments on the loan. Ultimately, by reducing losses under our loss-share agreements, this approach helps reduce losses to the FDIC as well." Cited Article
The FDIC have asked banks to assist troubled home owners for at least six months until things can get back to normal.
we should still expect millions of foreclosures, as President Obama noted when he launched the program in February.Stated by Assistant Secretary for Financial Institutions Michael S. Barr Written.
America needs to get the housing market back under control. However, this will take another three to five years to reach stabilization. Banks have too many homes on their inventory books. Experts have stated that banks will not dump the homes on the market fearing home prices will drop. They have decided to release enough homes to maintain a healthy real estate market.
What are you seeing in your local market?
Make the Call, Set the Plan, Do the Deal$!
Feel free to listen to my Radio Show to learn more about the phoenix real estate market, new trends, and the latest opportunities. The Real Estate and Beyond Radio Show Airs every Saturday from Noon-2:00pm on Conservative Newstalk KKNT 960am in Phoenix, Arizona. You can listent to past shows, or stream on-line.
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