It seems that that song might finally be outdated!
According to the Center for Responsible Lending (CRL), we’re running out of time. Their website has a counter that sums up the total number of foreclosures since January 1, 2009, and every 13 seconds the counter ticks up another foreclosure. At the time of posting, the counter reads 238,204 foreclosures!
The Wall Street Journal tell us that “the tally is based on data from the Mortgage Bankers Association, adjusted to reflect estimates of the entire mortgage market, CRL says. It projects that lenders will initiate 2.4 million foreclosures this year. Of course, not all of those will result in people being evicted from homes. Lenders and government-backed mortgage investors Fannie Mae and Freddie Mac are trying harder to prevent or at least delay foreclosures to avoid putting more downward pressure on home prices.”
Here are some questions to think about?
Will government intervention stem the tide?
Will a massive bailout?
Will setting mortgage rates at some fixed number?
When does it end?