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Foreclosures
down 2%
First decline in 5 years
Excerpt:
The foreclosure crisis is finally showing signs
of subsiding.
The number of households facing foreclosure in
April fell 2 percent from a year ago,
the first annual decline in five years, RealtyTrac
Inc. said Thursday.
But the number of borrowers losing their homes
is still rising.
Banks seized a record 92,000 homes last month.
And there are millions more potential foreclosures
ahead. Nearly 7.4 million borrowers,
or 12 percent of all households with a mortgage,
had missed at least one month of payments
or were in foreclosure as of March, according
to Lender Processing Services.
RealtyTrac reported that nearly 334,000 households,
or one in every 387 homes,
received a foreclosure-related notice in April.
That was down more than 9 percent from March.
Economic woes, such as unemployment or reduced
income, are the main catalysts for foreclosures this year.
Initially, lax lending standards were the culprit,
but homeowners with good credit who took out conventional,
fixed-rate loans are now the fastest growing
group of foreclosures.
They could fix this - but the banks won't let them.
In 2006, they changed the bankruptcy law.
It used to be when you filed bankruptcy, you got to keep your car (usually)
and always your home.
But the greedy Rethug banks wanted to charge 30% on their credit cards
AND have their money guaranteed.
When you loan money, you're gambling that you'll get it back - with
interest.
But the greedy bastards wanted more and look what it got them.
Somehow, the stupid sons of bitches greeded their own damn selves into
bankruptcy.
Why not change the law back to allow bankrupted people to keep their
homes?