While the Bush years saw so many in their own home for the first time through a secondary mortgage market, it was never real while wealth was garnered by those lending the monies. It was the banks that fell into bankruptcy, not their executives. The clients simply had to accept foreclosure and find a way to move on.
June 6, 2014
Foreclosure's Persistent Threat to New York City and It's Minority Communities
....After years of suffering, (click here) this is a struggle that the nation is finally starting to rise from. According to the Mortgage Bankers Association (MBA), the delinquency rate for mortgage loans fell 6.39% nationwide at the close of 2013’s fourth quarter.
1 This represents the lowest level since the beginning of 2008. On top of that the foreclosure rate fell 2.86%; again the lowest since 2008.Unfortunately, despite this rebound the foreclosure crisis persists in numerous areas throughout the country. In fact, the third highest foreclosure rate resides here in New York. This finding led Bloomberg News to conclude that the “epicenter of the U.S. foreclosure crisis” is now firmly implanted in our State.
2 In fact, this year foreclosures are on the rise again in New York City.
3 Not only are foreclosure notices up 15% from the previous year, but foreclosure activity in the region experienced an annual increase in 21 of the past 23 months. While New Yorkers suffer, many of the financial institutions behind these mortgages continue to see their profits increase. Last year, commercial banks and savings institutions earned a net income of $154.7 billion.
4 Moreover, in 2013’s fourth quarter these institutions reported a net
income of $40.3 billion, marking the 17th time in the last 18 quarters that earnings saw an annual increase!...
The Democrats have to stop being on defense. They have to be on offensive to bring the real message to citizens. Don't answer the attacks until consumers first hear the message that is more important than politics. Don't play the FOX game. Go on offensive, fight for the rights of citizens again and let everyone else answer the Democrats' message.
June 6, 2014
Foreclosure's Persistent Threat to New York City and It's Minority Communities
....After years of suffering, (click here) this is a struggle that the nation is finally starting to rise from. According to the Mortgage Bankers Association (MBA), the delinquency rate for mortgage loans fell 6.39% nationwide at the close of 2013’s fourth quarter.
1 This represents the lowest level since the beginning of 2008. On top of that the foreclosure rate fell 2.86%; again the lowest since 2008.Unfortunately, despite this rebound the foreclosure crisis persists in numerous areas throughout the country. In fact, the third highest foreclosure rate resides here in New York. This finding led Bloomberg News to conclude that the “epicenter of the U.S. foreclosure crisis” is now firmly implanted in our State.
2 In fact, this year foreclosures are on the rise again in New York City.
3 Not only are foreclosure notices up 15% from the previous year, but foreclosure activity in the region experienced an annual increase in 21 of the past 23 months. While New Yorkers suffer, many of the financial institutions behind these mortgages continue to see their profits increase. Last year, commercial banks and savings institutions earned a net income of $154.7 billion.
4 Moreover, in 2013’s fourth quarter these institutions reported a net
income of $40.3 billion, marking the 17th time in the last 18 quarters that earnings saw an annual increase!...
The Democrats have to stop being on defense. They have to be on offensive to bring the real message to citizens. Don't answer the attacks until consumers first hear the message that is more important than politics. Don't play the FOX game. Go on offensive, fight for the rights of citizens again and let everyone else answer the Democrats' message.
