Mortgage Crisis is an Overdue Housecleaning
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Please go read this excellent article in the North Country Times on the current mortgage problems out there. Phil Strickland nails it.
Mostly it is an overdue housecleaning. Of the number of mortgages in default, one financial “seer” observed that if you look at it from the other end, you see that 98 percent of them are being paid. That doesn’t help the 2 percent who got in over their heads with loans everyone should have known couldn’t be paid, but, brutal as it is, the market is taking care of that.
Locally, we see foreclosures climbing yet again, no doubt with some aid from properties now moving through the process that appear to have been part of a fraudulent real-estate investment scheme. Sure, those foreclosures hurt too, but their impact results from what appears to have been a scam, not some inherent weakness in the local market.
Read the rest at The Californian / North County Times
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Pingback by Could Secondary Mortgage Market Extend Morgage Misery? — The Real Estate Bloggers on 20 August 2007:
[…] mortgage lenders to do their due diligence in making loans. This led to a great deal of the bad paper that caused the housing bubble and now the foreclosure and credit mess. What we may not have thought about is that the secondary […]
Comment by Mark on 1 June 2008:
One way to jump start the mortgage industry is to make your house cheaper to sell by selling it yourself. For example, a typical 6% commission on a $400,000 house is $24,000. Wouldn’t you rather that $24,000 be in YOUR pocket after the sale? These days there are tons of free FSBO sites just for this purpose. A good example of this is http://www.primefsbolistings.com where you can list your house for free through the end of 2008. Some sites like these exist only to give the RE business a kick in the pants. The only problem is that we are coming off a huge bubble. The only REAL fix…time and realistic pricing that reflects raises over the past few years.