Well let's see how far the fox hole goes. Home foreclosures are at record levels according to the Mortgage Bankers Association and The Bush Administration as launched it's sub prime mortgage aid package, which among other things freezes all sub prime rates for the next 5 years.
Foreclosures from the July-September period hit .78 percent during this period surpassing the previous high of .65 percent set the previous quarter. My assumption is that during the 4th quarter 2007 a new record will be set. To help ease the pain of the "mortgage meltdown" The Bush Administration as launched it's "aid package". A new innovative and ground breaking financial package to help aid the over 500,000 borrowers who will face rate resets during the upcoming months. This was said to be a critical component in helping the slumping economy and in particular the housing slump; which was rumored to face a high risk of a recession and a significant drain on the broader global economy.
The market is really reacting and fairly fast considering the government and many other "high-end" businesses are involved. Hopefully the changes that the government, banks, servicing companies, the U.S. Treasury, and others have made will help better prepare us for 2008' and moving forward.
Brought to you by Professional Mortgage Group
Your Columbia Missouri Mortgage Broker
Thursday, December 6, 2007
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