Overdue Mortgages And Foreclosures Reach Record Highs

CNBC:

US mortgage delinquency rates and the percentage of loans that entered the foreclosure process jumped in the third quarter, with both reaching record highs, the Mortgage Bankers Association said on Thursday.

The percentage of loans on which foreclosure actions were started rose to 1.42 percent in the third quarter, an all-time high, up from 1.36 percent in the second quarter and 1.07 percent in the third quarter of 2008.

Read the whole story: CNBC

Comments

[Siebenstein]

Not a surprise at all.

Chase for example, one of the most corrupt banks I know, refuses home loan modifications to people who are not in default, paid 20% down and qualify under HAMP.

They can do all that since there is no regulation out there to tell them what to do, and its about time, someone does.

Since we live in a completely corrupt environment , we might never see relief until the last person is on the streets.

Only in America !

[Beca]

Geitner and his gang need to go! They are toxic to the Obama administration! They are doing everything counter to what President Obama really believes should be done to shore up the real economy--the economy of the people. Geitner knows and cares nothing about people, all he cares about is wall street and the balance sheets. How hard would it be to put oa freeze on foreclosures until this issue is resolved and until the banks start doing the modifications they have bene paid to do? how hard would it be? not hard, but it might wrinkle the banks a bit, so gietner won't touch it.
GEITNER AND HIS GANG NEED TO GO! THEY ARE TOXIC TO THE OBAMA ADMINISTRATION.

[Siebenstein]

How do we know Obama does not agree?

[Beca]

Read his books, that's how.

[freemana]

I am so fed up with this fake 1-888-995 HOPE, it should be renamed NO HOPE. The mortgage companies do not want to help, they ,keep giving you the run around to refax and resend documents in the hopes that you will become frustrated and abandon your home. I have been trying to work with GMAC and it has been a nightmare. My husband isn't working and I am a school teacher. I tried to explain, that if my hubby was workng we would not be in the position of not being able to pay our mortgage. I am so tired of trying to work with the banks it is insane. Everytime I call GMAC, I get a new rep, who has a different view as to what I qualify fo and what new documents I am now once more missing. They claim that my house is in forclosure, but I still have to pay until they can work out a Loan Modification plan for me. Lies, all lies. AIG received a bailout, it would have cost the government less, if they had given the citizens their own bailout. I voted for change that I can believe in. The change that I am seeing is that I will be homeless soon.

[Leigh49]

Without a job, people can't pay their mortgages much less their health insurance. But conservatives and opponents of health care reform keep on saying that only "losers" and "lazy people" can't afford health insurance. How sad.

[Siebenstein]

Its not sad, its criminal