Increase In Troubled Mortgages

The Dow Jones is near record highs and mortgage interest rates are holding at record lows, yet the percentage of troubled mortgages and the number of foreclosures are both rising.

We’ve yet to see any sustainable bump upwards for housing prices.

Here’s an editorial on the recent mortgage foreclosure settlement:

The landmark $25 billion settlement with the nation’s top mortgage lenders spells relief for some victims of mortgage abuse, but it will help only a small fraction of the millions of Americans who owe more on their houses than they are worth.

Still, something’s better than nothing, which is what millions of homeowners had been getting from irresponsible mortgage lenders who acted with willful disregard in the scramble for profits.

President Obama praised the settlement, saying it will “speed relief to the hardest-hit homeowners,” in addition to ending some of the most abusive practices in the mortgage industry.

It should mean the end to shoddy practices that some companies utilized, such as processing foreclosures without verifying documents. Just as unimaginable, some employees signed papers they hadn’t read or used fake signatures to speed foreclosures, known as “robo-signing.”

About Luke Ford

Raised a Seventh-Day Adventist at Avondale College in Australia, Luke Ford moved to California in 1977. He graduated from Placer High School in 1984, reported the news at KAHI/KHYL radio for three years, attended Sierra College and UCLA, was largely bedridden by Chronic Fatigue Syndrome for six years, and converted to Judaism in 1993. From 1997-2007, Luke made his living from blogging. Living by Beverly Hills (Alexander90210.com), he now teaches the Alexander Technique (moving the way the body likes to move). Lessons cost $100 each and last about 45 minutes. In 2011, Luke completed a three-year teaching course at the Alexander Training Institute of Los Angeles. His personal Alexander Technique website is Alexander90210.com. Luke is the author of five books, including: » The Producers: Profiles in Frustration » Yesterday’s News Tomorrow: Inside American Jewish Journalism
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