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Help for Homeowners Facing Foreclosure
November 20, 2008Everyone seems to agree that flooding the market with empty, foreclosed homes does not help neighborhoods maintain stability – either as a way of living, or regarding the value of homes. Empty homes do nothing for a neighborhood.Recently some organizations are taking tentative steps to allow homeowners who are defaulting on their mortgage to remain in their homes –at least for the time being. Fannie and Freddie Mac have announced that they are freezing foreclosure sales until after the new year while they review strategies and the future of their organizations. J.P. Morgan Chase & Co. and Citigroup Inc. recently announced foreclosure-prevention programs that aim to reduce interest rates, extend repayment schedules and, in the case of Citigroup, reduce loan amounts, to help borrowers keep their homes. But the programs have focused primarily on loans wholly owned by those companies because they feel they have more authority to rework those mortgages. HSBC is also making more options available to more people. For example, it is contacting customers before their adjustable-rate loans reset to higher rates and freezing the current rate or allowing the borrower to pay a rate below what the new rate would be. The bank also is lowering fixed rates for selected borrowers. All this in an effort to stave of foreclosures. One way of stabilizing markets where supply exceeds demand is to regulate supply. That way the people who can buy homes can buy from sellers who can’t afford to stay in their current home. But, amazingly enough, new home construction is still going on – even in saturated markets. Merrill Lynch economist David Rosenberg suggests, only half-jokingly, that the Treasury should impose a moratorium on home building. "It sounds like lunacy, but we have to destroy the housing capital stock to help put a floor under the market," he said.
Local Information for Kingman, AZLatitude: 35.208449 -- Longitude: -114.02573
Other Area Cities: Bullhead City, AZ Kingman, AZ Golden Valley, AZ Enter our Photo Sweepstakes and Win $200 for your Kingman photos!
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Submit your photos of Kingman and become eligible to win $200. Click Here for details. Kingman is a city in Mohave County, Arizona, United States. The population was 20,069 at the 2000 census. The city is the county seat of Mohave CountyGR6. The nearby communities of Golden Valley and Butler bring Kingman's total population to around 40,000. Kingman, Arizona, was founded in 1882. Situated in the scenic Hualapai Valley between the Cerbat and Hualapai mountain ranges, it is known for its very modest beginnings as a simple railroad siding near Beale’s Springs in the Middleton Section along the newly-constructed route of the Atlantic and Pacific Railroad. The city of Kingman was named after Lewis Kingman who surveyed along the Atlantic and Pacific right of way between Needles and Albuquerque. Lewis Kingman supervised the building of the railroad from Winslow to Beale's Springs, which is near the present location of the city of Kingman. -- Source: Wikipedia.com
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