Thursday, March 05, 2009

Americans Falling Behind on Mortgage Payments

I really believe that part of this problem that has been caused by the Federal government. Many Americans were lead to believe that in order to get bailed out they needed to get into foreclosure. Much of the talk back in September and October was about saving the butts of investors that were screwed by mortgage bankers. As it turns out, the plan to save homeowners--Mortgage Modification Plan--Making Homes Affordable--is not going to help speculators, or those who bought second home for "investment purposes".
A record 5.4 million American homeowners were either behind on their payments or in foreclosure at the end of 2008.
That translates to almost 12% of mortgage holders. The biggest increases in loans 90-days past due were in Louisiana, New York, Georgia, Texas and Mississippi. No California or Florida. I guess they beat everyone to the "punch" in these states.

Bob DeMarco is a citizen journalist, blogger, and Caregiver. In addition to being an experienced writer he taught at the University of Georgia , was an Associate Director and Limited Partner at Bear Stearns, was CEO of IP Group, and is a mentor. Bob currently resides in Delray Beach, FL where he cares for his mother, Dorothy, who suffers from Alzheimer's disease. Bob has written more than 500 articles with more than 11,000 links to his work on the Internet. His content has been syndicated on Reuters, the Wall Street Journal, Fox News, Pluck, Blog Critics, and a growing list of newspaper websites. Bob is actively seeking syndication and writing assignments.