Foreclosure rates require government attention
2008-05-06 16:56:18 (GMT) (Caymanmama.com - Business News)New York: It seems that the wave of foreclosures is sweeping the nation and there is an unprecedented decline in home prices and it requires a positive response from the government and private sector.
According to Ben Bernanke, chairman of Federal Reserve, “Realistic public- and private-sector policies must take into account the fact that traditional foreclosure avoidance strategies may not always work well in the current environment.” Bernanke’s comment comes amidst the housing crisis and the debate of how to help homeowners who are facing deep trouble.
It is estimated that the foreclosure filings of all kinds such as delinquency notices, bank repossessions and auction notices where as high as 112% during the first three months of 2008. Many policy makers and community advocates seem to be worried over the problem as the interest rate resets on 1.8 million mortgages.
Bernanke concluded, “High rates of delinquency and foreclosure can have substantial spillover effects on the housing market, the financial markets, and the broader economy. Doing what we can to avoid preventable foreclosures is not just in the interest of lenders and borrowers. It’s in everybody’s interest.” Bernanke showed a series of heat maps that showed a decline in jobs and home prices.
CaymanMama.com - Press Release Distribution Service
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