No Money Down Real Estate Investing Course
Learn How To Buy Income Properties Without Risk, Good
Credit, Money Or Tenants!

Click here for more information
 
Welcome, Unregistered.
User Name
Password
Forum Links
Site Navigation
Real Estate Resources
Go Back   Real Estate Investing > Real Estate General > Real Estate Daily News
Reply
   
 
Thread Tools Search this Thread Display Modes
  #1  
Old 11-02-2007, 11:20 AM
elva
Guest
 
Posts: n/a
Post Foreclosures Could Remain High for 18 Months

The rate of foreclosures in the United States will remain higher than normal for the next
18 months as the current home loan crisis plays itself out, a senior U.S. Treasury official said Friday.

"A rising foreclosure rate during a housing downturn is not surprising, but largely because of lax underwriting in recent years, especially in the subprime market, a higher than usual
number of homeowners will face delinquency during the next year and a half," Robert Steel, undersecretary for domestic finance, told a congressional panel in prepared remarks.

A spike in home loan failures, particularly among subprime borrowers with shaky credit, has rattled financial markets around the world and prompted a global credit crunch.

Steel was addressing a hearing of the House Financial Services Committee that convened to discuss reforms of the mortgage finance industry.

Last month, committee chairman Barney Frank introduced a bill that would set new consumer protection rules for the mortgage lending industry.

"We are not interested in changing the dynamics of the marketplace in some sort of irreparable way," Rep. Al Green said in an opening statement, adding: "We want to let the market do what it does but by the same token we want to help as many people and save them from foreclosure as we can."

CNBC.com
Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is On
Forum Jump



All times are GMT -8. The time now is 08:43 AM.


Powered by: vBulletin Version 3.0.8
Copyright ©2000 - 2019, Jelsoft Enterprises Ltd.
Search Engine Friendly URLs by vBSEO 2.4.0
Copyright 2001 - 2006, Buy Income Properties, Inc. All Rights Reserved. Privacy Policy in Observance.