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Mortgage Plan just a drop in the Bucket
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New mortgage plan announced by the Federal Housing Agency on November 10, is just a drop in the bucket and helps only a few homeowners, it barely scratches the surface of the problem. It helps thousands but more than 4 million homeowners or 9% of borrowers wit mortgages were either behind on their payments or in foreclosure in June according to Mortgage Bankers Association. There were 765,000 foreclosures in the third quarter. This will have intensified since then with the October credit crisis and the huge job losses in the fourth quarter.
Sinking demand in 2008 and the Detroit automakers future.
02/13/2006
Sinking demand is casting a long shadow on the future of Detroit automakers, not the sinking demand of the 3rd quarter which was bad, but the sinking demand for the 4th quarter 2008 and in 2009. Something that GM and Ford with their optimistic forecasts of 13-14 million vehicles for 2009 as stated in theSenate on November 18, 2008 by their CEO's, may have missed as sales may be in the neighborhood of 10 million or lower in 2009.
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The homeowner lending boom pushed by unscruplous elements turns out to be a scourge for minorities.
10/11/2007
HUD Sec. Shaun Donovan calls the subprime lending a scourge for minorities, as foreclosures are hitting the minority neighborhoods the hardest. It may even widen the disparity in incomes between minorities and whites as the middle class black homeowners in places like New York State are losing ground.
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