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Foreclosure rates increasing - what will Obama do?

December 4, 2008

The BUSH administration won’t like it but Americans faced with losing their homes are definitely on board with President-elect BARACK OBAMA’s plan to use some of the $700 billion financial bailout money to help stop foreclosures.

While introducing New Mexico Governor BILL RICHARDSON as his choice for commerce secretary, Obama stressed, quote, “The deteriorating assets in the financial markets are rooted in the deterioration of people being able to pay their mortgages and stay in their homes.”

Treasury Secretary HENRY PAULSON, the lead architect of the bailout plan — technically called the Emergency Economic Stabilization Act of 2008 — says the funds are only intended to help banks and other financial institutions.

Here in Tennessee, the foreclosure rate has not seen a steep increase. In fact, the foreclosure rate has only increased by 11%. The numbers however are misleading. California has one of the highest foreclosure rates in the country and news stories would have you believe that everyone is filing bankruptcy. That is not the case. One in every 227 properties is being foreclosed upon.

Nationwide, one in every 617 properties are being filed for foreclosure. According to the Commercial Appeal Newspaper in Memphis, Tennessee’s foreclosure filings represented 2 percent of the total reported in the United States last year. Memphis should understand foreclosures well, the city known for the blues had the highest foreclosure rate in Tennessee.

Obama says that he is in step with a program crafted by Federal Deposit Insurance Corp. Chairman SHEILA BAIR. She wants to take part of the $700 billion to prop up refinanced mortgages, which would lower the monthly payments made by homeowners.

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Written by WGNS Staff · Filed Under News 

Comments

2 Responses to “Foreclosure rates increasing - what will Obama do?”

  1. wow on December 4th, 2008 1:35 pm

    EVERYONE PLEASE DO NOT EXPECT HIM TO PERFORM MICRALES RIGHT OFF THE TOP. HE CAN ONLY DO SO MUCH AND EVERYONE IS WANTING HIM TO DO THIS// DO THAT// WOW WHAT WILL HE DO FRIST.??
    THERE IS NO WAT HE WILL EVER GET THE MESS MR.BUSH PUT US IN FIXED OR EVEN SKIM THE STINK OFF THE TOP. SO GIVE HIM ROOM AND STAND BACK AND WATCH

  2. You Get What You Paid For on December 4th, 2008 4:11 pm

    What will Obama do? I suspect that after running on a campaign of empty promises, he’ll “suddenly discover” that the problem is “bigger than anyone thought” and either renege on his promise of relief, or put Hillary in charge of it.

    Alas, this time there will be no “internet boom” to save his butt like Bill C had.

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