Home Loan Failures Up 93%

[Moe Bedard]

We are in the midst of one the biggest home loan failures in our nation's history. The snake oil subprime business was great over the last few years and up until about 6 months ago, you could find this cure all medicine at about every corner in America. Now, this snake oil has dried up and production has been stopped, indefinitely!

Everyone from your sister to your sister's boyfriend's father had their real estate license and was selling over priced homes and pitching volatile 100% subprime adjustable rate TNT mortgages to family members, friends and just about anyomne with a pulse.

80% of the mortgage brokers are out of business (including your brother and his girlfriends mother) and most the lenders are bankrupt, there is no where to turn for these people who just want to save their homes and pay their bills. Most of these borrowers are sinking in a hole of quick sand and they are reaching out for help and it only seems like they are getting further pushed under by their lenders and by our government who has really done nothing to help people facing foreclosure because of predatory lending and just bad business.

This isn't just a failure but something that can lead into a national economic crisis and quite possibly a world economic crisis. If something isn't done to modify these ARM's by the tens of thousands, then it will only get worse, much worse. The Fed lowering rates will do no good for homeowners stuck in these ARM's. It will only do good for the guys on Wall Street and haven't they made enough money off of these subprime mortgages that they bundled up and sold to unsuspecting investors all over the world? Now they want government to save their butts?

What's wrong with this picture? Everything!

Foreclosures are already up 93% from a year ago and 9% up from just last month. 179,600 homes are in default according to Realty Trac. Moody Economy predicts 2.5 million defaults in the next year and it all correlates to the deep problems that we are having with the mortgage industry and Wall Street.

What's it going to take to bring everyone together and force these lenders and the SEC to place mandatory loan modifications for "ALL BORROWERS" in these adjustable rate mortgages? This is the ONLY solution to help stop foreclosure and save our economy and quite possibly the worlds.

I have a solution to unite everyone at this one website. Learn and meet other people who are trying to save their homes and read their stories of dealing with their lender. I invite non-profits and media to join also and discuss solutions and read the stories that are being posted.