What are the effects on California homeowners when foreclosures proceed at such a high clip?
Communities all over the country continue to be devastated by foreclosure. Housing prices are decreasing (bad for owners locked into their properties, but good for first time homebuyers). The Obama home affordability program was designed to help make communities stable, but plenty of lenders are not giving homeowners mortgage modifications. Instead, they are giving homeowners the finger – the middle one to be exact. Can we expect better solutions on the horizon other than just the banks and financial institutions getting bailed out? As Senator Durbin stated: “The Banks own the Senate.” Don’t expect much change here.
