Foreclosures | RateWindow

Occupy Wall Street Heads Into Foreclosure

Maybe They Do Have a Point?

It seems the Occupy Wall Street gang may actually be focused on something meaningful. Amid the squalor and filth created by the majority of OWSists, who have no idea even why they are there; comes a group focused on calling attention to the plight of those who have lost their homes. These groups, who are truly concerned for the families who got caught up in bad loans the government forced lenders to make, (by Barney Frank (D-CT) and his cronies). People who cannot afford to buy a home, should not be tricked by the government to do so.

Squatter City

Many organizations and volunteers have joined together to conduct a tour, starting at Penn Station, tomorrow. They will go through cities like Jamaica and Queens, highlighting the number of unoccupied homes. Many of these foreclosed homes are filled with squatters. According to the Commanding Officer of the 113^th Precinct, these vacant homes are a “magnet for criminal activity”, according to the Gothamist.

The Horse is already out of the Barn!

President Obama, in election mode, has proffered a “new” mortgage relief plan. Of course it is only for Freddie and Fannie mortgages, those with little equity, those who owe more than their house is worth, and only those who haven’t missed a payment within the last year. And if it is like all the rest of Mr. Obama’s financial ideas…well, buyer beware! What I want to know is, where was all this concern in 2008-2011? Why wasn’t the Obama administration concerned about this from the beginning, before we got to this mess we are now in? Nice try Mr. Obama.

Know What You are Fighting For

However uninformed and disgusting many of the OWSists have been, we should take a moment to thank them for reminding us as a nation to stand up for what is right. These misguided people should be Occupying the White House and protesting this Administration for the predicament that we are in. The government gave Wall Street the money without any strings or direction that the money was to be given back to the people in loans and refinancing the bad loans. There is equal blame to go around. It is time however, for all of us to stand up next November 2012 and say enough!

Here’s to things being bigger–and getting better–in Texas

As a Texan, I’m used to pretty much everything being bigger here, from the size of our trucks to the smiles on our faces. It was nevertheless disappointing to read in a report from RealtyTrac that Texas is now making some big news in a not-so-great way: it’s in the top 10 states for foreclosure filings. Foreclosures were up 6% in July from the month prior—and up 16% from the same period the previous year.

But according to Mark Dotzour, director and chief economist of the Real Estate Center at Texas A&M, not all is lost in the Lone Star State. In fact, he believes that now is the time to buy or build a home here, with one significant caveat: that “the federal government doesn’t cause further damage to the U.S. economy with higher levels of intervention in healthcare, taxation, cap and trade and rewriting accounting and legal standards.”

Now generally I’m a pretty optimistic guy with high hopes for the future. In fact, I’m one of those folks who encourages people to turn off their televisions, ignore the doom and gloom and go out there and do some economic stimulating all on their own. I’m a cheerleader for home ownership and believe that the recent downturn can end once the public starts investing in real estate—and their futures—once again. And yes, I’m going to keep leading the charge for transparency in mortgage lending as a way of turning this industry around.

But I’ve got to tell you that Doutzour’s warning gave me pause. You see, in the midst of raucous town hall meetings, the skyrocketing national debt, and the government being involved in private business a little too much for my comfort (regardless of which party is in office), I’m just not sure that “further damage” isn’t at least somewhat inevitable.

And this is one time that this Texan actually hopes that he’s wrong.

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