Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

US foreclosure crisis claims 5mill homes

Staff Reporter 3 minute read

Staff Reporter

America’s foreclosure crisis has now claimed approximately 10 per cent of all homes with a mortgage.

According to the latest data by Mortgage Bankers Association, five million American homes have been foreclosed since the Global Financial Crisis, and another four million are under threat.

While the Obama administration is working with banks to head off future defaults and stanch the foreclosure wave by modifying mortgages, the federal programs have so far disappointed.

Advertisement
Advertisement

The Home Affordable Modification Program, for example, was launched in the summer of 2009 with the intention of modifying three million to four million loans. So far, it has provided permanent help to fewer than 450,000 struggling borrowers.

According to a statement by the Mortgage bankers Association, the foreclosure crisis looks set to continue over the foreseeable future.

However, with every cloud there is a silver lining. Many families that were locked out of the housing market during the boom can now afford to buy.

US foreclosure crisis claims 5mill homes
default
TheAdviser logo

If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Early bird tickets are on sale now. Work smarter, not harder, this year.

PROMOTED CONTENT


default

 

more from the adviser
handshake news MyState names banking general manager

A former broker head has returned to MyState Bank, to tackle turn...

BBS 2021 ta SA/NT’s top brokers crowned

The leading brokers in South Australia and the Northern Territory...

Paul Kearney ta AFCA recruits from ME Bank

The complaints authority has named a new executive general manage...