Foreclosures-Glenn-Butte-Tehama

Every little bit of positive news receives gushing comments from the media, "home prices advance .3%", "unemployment applications decline by 35,000", etc., and that's all to the good, but like a magician distracting with one hand while the other is busy with the actual ''trick", this news distracts from the activities of Washington and Wall Street in the background. Taxes are going up, every conceivable excuse is being advanced for this fact, and no one remembers the solemn promises not to allow this to happen, but all of us common sense folks have known all along that the monster debt of health care, cap and trade, stimulus, bail-outs and so on were going to require some repayment strategy, and printing more money is not a viable option. Meanwhile the hedge fun folks have found a new way to cash in again on the toxic debt they created in the mortgage markets. They are buying up bad mortgage debt for 40 cents on the dollar, taking advantage of FHA and other programs to re-write some portion of the mortgages to make them acceptable, and selling them to the government. Anything they sell over 40% is instant profit, and the taxpayer is on the hook for the new product, and the loose standards of FHA are a sure indicator of future problems. The twin vices of arrogance and greed driving Washington and Wall Street are almost unstoppable, and certainly will remain so while the bulk of us accept such actions as purchasing Louisiana for $300,000,000 in exchange for a health care reform vote as appropriate political behavior.
Foreclosures in Glenn, Butte, and Tehama counties now number 485, notices of default and scheduled auctions total 1530. That is a significant number of distressed families. Nationally over 25% of home owners are "underwater" (owe more than the home value), and millions are delinquent 30 days or more, but not yet in default. So long as Washington continues to increase debt, increase taxes, and fails to take responsible action for job creation the situation will only worsen. Small business is the job creation engine of our economy, yet every move of Washington is punitive for small business. For all business for that matter.
For those facing mortgage problems, call us for answers. If we can help, we will, and if not we'll point you to where help is available. We really are all in this together. For those "underwater" go here for an excellent article written by Brent T. White, a law professor at the University of Arizona. When the site comes up click "Download" then"SSRN"
As usual,
Thanks for visiting