St Louis Loan and Loan Reduction: Foreclosures Must Go On

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St Louis Mortgage and Real Estate News –

St Louis Loan Audit and Loan Reduction News: Washington Now Says Foreclosures Must Go On
St Louis Home Mortgage and Commercial Loans | Principal Reduction Program
877-334-0210 or 314-334-0210 | Floyd Tapia, Commercial Lending

Over 12 months ago, officials focused on stopping the foreclosure tide. Now they are touting the need for foreclosures to rebuild the housing market.

Last week Phyllis Caldwell, head of the Treasury Department's Homeownership Preservation Office, told a congressional panel that "an important part of ensuring longer-term stability in the market is to enable properties to be resold to families who can afford to purchase them."

However, she did not mention the fact that nearly 85,000,000 Americans cannot qualify for a new home loan. So, the question becomes, who are the new buyers that can afford such a purchase?

Other experts are saying that St Louis foreclosures need to be stopped and mortgages renegotiated to help keep homeowners in their home and can thus pay on time again.

White House Press Secretary Robert Gibbs recently told reporters that without sales of homes in distressed areas the "recovery in the housing market stops. It's frozen." Again a point that can be debated.

The shift in rhetoric signals the Obama administration is recognizing that its loan modification program has failed which is why smart homeowners are taking advantage of attorney based principal reduction program and videos to watch.

What is interesting is that finally it is acknowledging that banks must address their swelling ranks of delinquent loans.

They have called for reviews into the institutions' foreclosure policies and procedures, stressing that servicers must comply with the law.

But they also now acknowledge more vocally that foreclosures must continue for a normal housing market to return.

And that, in part, is why the administration is not supporting a nationwide foreclosure freeze despite the paperwork scandal that is roiling the mortgage industry.

The new tone emanating from the White House also recognizes that the modification program is not living up to its initial goals of helping up to 4 million people avoid foreclosure whereas legal principal reduction and mortgage forensic loan audits can.

Only 496,000 distressed borrowers have received long-term modifications through September 2010.

Officials are "trying to soften everybody up" to the fact that foreclosures are necessary, said Guy Cecela, publisher of Inside Mortgage Finance, an industry newsletter.

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