It says below:
Foreclosure rates have soared over the past year as homeowners struggle to pay off loans that have become more expensive as they mature
For the most part, I like to keep this blog about Canadian topics, and Canadian issues and events... I get a sense that Canada is having the same problem as the U.S.
It's alarming, but not surprising that people are foreclosing on their homes in record numbers in the U.S. I can see the same thing happening in overpriced markets like Calgary, Toronto, and Vancouver.
It's going to be a bumpy road ahead for people.. We have to get back to the fundamentals of personal finance. IE.. save some more for reserves and don't spend money unless you can afford it realistically.
The debt hangover seems to be in full swing and people are going to be sick and puking from debt over load for months and years to come..
It would be nice if we had debt alkaselzer, tums etc...
I wish these people who are foreclosing their homes all the best... That's alot of stress and family problems that they're going to have to deal with for a long while to come.
Bush offers help to troubled homeowners
The President offers aid to subprime borrowers through government programs and new legislation.
NEW YORK (CNNMoney.com) -- President Bush outlined his plan Friday for helping troubled subprime borrowers keep their homes. The initiatives target hundred of thousands of distressed homeowners.
Speaking in the Rose Garden, the president, after highlighting some of the recent stronger economic trends, pointed out the weaknesses in the mortgage market as an area of concern, particularly in the subprime sector.
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Although he labeled the problem "modest in the overall scheme of things," he said, "It's anything but modest if you're one of the families affected."
Foreclosure rates have soared over the past year as homeowners struggle to pay off loans that have become more expensive as they mature. Many are hybrid adjustable rate mortgages (ARMs), the so-called toxic ARMs, that carried very low initial interest rates ("teaser rates") for the first two or three years of their term but then reset to much higher rates after that.
