Why Do Foreclosures Continue to Rise
MSNBC wrote: Unemployment is part of the reason that foreclosures are now claiming the homes of families that took out conventional mortgages, put 10 percent to 20 percent down and have now lost their income. None of the government’s programs were designed to deal with people in this situation; unemployment was hovering around 6 percent when Treasury enacted Making Home Affordable. On a personal note, I find it hard to believe that no one in the government was able to speculate that unemployment could be a factor in the increase of foreclosures across the country. The Making Home Affordable Program (MHA) was not designed to provide relief for homeowners who owe more than their home is worth — either because home prices have fallen or because the price they paid for their home was based on a fraudulent appraisal, or both. There is no provision in any of the government's programs requiring a lender — or even offering incentives to a lender — to forgive part of the pri...