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For the first time since his election, President-elect Obama criticized the current administration for its lack of effective actions and countermeasures in stopping the flood of foreclosures that is hitting the nation.

Disappointed on the slow action of the administration in coming up with a favorable package that will not only help homeowners in danger of foreclosures, but would also be beneficial for the whole nation. If no apparent action can be established until January 20, 2009 when he takes office, Obama promises to take sufficient and immediate steps to stem this tide of foreclosures.

The Bush administration reacted by pointing out programs to address the issues on foreclosures that are handled through the efforts of the Federal Housing Authority in collaboration with the private and banking sectors. Admitting that there are no definite solutions to the problem, administration officials on the other hand highlighted the aggressive steps in dealing with the housing issues by strengthening both Fannie Mae and Freddie Mac in a bid to curtail the impact of foreclosures and salvage workable mortgages. Additional programs and options are also ongoing study in an effort to keep families in their homes.

President-elect Obama disclosed that his economic team is contemplating the merits of a 90-day moratorium so homeowners can work out and renegotiate with their banks and lenders on how to restructure their loans to make payments affordable and sustainable. Obama pointed out the efforts of struggling Americans who are sacrificing everything just to make their monthly payments, avoid foreclosures, and stay at their homes.

Obama described the stimulus package being drawn by his economic team as vital to the recovery of the economy, stop foreclosures, save the auto industry and put Wall Street back to top form. According to Obama, the economic recovery plan does not involve simple dole outs of federal money but would involve a radical change in how the country does business that would benefit the whole economy.

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One of the 11 mediators known to many is Edmond O’Garro. His average workload is 10 meetings a day. He is engaged in making residents and lenders reach a compromise that will hopefully help the residents in their problems with their soon-to-be foreclosure properties.

Extending the time for these meetings is what Governor Rell is hoping to put into action. He plans this kind of meetings on foreclosures not only for a couple of weeks, but for at least six months.

This might sound like a good plan but the statistics are not looking good. The figures show than in 5,513 cases of foreclosures, only 1,553 were able to have mediations. And out of this small number, only 680 cases produce a nice outcome. For the 12 mediators, extending the time only means more work since the problem has nothing to do with time.

Palmer seems to agree since the mediation happens in the first 10 days with the knowledge of the residents. The number of houses facing foreclosures continues to rise which is why extending the time will do little. Cases of foreclosure homes take three to four sessions to reach a positive compromise.

O’Garro says that this program will also mean more mediators will be needed as well as more funds, which will actually be a tall order – and something that will not be considered as good news.

The salaries of these mediators is fairly high which is why extending time to allow them to do more work means that they should be compensated more. Such a case may actually bring more problems in the state of foreclosures in the country.

Other adverse side effect of this move is that it can actually bring more problems to the residents since it is very time consuming. Because of the said effects, this move seems to produce more problems than solutions, which is why lawmakers will be in for a wild ride. Taking time to consider this program is of the essence.

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There is no doubt that the crisis in foreclosures is worsening. Recent surveys have all been proofs of the rising number of foreclosure properties in the country. With this situation in mind, some states did what they have to do in order to manage foreclosure crisis.

True enough, a Georgian resident, Collins, shares how he managed to salvage his home from being an addition to Georgia foreclosures. Collins said that the timing of the foreclosure notice became the key to his problem. Had he been given the notice at an earlier time, he was sure that he won’t have any way out.

With the worsening situation of the housing industry, giant lenders such as Fannie Mae, Freddie Mac, Citibank and JPMorgan Chase & Co have taken steps to help quell the foreclosure crisis. The said companies are now offering programs that would help delinquent homeowners avoid foreclosures.

A lot of local experts in the said industry are positive about the programs. They believe that programs extending loan terms and reducing interest rates will not only have a positive impact on Georgia foreclosures but on the nationwide scene as well.

D&E counselor Amber Willis said that she observed that lenders are now more than willing to negotiate with delinquent homeowners. D&E is an agency that advises people nearing foreclosures.

Although the programs are viewed as a welcome change to borrowers, the said measures can only provide a temporary solution. Emory professor Frank Alexander, in particular, believes that the programs will only provide people with a short-term relief.

Alexander believes that homeowners must try to cut down the principal rates of their loans if they want to permanently avoid foreclosures. The professor fears that most of the mortgaged properties nowadays can be appraised for a lot less compared to the original value they had when delinquent borrowers first made the loans.

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Deb Manuma, 49, is living in the Beacon Hillhouse for over 6 years with her daughter, niece and sister. As a renter of the said house, she has been a consistent on-time payer. Never had she imagined that the unit she and her family are renting is now considered a foreclosure property.

Manuma received a foreclosure notice addressed to Remigio Balingit, the owner of the house she is renting. After reading the letter, she immediately called Mel Mercado, the nephew and property manager of Balingit. She told Mercado that the unit she is renting appears to be facing foreclosure.

Mercado assured her that there is nothing to worry about. The owner is just out of the country and bank wires for payments just got crossed. Mercado also assured Manuma that the house not being considered as a foreclosure home. Manuma, seeking assurance, asked for a written notice from Mercado which the latter later gave.

A letterhead by American Eagle Properties was handed to Manuma on April 2, 2008. It read that Manuma has been the house’s tenant since March 2007. It also cited that Manuma never missed rent payments. Although the letter is not really pertinent to the situation, Manuma still felt assured.

Manuma ignored the first foreclosure letter and went on paying her monthly rent of $1,700 to Balingit. However, after several months, she received a second foreclosure notice. It informed her of her eviction from the foreclosure home. Manuma immediately contacted Mercado but the latter is not answering her calls.

The situation might have been easy if Manuma had an above-average credit line. She was not able to get financing and nor does she and her family have the cash to buy a new house. The fact that she always paid rent on time cannot improve her credit standing.

Under Washington law, the lease that Manuma signed is only valid with the original order. When banks or mortgage companies take over foreclosure properties, any lease would automatically become void. Manuma and her family have no other choice but to leave the house. As of today, Manuma is still looking for a place that she and her family can afford.

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The two mortgage GSEs, Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) have announced that it will suspend sales of foreclosure properties and eviction from foreclosed homes from November 26, 2008 to January 9, 2009. This move will keep troubled homeowners stay in their homes for the holidays without the fear of being kicked out or evicted from their homes.

These companies that are controlled by the Federal Housing Finance Administration (FHFA) have ordered mortgage servicers and attorneys handling foreclosures to prohibit eviction and sales of single-family or multiple-unit properties with mortgages that are owned by these GSEs. These companies have been making headway in preventing foreclosures for at least three out of five beleaguered homeowners and would like to provide families in trouble of losing their homes some assurance at least during the holidays.

Servicers of mortgages owned by these two entities are working with troubled homeowners to find options for them to stay in their homes. Activities include a review of their mortgages and financial capabilities, and possibilities on restructuring the mortgage to make payments current.

With 140,000 mortgages still delinquent, the brief suspension will provide ample time for these servicers to finalize details of the Streamlined Modification mortgage program with borrowers and ultimately avoid foreclosures. The program is set to take flight on December 15, and is targeting delinquent homeowners who were not able to pay their last 3 monthly amortizations.

Unemployment rates have been on the upswing, and this month first-time filings for unemployment benefits have reached 27,000 cases and have flooded welfare offices. This has been the highest level since July of 1992. Economic indexes also fell by 0.8 percent in October. This is a strong indicator that the economy is getting weaker and would have a profound impact on foreclosures. Unless these two mortgage giants step up on their campaign, together with other sectors also bent in dealing with foreclosures, homeowners will be facing tougher times in the year ahead.

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The Federal Neighborhood Stabilization Program has planned to take actions in the increasing number of areas that are very likely to have a lot of foreclosure properties the future. Topping the program’s list are areas such as Orient Park, vicinity of University of South Florida, Progress Village, Clair Mel and Palm River. Playing second in the said list are Gibsonton, Plant City and Town ’N Country.

Although the program is still up for discussion in the Hillsborough County Commission, people are still positive about this development. The said plan is expected to give out million dollar rehabilitation budgets to the listed areas.

Town ‘N county, in particular, is likely to receive $19.1 million. Considered as one of the poster children of US mortgage crisis, Town’N County is known for housing a lot of foreclosed homes. Town ‘N county resident Rose Harper even said that she has had several, if not numerous, next door neighbors in the 36 years that she had lived in the neighborhood. The mustard-colored house next to her home is now under the management of www.ushomeauction.com.
The plan for these areas is to buy out units that are considered soon-to-be foreclosures.  The units will then be handed over to non-profit housing organizations. Such associations will then be tasked to rehabilitate the properties. The repossessed houses will be made available to qualified buyers.

Officials in the areas concerned said that foreclosure rates and high risk mortgages are just some of the aspects that contribute to the increase of foreclosure properties. However, community leaders, investors and realtors in the areas mentioned begged to differ. They said that foreclosure situations can be attributed to some builders and investors who have gone overboard in their projects during the last housing boom years.

Whatever the causes were, both groups are bent on tying up the loose notches in the housing economy.

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Now that the elections have come to a close with Obama emerging victorious, the new president is faced with pressing issues concerning the dismal situation in the housing industry. With 1.9 million foreclosures realized and millions more imminent, working on these issues may begin immediately even before he takes seat in January.

First on the list would be to finalize the plans for Fannie Mae and Freddie Mac which the previous administration placed in conservatorship. These GSEs (Government Sponsored Enterprises) and how the government will utilize them will set the course for the future of the country’s mortgage finance system. With the number of foreclosure properties in the rise, the only mortgage financing sources available is through the government. Without a new mortgage system, builders will close down and millions will lose their homes.

Mortgage rates have soared recently, and millions stand to lose their homes to foreclosures unless the financial crisis is fixed and the stock market brought back to normal. The new government should work on these fast as experts predict this trend in the financial market will continue until the next year.

Many experts and economists believe that solving the problems in the housing market and putting a dam across this wave of foreclosures can turn the economy around. A new program should be established that will effectively put home values up, while providing a breathing space for beleaguered homeowners. Proposals from various sectors have been placed up front which includes temporary tax credits for buyers in the next nine months and for a mortgage rate buy down from the government.

The new government should prioritize actions on these issues to finally put a stop to the nationwide recession and the resultant effect of unemployment. Topping these actions should be a concretized plan to restore housing values and help homeowners survive the tide of foreclosures. With the housing market back in good health, the nation would be assured of a big comeback for the country’s financial system.

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The current administration is severely criticized for doing very little in stemming the tide of foreclosures. Despite arguments and claims from the White House that several actions have already been performed for a year, the number of foreclosure properties continue its monumental climb, and more American homeowners stand to lose their homes.

The administration is pressured to make a direct government intervention or action to this crisis, and adopt lobbied programs which call for the government’s direct involvement in the foreclosures issue. One of these programs includes the plan initiated by Sheila Bair who heads the Federal Deposit Insurance Corporation.

Working closely with the Treasury Department, this plan includes a restructuring plan for delinquent mortgages which will result to affordable monthly payments. This can be achieved through lower interest rates, loan term extensions and deferred payments. The program plans to standardize payments to a third or two-fifths of the homeowner’s income after taxes.

The plan would need the full support of lenders and banking institutions. Here is where the government is urged to step in. By acting as a guarantor to certain percentages of the restructured loans, the government would share in the losses should the homeowner fail in their restructured mortgages and finally end up in foreclosures. The government is urged to use part of the $700 billion bail-out fund for this purpose.

Some detractors fear that this plan might be exploited by some homeowners who would deliberately default on their payments and take on the risk of foreclosures. Some would be lead to believe that participating in this bail-out plan could give them a much lower mortgage payment scheme.

The plan however, will only be applied for homeowners whose current income flows would make their mortgages unaffordable. Experts say that this scenario might be possible, but should not be considered a deterrent in pushing for the implementation of this project. With the flood of foreclosures sweeping across the nation, a concrete plan of action is what the nation needs right now.

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When the Pew Center placed Idaho as one of the inactive states taking action against foreclosures, state officials responded by outlining a plan of action derived from daily meetings with organizations, industry leaders and government agencies.

According to the Pew Center report, Idaho is predicted to have 1 out of 39 homeowners facing foreclosures within a two-year period. The national tally is predicted to be 1 out of 33 homeowners. However, the Mortgage Banker’s Association ranks Idaho at No.41 among the states in terms of foreclosures, and describes Idaho to be performing well in dealing with the foreclosure problem. This can be seen by the state’s unemployment rate which is lower than the national standard.

The Idaho Department of Finance has begun to mobilize concrete programs in a bid to stem the flow of foreclosure properties. First and foremost is to educate its residents on financial literacy by providing information through the State’s official website and offering online financial counseling through the Idaho Housing and Finance Association (IHFA) website. Part of this information drive is providing the public with useful resources on how to avoid foreclosures with established policies and guidelines.

With an increase of foreclosure cases nationwide, unscrupulous perpetrators tries to cash in with this situation by fiendishly devising rescue scams to drain already troubled people with their money. To protect its constituents against such scams, Idaho passed a Consumer Foreclosure Protection Act and worked with other government agencies to work on this serious issue.

Other actions performed by the Finance Department is the formation of the governor’s Neighborhood Stabilization Program steering committee, and meeting regularly with government and professional agencies in formulating plans and programs in dealing with this crisis. The department is also taking actions to preempt high-cost lending by establishing lending standards on subprime mortgage lending. Taking initiative in a nationwide campaign for mortgage licensing reforms, the department also supports the CSBS (Conference of State Bank Supervisors) and SAFE (Secure & Fair Enforcement) Mortgage Licensing Act of 2008.

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The Arizona State University’s Realty Studies department reported a significant increase in home sales for the third quarter this year as compared to previous quarters and with the same period last year. However, these sales were conducted mostly with foreclosure homes, which amounted to almost half of the total home sales.

There were 2,100 homes sold in Pinal County during the second quarter. This increased to 3,355 during the next quarter. Compared to last year, which reflected only 625 units, this quarter’s sales have gone up at a very high rate.

However, if home values are to be considered, this quarter’s sale would pale in comparison to prices posted last year. Median home prices have dropped because of the staggering number of foreclosure homes in the county. With foreclosure properties taking much of the volume in home sales, median home prices are expected to continue heading downhill.

Most buyers in Arizona are investors and first-time homeowners. These people, having enough resources, find good opportunities in the low home prices brought about by this crisis in foreclosures. In Pinal county, home prices at the medium range have already dropped to $129,000 this third quarter which is far below the $220,000 range that realtors enjoyed way back 2005.

Investors are taking this opportunity seeing a possible windfall once the market recovers and prices goes back up exponentially. First-time buyers on the other hand are looking at good location choices where they could purchase their primary real estate.

However, realty experts are expecting a possible lull in home sales activities as trends in the economy and the financial crisis could worsen. Threats of job losses and further inflation make people hold on to their resources more closely and delay spending their hard-earned money in making major purchases.

With the slow progress currently achieved in reducing the number of homes lost to foreclosures, these people may have something tangible to hold on to.

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