Jan

2

Steps to stop foreclosures

Filed Under foreclosure, mortgage, real estate 

2007 is now upon us. 2006 ended with a blizzard, two blizzards actually. Mother Nature dumped up to 3 feet of snow on us a two weeks ago and then pounded us again with another foot of snow last week. 2006 also saw a blizzard of foreclosures here in Colorado. We ranked either 1st or 2nd in the country.

According to a Denver Post article, they defined the following as ways to circumvent foreclosures:

  • Restrict risky loan features
  • Clean up deceptive, confusing loan advertisements
  • Make appraisers more independent
  • Crack down on mortgage fraud, predatory lenders
  • License and train mortgage brokers
  • Encourage self-policing in the mortgage industry
  • Educate consumers
  • Assist borrowers before they end up in foreclosure

I really would like to see the Denver Post and Rocky Mountain News investigate the following:

  1. Are Real Estate Agencies that OWN mortgage companies part of the problem?
  2. Are Home Builders that OWN mortgage companies part of the problem?
  3. Aren’t Real Estate Agencies benefiting from listing foreclosed properties and/or short selling properties?
  4. Are Colorado Mortgage Companies soley to blame? How many loans were originated from out of state lenders?
  5. What will Bill Ritter do about the mortgage mess?
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