The Senate showed strong support for the Dodd-Frank Wall Street Reform and Consumer Protection Act by passing it with a 60-39 vote. It will be sent to the White House where President Obama is expected to sign it into law next week.
This historic bill represents a principled effort to bring financial fairness to all Americans and to ensure that lending transactions be both honest and transparent. Any policy that protects those consumers who do not have the means to protect themselves is a step in the right direction.
Many urban communities in America today are in a state of emergency, requiring the highest and most urgent attention of the private and public sectors. Passing the Dodd-Frank Wall Street Reform and Consumer Protection Act opens the way for a system that oversees the practices of participants in the financial markets, rewarding those who conduct business in the spirit of honest free trade and holding accountable those who continue predatory and abusive practices.
Certain provisions of the bill go a long way toward addressing the needs of the roots of our economic tree. In particular, this bill effectively addresses the root causes of the predatory lending induced mortgage meltdown that ultimately triggered the global economic crisis.
We are relieved and grateful that the final conference report addresses the crucial issue of foreclosure prevention. While 2.5 million families have already lost their homes to foreclosure, well over 5 million more are in imminent danger of doing so, and potentially as many as 13 million could lose their homes before the end of this crisis if they do not get some kind of assistance.
Overall, homeowners in America will be much safer as a result of the new mortgage standards. More effective foreclosure prevention will not only help homeowners, but also will help stabilize the economy and contribute to a strong recovery.
Again, we very much appreciate the act of congressional leadership shown by passing this historic legislation.
Click on graph for larger image in new window.
This graph shows the Notices of Default (NOD) by year through 2009, and for the first half of 2010, in California from DataQuick.
Although the pace of filings has slowed, it is still very high by historical standards.
From DataQuick: California Mortgage Defaults Hit Three-Year Low; Foreclosures Rise
The number of California homes pushed into the formal foreclosure process between April and June dropped for the fifth consecutive quarter to the lowest level in three years. The declines were greatest in the most affordable areas, where foreclosure activity continues to fall from extremely high levels over the past two years, a real estate information service reported.As I've noted before, in terms of new NOD filings the peak was probably in 2009. A few key points:
A total of 70,051 Notices of Default ("NODs") were filed at county recorder offices during the April-to-June period. That was down 13.6 percent from 81,054 for the prior quarter, and down 43.8 percent from 124,562 in second-quarter 2009, according to San Diego-based MDA DataQuick.
Last quarter's total was the lowest since second-quarter 2007, when 53,943 NODs were recorded. The peak was in first-quarter 2009 when 135,431 homeowners received foreclosure notices.
"Obviously, motivated sellers and accommodating lenders have played a part in bringing the default filings down, especially when it comes to short sales. Public policy has also been a factor. We also need to remember that prices have come up off bottom over the past year. If they continue to rise, fewer homeowners will find themselves under water, which is a significant factor in letting a home go," said John Walsh, DataQuick president.
...
The number of Trustees Deeds (TDs) recorded, which reflect the number of houses or condo units lost at the end of the foreclosure process, totaled 47,669 during the second quarter. That was up 11.2 percent from 42,857 for the prior quarter, and up 4.4 percent from 45,667 for second-quarter 2009. The all-time peak was 79,511 in third- quarter 2008.
penis enlargement
Francine Hardaway: <b>News</b> Died This Week
But both the news and journalist Daniel Schorr died this week. Schorr died peacefully after a long and productive life. The news, however, was murdered. Unworthy commentators destroyed news.
Family: NATO Recovered Body of Missing US Sailor Justin McNeley in <b>...</b>
(July 27) -- NATO has recovered the body of one of the two US servicemen who disappeared in Afghanistan last week, the international force said today, and the military pressed the search for his comrade who's believed to have been ...
Econbrowser: More disappointing <b>news</b>
More disappointing news. Just a quick note on a couple of new data releases today. The Chicago Fed National Activity Index aims to summarize in a single number 85 separate measures of real economic activity that are now available for ...
internet marketing course
Francine Hardaway: <b>News</b> Died This Week
But both the news and journalist Daniel Schorr died this week. Schorr died peacefully after a long and productive life. The news, however, was murdered. Unworthy commentators destroyed news.
Family: NATO Recovered Body of Missing US Sailor Justin McNeley in <b>...</b>
(July 27) -- NATO has recovered the body of one of the two US servicemen who disappeared in Afghanistan last week, the international force said today, and the military pressed the search for his comrade who's believed to have been ...
Econbrowser: More disappointing <b>news</b>
More disappointing news. Just a quick note on a couple of new data releases today. The Chicago Fed National Activity Index aims to summarize in a single number 85 separate measures of real economic activity that are now available for ...
big white booty
No comments:
Post a Comment