Foreclosures: Clinton Loud Against Arizona Foreclosures

Senator Hillary Clinton has a three point agenda to humble the invading Arizona foreclosures waves. She had a powwow with local reporters on Friday.

The plan was sketched out on 3^rd December in Wall Street. It urged a 90-day hold on foreclosures on those houses that are under sub-prime loans. The mortgage rates are to be frozen for a minimum of five years. That apart – it was expected of the lending groups to provide reports on the modifications to be effected with borrowers.

The Bush government was roundly criticized for not reacting swiftly to the crisis and allowing it to escalate without control –at a time when the real estate market was going down and down. Ever since Hurricane Katrina the Bush administration has allowed the boat to drift.

Senator Hillary Clinton wants a fund of $5 billion to be set aside to enable the state to grapple with the foreclosure menace. Arizona was the eighth highest foreclosure offender with a ratio of one out of 441 houses under the foreclosure tag. Arizona is no exception to the rule of foreclosure being established everywhere – only here the concentration has been relatively more intense.

The Governor of Arizona held a meeting with mortgage giants J.P. Morgan Chase & Co., GMAC, Wells Fargo, Countrywide and Arizona Banker’s Association to bring into action a plan to help foreclosure victims. The strategy was to spread awareness amongst the victims and help them establish contacts with the right type of help.

The coming new year does not hold out much hope with interests being ready to reset. It will add trillions of dollars to the mortgage collector’s kitty by scheduled increase in interest rates. In all probability the borrowers will not be able to afford it and more foreclosures will become inevitable. The atmosphere will be further vitiated.

From October to November, across the nation foreclosure numbers were down by 10%. Despite that the number was 202,000 including default and auction notices as well as bank repossessions. This shows a rise of 68% from what it was during November 2006.

The coming few months would be crucial in how the government managed the crisis. Depending on this the economy would either find its bearings or slip into recession.

Apart from Arizona Clinton will be knocking at many other places mainly to address the foreclosure issue – commented her spokesperson Isac Baker.

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