Help for Homeowners Facing Foreclosure

November 20, 2008

Everyone seems to agree that flooding the market with empty, foreclosed homes does not help neighborhoods maintain stability – either as a way of living, or regarding the value of homes. Empty homes do nothing for a neighborhood.

Recently some organizations are taking tentative steps to allow homeowners who are defaulting on their mortgage to remain in their homes –at least for the time being.

Fannie and Freddie Mac have announced that they are freezing foreclosure sales until after the new year while they review strategies and the future of their organizations. J.P. Morgan Chase & Co. and Citigroup Inc. recently announced foreclosure-prevention programs that aim to reduce interest rates, extend repayment schedules and, in the case of Citigroup, reduce loan amounts, to help borrowers keep their homes. But the programs have focused primarily on loans wholly owned by those companies because they feel they have more authority to rework those mortgages.

HSBC is also making more options available to more people. For example, it is contacting customers before their adjustable-rate loans reset to higher rates and freezing the current rate or allowing the borrower to pay a rate below what the new rate would be. The bank also is lowering fixed rates for selected borrowers. All this in an effort to stave of foreclosures.

One way of stabilizing markets where supply exceeds demand is to regulate supply. That way the people who can buy homes can buy from sellers who can’t afford to stay in their current home. But, amazingly enough, new home construction is still going on – even in saturated markets. Merrill Lynch economist David Rosenberg suggests, only half-jokingly, that the Treasury should impose a moratorium on home building. "It sounds like lunacy, but we have to destroy the housing capital stock to help put a floor under the market," he said.

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Local Information for Greenville, MS

Latitude: 33.398577 -- Longitude: -91.048356

Other Area Cities: Greenville Leland

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Greenville is a city in Washington County, Mississippi, United States. The population was 41,633 at the 2000 census.(likely higher now after Hurricane Katrina devastated areas farther south and east). It is the county seat of Washington CountyGR6. Greenville is also the largest city in Mississippi north of the I-20 corridor. Greenville was named after American Revolutionary War hero Nathanael Greene. Greenville was the birthplace of singer Mary Wilson of The Supremes, author Shelby Foote, pro-baseball player Frank White, and pioneering Chinese American journalist Sam Chu Lin. African-American bear hunter and sportsman Holt Collier is buried in Greenville. -- Source: Wikipedia.com

Mississippi 2000 Census Population Profile Map

	Greenville	Mississippi	United States
Population	41,633	2,844,658	281,421,906
Median age	31.5	33.8	35.3
Median age for Male	28.8	32.2	34
Median age for Female	33.9	35.3	36.5
Households	14,784	1,046,434	105,480,101
Household population	40,914	2,749,244	273,643,273
Average household size	2.77	2.63	2.59
Families	10,419	747,159	71,787,347
Average family size	3.34	3.14	3.14
Housing units	16,251	1,161,953	115,904,641
Occupied units	14,784	1,046,434	105,480,101
Vacant units	1,467	115,519	10,424,540

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