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 Weatherford, OK

Latitude: 35.532669 -- Longitude: -98.700606

Other Area Cities: Clinton Weatherford

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As of the censusGR2 of 2000, there were 9,859 people, 3,991 households, and 2,187 families residing in the city. The population density was 656.3/km² (1,699.3/mi²). There were 4,468 housing units at an average density of 297.4/km² (770.1/mi²). The racial makeup of the city was 87.16% White, 1.95% African American, 4.97% Native American, 1.29% Asian, 0.06% Pacific Islander, 1.76% from other races, and 2.81% from two or more races. Hispanic or Latino of any race were 4.30% of the population. Oklahoma country music singer Jeremy Castle played football at Southwestern Oklahoma State University in Weatherford. Weatherford is the home of Southwestern Oklahoma State University. In addition, Weatherford is the hometown of Astronaut Thomas P. Stafford, commander of the Apollo 10 mission and the Apollo-Soyuz project. He has also donated space craft on exhibit at the Weatherford Airport Museum, which is open for tours daily. Weatherford is also home to one of the largest wind energy farms in O -- Source: Wikipedia.com

Oklahoma 2000 Census Population Profile Map

	Weatherford	Oklahoma	United States
Population	9,859	3,450,654	281,421,906
Median age	24.1	35.5	35.3
Median age for Male	23.7	33.9	34
Median age for Female	24.9	36.9	36.5
Households	3,991	1,342,293	105,480,101
Household population	9,054	3,338,279	273,643,273
Average household size	2.27	2.49	2.59
Families	2,188	921,750	71,787,347
Average family size	2.96	3.02	3.14
Housing units	4,468	1,514,400	115,904,641
Occupied units	3,991	1,342,293	105,480,101
Vacant units	477	172,107	10,424,540

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