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 Norwich, CT

Latitude: 41.539748 -- Longitude: -72.082088

Other Area Cities: Norwich New London East Lyme Gales Ferry Mystic

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The AA baseball Connecticut Defenders, formerly the Norwich Navigators, are a farm team of the San Francisco Giants. The Norwich Municipal Ice Rink is an active center for Norwich's youth and young-at-heart. It has a 200’ x 85’ NHL regulation ice surface, four large locker rooms and other amenities. Residents of Norwich, Taftville, Occum and Yantic, senior citizens, and members of the U.S. Armed Forces receive reduced admission rates. Established in 1995, the Rose City Warriors are Norwich's Senior Women's Ice Hockey Team. The Norwich Icebreakers Junior Hockey Team are a Junior A hockey team competing within the America East Hockey League. The Slater Memorial Museum located on the campus of Norwich Free Academy is named for John Fox Slater (1814 - 1884), corporator of the Norwich Free Academy for twenty years. -- Source: Wikipedia.com

Connecticut 2000 Census Population Profile Map

	Norwich	Connecticut	United States
Population	36,117	3,405,565	281,421,906
Median age	36.9	37.4	35.3
Median age for Male	35.5	36.1	34
Median age for Female	38.3	38.6	36.5
Households	15,091	1,301,670	105,480,101
Household population	35,368	3,297,626	273,643,273
Average household size	2.34	2.53	2.59
Families	9,074	881,170	71,787,347
Average family size	2.96	3.08	3.14
Housing units	16,600	1,385,975	115,904,641
Occupied units	15,091	1,301,670	105,480,101
Vacant units	1,509	84,305	10,424,540

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