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 Lincoln, NE

Latitude: 40.809868 -- Longitude: -96.675345

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Lincoln started out as the village of Lancaster, which was founded in 1856, and became the county seat of the newly-created Lancaster County in 1859. The capital of Nebraska Territory had been Omaha since the creation of the territory in 1854; however, most of the territory's population lived south of the Platte River. After much of the territory south of the Platte considered annexation to Kansas, the legislature voted to move the capital south of the river and as far west as possible. The village of Lancaster was chosen, in part due to the salt flats and marshes nearby. However, Omaha interests attempted to derail the move by having Lancaster renamed after the recently-assassinated President Abraham Lincoln. At the time, many of the people south of the river had been sympathetic towards the Confederate cause and it was assumed that the legislature would not pass the measure if the future capital was named after Lincoln. -- Source: Wikipedia.com

Nebraska 2000 Census Population Profile Map

	Lincoln	Nebraska	United States
Population	225,581	1,711,263	281,421,906
Median age	31.3	35.3	35.3
Median age for Male	30.3	34	34
Median age for Female	32.5	36.6	36.5
Households	90,485	666,184	105,480,101
Household population	213,938	1,660,445	273,643,273
Average household size	2.36	2.49	2.59
Families	53,580	443,411	71,787,347
Average family size	2.99	3.06	3.14
Housing units	95,199	722,668	115,904,641
Occupied units	90,485	666,184	105,480,101
Vacant units	4,714	56,484	10,424,540

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