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 Hamden, CT

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Hamden is a town in New Haven County, Connecticut, United States. Hamden was originally settled by Puritans as part of the town of New Haven. The land was purchased by Theophilus Eaton and Reverend John Davenport in 1638 from the local Quinnipiack Native American tribe. It remained a part of New Haven until 1786 when local residents incorporated themselves as a separate town. It is named after the English statesman John Hampden. Hamden was largely developed as a nodal collection of village-like settlements. These include Mount Carmel, Whitneyville, Spring Glen, and Highwood. It has a long-standing industrial history having been the site of many workshops of Eli Whitney, as well as Charles Goodyear. The major thoroughfare through town has been named Whitney Avenue in Eli Whitney's honor, and it runs past Whitney's old factory, now the Eli Whitney Museum, at the border with New Haven where a waterfall provided a good source of power. -- Source: Wikipedia.com

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