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 Culver City, CA

Latitude: 34.007761 -- Longitude: -118.400905

Other Area Cities: Century City Baldwin Hills Beverly Hills Hermosa Beach Los Angeles Marina Del Rey Santa Monica Manhattan Beach Culver City

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Culver City is a city in western Los Angeles County, California. As of the 2000 census, the city had a population of 38,816. The community is mostly surrounded by the city of Los Angeles but also has a border with unincorporated areas of Los Angeles County. The current mayor is Gary Silbiger. Since the 1920s, Culver City has been a significant center for motion picture and later television production, in part because it was the home of MGM Studios. It also was the headquarters for the Hughes Aircraft Company from the 1930s to the 1980s. National Public Radio West and Sony Pictures Entertainment now have headquarters in the city. -- Source: Wikipedia.com

California 2000 Census Population Profile Map

	Culver City	California	United States
Population	38,816	33,871,648	281,421,906
Median age	39.1	33.3	35.3
Median age for Male	37.4	32.2	34
Median age for Female	40.6	34.4	36.5
Households	16,611	11,502,870	105,480,101
Household population	38,292	33,051,894	273,643,273
Average household size	2.31	2.87	2.59
Families	9,513	7,920,049	71,787,347
Average family size	3.02	3.43	3.14
Housing units	17,130	12,214,549	115,904,641
Occupied units	16,611	11,502,870	105,480,101
Vacant units	519	711,679	10,424,540

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