Each day from July through September, more than 2,700 Americans lost their homes in foreclosure

[seemslikeadream]

http://www.thonline.com/article.cfm?id=222112

Foreclosure crisis vexes government
Modifications to loans are not always granted for troubled homeowners
BY ALAN ZIBEL THE ASSOCIATED PRESS


Photo by: Ben Margot
Maria Martinez stands in front of her home. Martinez, 57, of Stockton, Calif., is three months behind on her mortgage even after receiving a loan modification earlier this year.
WASHINGTON -- Each day from July through September, more than 2,700 Americans lost their homes in foreclosure.

That number, up from 1,200 per day a year ago, is a sign that the mortgage industry and government programs have done little to help troubled homeowners.

The mortgage market's troubles have proved to be far more serious and intractable than most in government or the private sector had predicted a year ago.

"We are behind the curve. We are falling behind," Sheila Bair, head of the Federal Deposit Insurance Corp. told a Senate hearing recently. "There has been some progress, but it's not been enough, and we need to act. And we need to act quickly, and we need to act dramatically to have more wide-scale, systematic (loan) modifications...."

More than 4 million homeowners with a mortgage were at least one month behind on their payments at the end of June, according to the latest data from the Mortgage Bankers Association, and a record 500,000 had entered the foreclosure process.

[ChowChow]

1. I'm constantly in a state of being one paycheck away

from losing my house, and I have a typical loan. Can't imagine whats it's like for the people with ARM's and shit.