Arnold Flexes Some Breathing Room (Zacks.com)
Tue, 16 Jun 2009 13:26:45 Etc/GM
Apart from some lenders outside of California that have installed voluntary foreclosure freezes, foreclosures are on the rise. Losses appear to have approximate $125,000 per home early this year.
Unfortunately at this point of time the Administrations new plan announced last week does not actually stop any foreclosures. This plan, while allowing for mortgage modifications, the reduced payments are only temporary and will reset in 5 years, which does not truly deleverage the consumer.
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source: http://biz.yahoo.com/zacks/090616/21106.html?.v=1