Then why is the "liberal" Boston Globe reporting it as such?
"Mass. foreclosure cases plummet; New law is credited, but will the relief be just temporary?" by Stacey Myers, Globe Staff | July 31, 2008
The number of foreclosure proceedings initiated in Massachusetts plummeted in June, a sign that a new state law delaying property takings is working.
The drop is attributed to a state law that took effect May 1 giving struggling homeowners a bit of breathing room. The so-called right-to-cure law created a 90-day period in which homeowners can "cure" mortgage delinquencies by catching up on payments or finding a buyer.
And if not?
Signed by the governor in the fall, the law also prevents lenders from tacking on fees during those 90 days. Normal mortgage payments will continue to accrue, however.
Even with the cooling off period, Massachusetts is on track to have more than double the number of foreclosures this year than in 2007. It's too soon to tell whether the new law will help struggling homeowners, or just delay the inevitable.
Then WTF is with the GLORIOUS HEADLINE, Globe?
All because the GOVERNMENT said STOP for a moment?
Yes, readers, I am getting sick of the shit journalism of the AmeriKan MSM!!!!
Warren Group's chief executive, Timothy Warren, said the law may just push back foreclosures by three months.
But we get a CROWING HEADLINE that the FORECLOSURES are DOWN!!
Well, if you STOP DOING SOMETHING, obviously.... !!!!!!!!!!!
(blog author with palms raised toward sky)
In the meantime, Governor Deval L. Patrick has called on lenders to work with borrowers during the 90-day grace period to avoid unnecessary foreclosures, and legislation signed yesterday by President Bush may help as well, he said."
Yup, BUSH SAVED US!!!
The sweeping housing legislation signed yesterday by President Bush provides a tax credit for first-time home buyers, higher mortgage allowances for expensive markets such as Boston, property tax breaks, and a variety of other benefits.
Although the main thrust of the legislation was to shore up the nation's primary mortgage providers, Freddie Mac and Fannie Mae, and stem the onslaught of foreclosures, the new law has numerous tax breaks and incentives for homeowners and buyers aimed at repairing the damaged housing market.
"There's enough for some, but not for everybody," said Representative Barney Frank, the Newton Democrat who sponsored the legislation. "If we had more money, we could do more."
Well, WHERE DID IT ALL GO, Barn? IRAQ?!!!!
And if you read the rest of the piece -- and in keeping with Boston Globe shit-shoveling traditions -- it's all about how the bill HELPS YOU!!!
Nothing about the $800 BILLION government bailout!!!!
Nope, the HOUSING MARKET is FIXED thanks to George W. Bush!
"Group helps more stay in homes last month" by Bloomberg News | July 31, 2008
WASHINGTON - US mortgage servicing companies helped a record 181,000 homeowners avert foreclosure in June by changing loan terms or setting up repayment plans, according to an industry survey.
The Hope Now Alliance, a coalition of servicers, counselors, and investors, has helped an estimated 1.9 million homeowners stay in their houses since July 2007, the Washington based group said yesterday.
"All workouts are intended to be permanent solutions for allowing people to keep their homes," Faith Schwartz, Hope Now's executive director, said yesterday on a conference call with reporters.
The voluntary group, formed last October at the urging of Treasury Secretary Henry Paulson, has been criticized by lawmakers including House Financial Services Committee Chairman Barney Frank and regulators such as Federal Deposit Insurance Corp. chairman Sheila Bair for not moving fast enough to help homeowners facing foreclosure."Yup, Paulson and the government came to the rescue!!!
Keeping hope alive -- even if it was a problem THEY CREATED!!!!!!
Also see: "If I Were A Terrorist"
