Since the beginning of the mortgage crisis, many experts have blamed the explosion in foreclosures on risky sub-prime loans. But USA Today reported recently that the rate of foreclosure for prime borrowers has been increasing, mainly because of rising unemployment rates. To read the rest of the article, CLICK HERE.
July 3, 2008
Mortgage makeover: Is there a way to keep desperate homeowners in their houses?
See the entire show online at: http://www.pbs.org/now/shows/426/index.html
The NOW website at www.pbs.org/now offers an interactive map for prospective homeowners looking for financial advice in their community, and a look at where Barack Obama and John McCain stand on the issue of predatory lending practices.
Complete Show Description:
After the subprime mortgage debacle, have we learned that quick-turnaround mortgages to customers with low credit scores are always too good to be true? One enterprising entrepreneur says NO, and he has some success to back it up. This week, NOW on PBS takes a look at the non profit organization “Just Price Solutions” and the man behind it, Brian Cosgrove. Cosgrove created a new mortgage model that, in his view, marries the speed and efficiency of the subprime model to safe lending practices including homeownership counseling and fixed rate mortgages. Cosgrove says the new system helps prevent foreclosures and safely protects individuals from predatory subprime lenders, but not everyone agrees. Some feel home ownership is oversold in America and that this mortgage enterprise is still risky business.
Can Just Price Solutions place and keep people in affordable homes, or is this another cautionary tale in the making? Next on NOW.
This show is part of “Enterprising Ideas,” NOW’s continuing spotlight on social entrepreneurs working to improve the world through self-sustaining innovation.
Here are some more help links from Now
More From NOW:
Help for Homeowners: Tips on Avoiding a Mortgage Nightmare
The Housing Crash Recession: How Did We Get Here?
Nightly Business Report: California Lending
NPR: Marketplace: Nonprofit Gets Around Subprimes
New York Times: Approval Is Near for Bill to Help U.S. Homeowners
Neighborhood Housing Services of America: R-Home Initiative
Center for Responsible Lending: Analysis of HR 3915 Mortgage Reform and Anti-Predatory Lending Act
U.S. Senate Committee on Banking, Housing, and Urban Affairs: Dodd, Shelby Announce Housing Bill