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Population: 1.7 million Foreclosure rate: One in 50 homes Percent increase in 2010: 37%
"The Charlotte area was one of the hardest hit parts of North Carolina, with the lion's share of mortgage defaults coming from changing economic fortunes.
"Filings will likely remain at an elevated level until the overall economy improves," said Will Corbett, director of North Carolina's State Home Foreclosure Prevention Project."
So wait... we pay a "director of North Carolina's State Home Foreclosure Prevention Project" to tell us foreclosures will remain high until the overall economy gets better?
So wait... we pay a "director of North Carolina's State Home Foreclosure Prevention Project" to tell us foreclosures will remain high until the overall economy gets better?
Classic.
LOL. You would never know that the state is in so much debt.
What surprised me the most about the CNN article was when it said that the foreclosure rate was 1 in 50 homes in the Charlotte area. That is a lot!
So wait... we pay a "director of North Carolina's State Home Foreclosure Prevention Project" to tell us foreclosures will remain high until the overall economy gets better?
Classic.
with just a *modicum* of research I found this:
"The success of the Foreclosure Project shows that foreclosures can be prevented if homeowners, lenders, counselors and the state work together, says Pearce. In the first seven months of operation, the program has prevented more than 1,000 foreclosures and connected over 3,000 homeowners to housing counseling agencies for foreclosure prevention counseling. The economic impact of the program to date is estimated at $86 million."
LOL. You would never know that the state is in so much debt.
What surprised me the most about the CNN article was when it said that the foreclosure rate was 1 in 50 homes in the Charlotte area. That is a lot!
It's 1 in 9 for Las Vegas... now that's A LOT! lol
Quote:
Originally Posted by Native_Son
with just a *modicum* of research I found this:
"The success of the Foreclosure Project shows that foreclosures can be prevented if homeowners, lenders, counselors and the state work together, says Pearce. In the first seven months of operation, the program has prevented more than 1,000 foreclosures and connected over 3,000 homeowners to housing counseling agencies for foreclosure prevention counseling. The economic impact of the program to date is estimated at $86 million."
Not sure if the bold is your emphasis or not, but $86 million - seriously? Guess how long it takes us to generate that much municipal debt? The state of NC is is sitting on $56B of debt and climbing as I type this. They're out spending revenue by about $22B right now. I appreciate the idea that program exists... But the fact remains that the banks have no interest in preventing foreclosures. That's what needs to be addressed instead of a fluff agency.
But the fact remains that the banks have no interest in preventing foreclosures. That's what needs to be addressed instead of a fluff agency.
And I think programs like this one are the first step... we've got to start somewhere. But poo-pahing every little expenditure is certainly counter-productive.
By your logic ($86MM not meaning squat to the State's debt service), by what means do you justify ridiculing paying a director of North Carolina's State Home Foreclosure Prevention Project? A sum that is *surely* so minute that it's cancellation would mean nothing to the grander state of our state's mis-spending... if $120K earns $86MM then I'd say it's a pattern that should be replicated. Don't throw the baby out with the bath water!
So wait... we pay a "director of North Carolina's State Home Foreclosure Prevention Project" to tell us foreclosures will remain high until the overall economy gets better?
Classic.
Sort of like the large amount (250,000 ?) or so spent for a study saying people need to volunteer for the libraries.
Hate to beat a dead horse and I'm not saying Mecklenburg County is any great island of prosperity, but keep in mind this Population number means they are taking into account the surrounding counties some of which have been nearly destroyed due to losses in manufacturing jobs. This fact also skews the jobs number when they say 72K jobs have been lost and only 5K have been gained.
And I think programs like this one are the first step... we've got to start somewhere. But poo-pahing every little expenditure is certainly counter-productive.
By your logic ($86MM not meaning squat to the State's debt service), by what means do you justify ridiculing paying a director of North Carolina's State Home Foreclosure Prevention Project? A sum that is *surely* so minute that it's cancellation would mean nothing to the grander state of our state's mis-spending... if $120K earns $86MM then I'd say it's a pattern that should be replicated. Don't throw the baby out with the bath water!
If you follow the site, you'll find that it's actually sponsored by none other then the "North Carolina Commissioner of Banks":
Our mission is to promote and maintain the strength and fairness of the North Carolina financial services marketplace through the supervision and regulation of financial service providers in that marketplace.
I find this an insult to my intelligence knowing full well what's happened under the "watchful eye" of this commission - Countrywide / BoA being at the top of the list. So, yeah - I'd spend $120k to save $86m if it was that simple. But, I'd rather highlight the bonuses going to the folks who put us in this mess instead of the $86m saved by a project that shouldn't even need to exist.
But, I may be digressing here and will say I get your point - something is better then nothing.
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