Medical Newswire

Medical Newswire!

Medicine, Healthcare, Medical Research, Hospitals, Management
Press release distribution service
Home | Medical-Newswire.Com:

Politicians Aim to Prevent Foreclosure

(EMAILWIRE.COM, April 19, 2007 ) WASHINGTON – People facing foreclosure may soon be thanking Senator Jack Reed (D) of Rhode Island for crafting legislation that he hopes will help homeowners, especially first-time homeowners, avoid losing their homes.The Senator’s spokesperson said that the bill, “would aim to help borrowers who are in trouble and help prevent others from facing such problems in the future.” By most accounts America is facing a tidal wave of foreclosures and the wave is expected to grow. The Mortgage Bankers Association reported that foreclosure activity in the last three months of 2006 shattered a more than three and a half decade record.Senator Reed is the Chairman of the Senate Banking Committee’s Securities, Insurance, and Investment Subcommittee, and will hold a hearing today to discuss the state of the mortgage industry, particularly the subprime mortgage market. These loans were often made to borrowers who stated their income or had bad credit histories.The legislation hopes to help educate consumers and provide financial counseling. It would also provide people more help after they’ve purchased a mortgage. House of Representatives member Barney Frank (D) of Massachusetts is also reportedly working on legislation to address the subprime mortgage market.“One of the main reasons that we are seeing such a rate of foreclosures and problems with adjustable rate mortgages is that consumers were often unaware of the complexities of their mortgages,” said foreclosure expert, Patrick McGilvray, J.D., CFP®, President of http://www.TheHomeBuyingCenter.com. He continued, “in addition, many people who call me from across the nation tell me stories of how they were lied to by their loan officers about the mortgage they were eventually sold.”One group, The National Community Reinvestment Coalition, is urging Congress to establish a national fund to help homeowners in trouble and prohibit lenders from foreclosing until at payments are at least 60 days behind. The company’s president, David Berenbaum said, "we are worried that lenders are rushing to foreclose before a consumer has had a chance to sustain homeownership.”Another politician, Senator Charles Schumer (D) of New York, Chair of the Senate Banking Committee’s panel on housing plans a bailout measure worth ‘hundreds of millions’ of dollars in aid to help troubled homeowners.Contact:Patrick McGilvray, J.D.Patrick@thehomebuyingcenter.comTel: 916-920-3278###This press release was issued through GroupWeb EmailWire.Com. For more information on press release distribution, go to http://www.emailwire.com.



Patrick McGilvray, J.D.

Patrick@thehomebuyingcenter.com

Source: EmailWire.com


Medical Resources
We are pleased to offer you this exciting, new, and entirely free professional resource. Visit our Free Healthcare resource center today to browse our selection of 600+ complimentary Healthcare magazines, white papers, webinars, podcasts, and more. Get popular titles including:

Eyecare Business
Medical Laboratory Observer
FierceHealthcare

No credit cards, coupons, or promo codes required. Try it today!

Medical Sponsors

Health News


Pharmanewswire.com is part of GropWeb Network, online properties of GroupWeb Media LLC. Copyright © GroupWeb Media LLC. All Rights Reserved.

For unlimited press release distribution for $99 per month, call (281) 645-4086 or start posting your press releases online at EmailWire.com. CityRegions.Com is part of GropWeb Network, online properties of GroupWeb Media LLC. Copyright © 2012 GroupWeb Media LLC. All Rights Reserved.


GroupWeb Media Network
AfricaNewswire.Net | AppleNews247.Com | AsiaNewsWire.Net | Aviation-NewsWire | Energy Industry | EstateNewsWire | Entertainment-NewsWire.com | Food Beverage News | Glamour NewsWire | Health NewsWire | Hosting NewsWire | i-Auto NewsWire | i-Business News | EuropeNewsWire.Net | iCameroon.com | i-Canada-News.Com | i-SoftwareNews.com | iT-NewsWire.Com
| InvestorsNewsDesk.Com | i-TravelNewsWire.Com | LegalLaw247.com | Medical-NewsWire.com | MiningNewsWire.net | MoneyNewsWire.Net | Movie-Stars-News.Com | PayDayNews247.Com | PharmaNewsWire.Com | Publishing-NewsWire.Com | Shopping-NewsWire.com | Telecom-NewsWire.Net | Transportation-News.Com | USGovernment-News.Com | WebPosters.Net | Wireless-NewsWire.Com |
Medical-Newswire.com - Medicl Newswire and Press Release service of GroupWeb Media LLC