Chief
09-17-2007, 06:39 PM
http://seattlepi.nwsource.com/local/331976_mortgage18.html?source=rss
P-I STAFF
A task force will look into the severity of Washington's subprime mortgage instability and possible steps to help homeowners, Gov. Chris Gregoire announced Monday.
Subprime mortgages generally serve people with poor credit. An increasing number of borrowers nationwide have faced foreclosure in recent months because adjusting interest rates are raising payments to more than they can afford while declining home values leave them owing more than their house is worth.
While Washington's rates of mortgage delinquency and foreclosures are less than other states, Gregoire is concerned for those who may be at risk, according to a news release announcing the new effort.
"My concern is for Washingtonians who see what is happening on the national market and are worrying they may lose their own home or won't be able to purchase a house," she said in the statement. "I convened this group of knowledgeable and compassionate people to work on solutions before this national problem hits Washington as hard."
Gregoire's Task Force for Homeowner Security will look into the extent of the problem in Washington, ways to help borrowers refinance into better loans, consumer education and reforms to state lending practices. The panel includes bank executives, a mortgage broker, consumer advocates, and state housing officials and regulators.
Gregoire wants recommendations by the end of this year.
**SCHNIPP**
Let me give you one guess where the next State "surplus" is headed...I'll give Oregon credit for at least trying to give some of the excess back via the kicker. Washington doesn't even try...
Anyway, here comes another bailout...
P-I STAFF
A task force will look into the severity of Washington's subprime mortgage instability and possible steps to help homeowners, Gov. Chris Gregoire announced Monday.
Subprime mortgages generally serve people with poor credit. An increasing number of borrowers nationwide have faced foreclosure in recent months because adjusting interest rates are raising payments to more than they can afford while declining home values leave them owing more than their house is worth.
While Washington's rates of mortgage delinquency and foreclosures are less than other states, Gregoire is concerned for those who may be at risk, according to a news release announcing the new effort.
"My concern is for Washingtonians who see what is happening on the national market and are worrying they may lose their own home or won't be able to purchase a house," she said in the statement. "I convened this group of knowledgeable and compassionate people to work on solutions before this national problem hits Washington as hard."
Gregoire's Task Force for Homeowner Security will look into the extent of the problem in Washington, ways to help borrowers refinance into better loans, consumer education and reforms to state lending practices. The panel includes bank executives, a mortgage broker, consumer advocates, and state housing officials and regulators.
Gregoire wants recommendations by the end of this year.
**SCHNIPP**
Let me give you one guess where the next State "surplus" is headed...I'll give Oregon credit for at least trying to give some of the excess back via the kicker. Washington doesn't even try...
Anyway, here comes another bailout...