ABC News - The Mortgage Madness

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ABC News reported today on a story that was originally told by a good friend and client who is also a member of the Active Rain Real Estate Network, where we both author a Blog. I was shocked when I found out that Good Morning America had contacted her to do an interview about her most recent post. This took place in Oakley, California.

It's unfortunate what is happening to so many homeowners across this Country. I heard from a friend today that the County where I reside, and own property, is now the foreclosure and bank owned Capitol of the Country. News10 ABC reported that according to Bank of America, there are still billions of dollars worth of loans in jeopardy of foreclosure over the next 5 years. According to ABC, It's the worst they have seen the Real Estate market since the "great depression!"

The government is trying to put programs into place that will allow them to buy back some of these mortgages that have gone bad. Drastic measures are needed and crucial if we are to see any chance of surviving the next few years of this. We need to pull it together and find new and creative ways to beat down the ugly "Mortgage Monster" that's rearing it's money hungry head!

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