Why Relief for the Housing
Foreclosures is Very Remote

 Many factors indicate that there will be virtually no relief for the millions of home foreclosures that are and will occur within the next few years. Here are some facts:

• At this time there are an estimated over one million homes that are behind in their payments or where foreclosure actions have already been taken.
   
• There have been during the last two years over one million houses that have been foreclosed on.
   
• There are an estimated four million houses where the mortgages are more than the market value of the houses. Many of these home owners will simply walk away from the property.
   
• The decline in the market value of homes will continue to decrease, due in part to the (a) already large numbers of foreclosed homes on the market; (b) the large numbers of homes now in default and/or in foreclosure; (c) the adjustable rate mortgages (ARMs) that were written in large numbers in 2006 and 2007 will be readjusting to a much higher figure starting in the later part of 2009 and continuing until about 2011. This will result in millions of other homes in foreclosure, further decreasing the market value of the homes; (d) the increasing number of job losses, business failures, factory closings, will add still more to the number of homes being foreclosed.
   
• There isn't enough money that can be borrowed from communist and other countries to bail out these many millions of underwater or foreclosed homes. The promises by politicians to help bail out these millions of properties is nothing but the usual PR seeking political benefits.
   
• The only relief would be for legislation to permit people filing for Chapter 11 bankruptcy to decrease the loan balance and monthly payments.
   
• This will further devalue the many financial derivatives, some held by hedge funds and pension funds, and by retirees, extending still further the financial problems.
   
• There are rough times ahead, and this writer, who lived through the great 1930s financial depression, feel it may be worst this time, with great personal tragedies−thanks to the corruption in government and elsewhere (and the unread public's usual apathy about these matters). (Read America's Housing and Financial Frauds.)
• List of informative books at www.defraudingamerica.com/list_of_books.html.

This writer is a former real estate investor who had built up a $500 investment to $10 million, before corrupt government personnel stripped him of the assets that he was using to expose high-level corruption in government. (see www.defraudingamerica.com.)