Monday, January 29, 2018 / by Sean Zanganeh
My goal and commitment is to keep updated with everything that is going on in the world and then to share it with you. I will do my best to sort through the pages and pages of news and only provide you with the best, most resourceful information possible.
This article that I found from the National Association of Realtors is Great News for more than just the industry but the economy as a whole.
Banks Spend Billions to Help Troubled Borrowers
JP Morgan Chase & Co. is opening 24 offices nationwide to help home owners facing foreclosure.
"The idea is to reach people who are in trouble--many who may have gone into avoidance mode," spokeswoman Nancy Norris says. "We hope this personal, face-to-face service will enable us to help more of our customers."
JPMorgan Chase and Wells Fargo received $25 billion in federal bailout funds. Bank of America and Citigroup each got $45 billion.
Norris says Chase expects to use this money to help about 700,000 mortgage customers – a total of $110 billion in home loans – by the middle of 2010. In total, Chase has 10.4 mortgage customers.
Some observers are dubious that even this well-funded plan will work.
"Unfortunately, we tend to be a little cynical about these efforts," says Daren Blomquist, a spokesman for RealtyTrac, a research company that tracks foreclosures. "It seems that everything thrown at the problem so far has not been too successful."
Source: Orlando Sentinel, Richard Burnett (03/27/2009)
This information and more like it can be provided by a Realtor. If you have any questions, feel free to give me a call. Thanks!!
Prudential California Realty