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Coming months could be grim for stressed homeowners piece of collateral in the
world,” Karnes said. “The con-
sumer who has a car or a
The future looks bleak for distressed nonprofit group, federally certified to “It’s going to be brutal,” said Steve place those risky mortgages don’t exist house really gets saddled with
Portland homeowners, despite the help people rework troubled mortgages, Emory, senior loan officer at Pacific Resi- any more, Emory said. the worst of this.”
looming $700 billion bailout of Wall is adding a third foreclosure counselor dential Mortgage in Lake Oswego. “Most of Two new Federal Housing Administra- Democratic congressional
Street investment firms. to address an expected upsurge in de- those people will not be able to refinance tion programs designed to help at-risk leaders sought to restore the
Thousands of Portland-area homeown- mand. out of those loans.” homeowners have flopped, said David residential and auto provi-
ers with risky mortgages face big interest- Tom Cusack, a retired federal housing Portland has a high concentration of Feathers, a mortgage broker with Oswego sions during negotiations over
rate spikes in coming months. official who writes the Oregon Housing homeowners with interest-only mort- Mortgage in Lake Oswego. the recent Wall Street bailout.
Area home values are slipping, and un- Blog, calculates that 17,600 Oregon home- gages, and negative-amortization loans In one of the programs, distressed But the Bush administration
employment is rising. owners have adjustable-rate subprime that permit homeowners to add to their homeowners aren’t eligible for refinanc- adamantly opposed the idea,
Home lenders are in disarray, wary of is- mortgages and other risky loans that will loan each month. Last year, Portland-area ing if they were delinquent paying their saying it was unfair to allow a
suing new loans that could help people re- reset to much-higher interest rates in the residents registered the 33rd-highest use Target credit card or similar bills. rewrite of home loans after
finance risky mortgages. next 12 months. of interest-only loans among 333 U.S. “That’s not reality,” he said, because they’re issued, and that it
“We’re going to be hit within the next 12 Interest rates for subprime and other metro areas, and 42nd-highest use of neg- homeowners are likely to experience could drive up lending costs
months,” said Cheryl Roberts, executive risky loans typically are pegged to the Lon- ative amortization loans, according to problems paying their credit card bills if and make it harder for people
director of North Portland’s African Amer- don Interbank Offered Rate or LIBOR, First American CoreLogic. Many loan they’re behind on paying their mortgage. to get loans.
ican Alliance for Homeownership. The which has rocketed in recent weeks. programs that might have helped folks re- — Steve Law — Steve Law