Did you Know?
33% of loans in Foreclosure have not made payments in 2 years.
4.1 million loans are 90 + days delinquent or in foreclosure.
RECON, Mark Dotzur, per his presentation below:
Restarting the Housing Market
• People still want to buy homes.
• They are worried that prices may fall further.
• The OCC reports over 4 million houses in
foreclosure or over 90 days delinquent
• Loan modifications are not working
• At current rates, it may take 50 months to
clear the foreclosure inventory
We need to speed up the foreclosure process
• We need to encourage private investors:
– Make investor financing available
– Shorten depreciation to 15 years, with ACRS
– Write off losses against earned income
– No capital gain if you hold the property 5 years
Everyone agrees that housing is the key
headwind against the US economy.
• Postponing and delaying foreclosure does
nothing but extend the market paralysis
• We need a change in policy now.
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