Defaults Mounting!

The housing market is only getting worst these days. Just look at what is happening with the Dow Jones, it’s shrinking every day. There are other reason for the shrinking, like consumer spending is way down, and big name companies are closing their doors. But you must remember that this was all caused by the way big financial companies lend money. They made a lot of bad choices, and now we’re all paying for it. But there is some hope coming out of the financial markets. Most of all our major banks are working with homeowners to stay in their homes. Citigroup stated that it wouldn’t initiate a foreclosure or complete a foreclosure if the borrower wants to stay in a home. This home must be the borrower’s main residence, not his or hers rental property. And the borrower must still have a good income to make the mortgage payments. Citigroup isn’t the only bank with a plan in place like this. The others are JPMorgan Chase & Co. and Bank of America Corp. just to name a couple. So hopeful this will help keep people in their homes and make those payments.