Koch noted that she represents much of Wright County, which has seen up to 3 percent of its homes go into foreclosure this year, leading the state.
Nevertheless, the bill is not good for the state as a whole, she said.
"We need to focus on the 97 percent who are still paying their mortgages," she said. "This bill introduces risk for all lenders. It will either tighten credit or increase costs."
Koch said she believes passing the bill will make it more difficult to sell many houses that are up for sale.
How many of Senator Koch's bills benefit the state as a whole? How many only a small portion of the population?
Perhaps the Senator doesn't really read any Wright County newspapers. 9 full pages of foreclosures, 152 total.
One year to "right the ship" does not seem to be overly generous. If it saves a significant portion of foreclosures, it's a good deal.
The housing industry in Wright County has been severely impacted by the "mortgage crisis". Senator Koch wants to do nothing about it...
Another glowing example of leadership.
1 comment:
Three percent is big, if the demographics are - first time home buyers, newly built [recent and/or first occupancy], young - two job families, etc., couples with young early grade school children.
First, that segment is most vulnerable and most likely to have bought more home than they could afford on an ARM. Less experienced. Older more set families probably have paid off or substantially paid down mortgages.
The refinance it for lifestyle push also hit that segment.
Then, vacancies, if clustered, can be problematic for governmental entities beyond lessened tax cash flow than anticipated.
The homes will have taxes accruing, with interest, but anticipated revenue streams are lost.
All that said, the devil is in the details of any "solution" package, which can be a bailout for lenders rather than for purchasers.
My bet, State and federal level, the GOP would back lender bailout, but would be "cautious" about homeowners who "acted irresponsibly."
It's in their DNA, I think.
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