Lenders, Schmenders! the Growing Subprime Mess   
 

Asa past promissory note lender, I know what foreclosures can do to a bank (in the eyes of their regulators) and to a community.  The increasing numbers of foreclosures observed in our marketplace ultimately means that lenders will tighten lending guidelines and mortgages will be harder to obtain, causing home prices to decline.  This is particularly true in the lower range of home values.


Here are some links to brochures produced by the National Association of Realtors that address the growing subprime mess and the changes in the home lending industry.
CNN: "Looking for Ways Out of the Subprime Mortgage Crisis"
USA Today: "Neighborhood Finds Real Estate Loans Too Good to Be True"
Washington Post: "Foreclosure Rate Hits Historic High"
I've all seen the headlines. What consumers need now is a lifeline.


1. Download my newest brochure, "How to Avoid Foreclosure and Keep Your Home," which provides outstanding information for existing homeowners who may not be able to afford their current mortgage, including phone numbers, counseling services and just plain good advice. Download here.
2. Download the brochure, "How to Avoid Predatory Lending" and use it to help prospective homeowners avoid unfair lending practices. Download here.
3. Visit NAR's subprime Web page for additional information on this growing problem and plenty of great resources for you and your clients. More info here.


These are practical, user-friendly resources that you can use in the field to help prospective and current homeowners keep their homes - and build wealth - for the long term. Again, visit the subprime Web page to order copies of these brochures. 


REALTORS® help build communities one home at a time. I know that foreclosures can decimate our communities and our businesses.