Americans Divided On Honesty of Mortgage Lenders
June 12, 2007 (PRLEAP.COM) Business NewsDespite widespread mortgage fraud bringing much of the U.S. housing market to an abrupt slow down, homeowners are unsure of whether mortgage lenders are ethical or not, according to an online survey conducted by Housing Predictor.
Respondents to the survey were almost evenly divided on whether they believe mortgage loan agents were ethical in their dealings with the public. Some 53% said they were not ethical or didnít know whether their lenders were ethical or not. The remaining 47% said loan agents they dealt with were ethical in their professional behavior.
Congress was considering adopting new laws to further restrain mortgage lenders in their dealings, but after a series of hearings lawmakers have decided to wait before implementing any additional new laws. More than 2 million adjustable rate mortgages are in the process of adjusting to higher interest rates in the next two years.
The higher rates along with the melt down in the sub-prime lending fiasco have caused many housing markets in the nation to reach record foreclosure rates. Housing Predictor is forecasting more than 2 million foreclosures will occur in the next two and a half years. A detailed analysis is available on the web site.
Housing Predictor regularly surveys visitors to the web site on a variety of issues related to the real estate industry, considered one of the strongest driving forces of the national economy. In the last survey 76% of all respondents blamed mortgage fraud for the end of the booming national real estate market.
This week Housing Predictor chronicles the journey of a Southern California couple, who obtained a sub prime mortgage to purchase their home with a zero down payment and lost it in foreclosure. The couple is a lot like hundreds of thousands of others scattered throughout the nation battling to keep their homes amid rising mortgage interest rates and threats of foreclosure.
Despite the slowdown in the housing market in many states, 18 states local markets are appreciating, including Texas and New Mexico, where foreclosures are just beginning to record higher numbers.
For the full report on the Foreclosure Crisis and to check your marketís forecast visit http://www.HousingPredictor.com