President Obama has people paying attention and engaged -- and Dawn Teo's covering both sides of the story for Huffington Post:Dueling groups of anti- and countering pro-Obama protesters were setup in several "free speech zones" near the high school, smaller groups were scattered across sidewalks and street corners for several blocks, where former Governor Janet Napolitano's departure to take over as the new United States Secretary of Homeland Security gave Republicans full control of Arizona's state government.
The Obama administration is supporting legislation that, if passed, would allow judges to write down the principle and/or interest of mortgages when mortgage holders file for bankruptcy, and will be releasing new mortgage guidelines, which go into effect in 2 weeks that will standardize the mortgage loan process, including the appraisal process.
Ms. Teo wrote:
"According to Housing and Urban Development Secretary Shaun Donovan, who spoke to the press before the event, about 6 percent of Arizona mortgages either are in foreclosure or are more than 90 days behind today. Across the country, nearly 10 percent of mortgages are behind, and in December, close to half of home sales across the country were "distressed" sales. Donovan says he expects about 6 million more foreclosures over the next 3 years."
"Eyes brimmed with tears, attendees described the bleak outlook of being uprooted from their homes, a common fate in the Valley of the Sun. Besides the obvious transition from pre-election rallies to stately policy talks, today's topic -- the foreclosure crisis -- was sobering for the Mesa crowd."
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