Political Quotes

“we are at a critical moment. According to the Mortgage Bankers, the rate of foreclosures and the percentage of loans in the process of foreclosure are at the highest recorded level since 1979. The delinquency rate for all mortgage loans on one- to four-unit residential properties stood at 6.35 percent of all loans outstanding at the end of the first quarter of 2008. This is an increase of 151 basis points from 1 year ago--a 1.5-percent increase--which is usually significant because it translates into thousands and thousands of Americans who are facing foreclosure. The percentage of loans in the foreclosure process was 2.47 percent at the end of the first quarter, more than double what it was a year prior. In my own State of Rhode Island, 5.65 percent of all loans are past due, and 2.75 percent are in foreclosure. That is a staggering statistic. Rhode Island has the unfortunate distinction of having the highest foreclosure rate in New England and is fourth in the Nation for subprime foreclosures. For many Rhode Islanders--in fact, the majority--their home is their wealth, their nest egg. Unfortunately, with such a high foreclosure rate, many Rhode Islanders are seeing their wealth erode as home prices fall. Thousands more are in default because they are no longer able to refinance or sell their homes since their mortgages are now worth more than the appraised value of their homes.”