Foreclosures still on increase as banks look to get rid of bad loans

Sep 26, 2008

While the federal government mulls U.S. Treasury Secretary Henry Paulson?s $700 billion mortgage bailout plan, increasing foreclosure rates continue to weaken the Phoenix economy. Residents are walking out of the front door as quickly as equity escapes out the back, turning a once sure bet into a sucker play for investors and causing heartache for homeowners. Big banks don?t want these plummeting assets, especially in a tanked market that?s so dependent on real estate. To combat the epidemic, the Valley?s largest players ? Wells Fargo & Co., JPMorgan Chase & Co. and Bank of America Corp. ? have initiated numerous programs and added staff to help people keep their homes. The movement is chipping away at the region?s problem, but not with the power of a jackhammer ? more like a chisel.
Read More: Phoenix Business Journal

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