Mississippi Summit On Foreclosures

June 18th, 2008

At Jackson on Tuesday 10th June, Governor Haley Barbour organized the Mississippi Summit. Meanwhile Jim Hood, Attorney General had done his bit about checking prowling predatory lending. The residents of Natchez roundly praised Hood. One of them, Ronal Albritton was especially vocal. Albritton had fallen prey to predatory lending and had nearly lost the house that was his home. Finally he could surface after taking the help of ACORN and working out a deal with the mortgage company. Albritton euphemized “I think we’re the greatest nation in the world” when it comes to solving problems. But the point is that the people must be able to work together for miracles to happen. The ACORN branch of Mississippi have awarded Hood grade ‘A’ for working to check fraud and predatory lending in the mortgage industry. Hood said that history has a way of repeating itself. The Great Depression had been a product of Wall Street having a free hand in “taking advantage of working people.” The same situation has surfaced today after decades.

The Mississippi Summit focused on the need for working with lenders to diffuse the foreclosure crisis and get positive results. Governor Barbour lauded the efforts by saying that the good work done will benefit generations yet to come. A precedent has been set that when one gets behind a bad loan the banks will work with them. Foreclosures are not always inevitable.

The foreclosure numbers are relatively low in the state but the delinquency numbers makes it rank the 4th highest in the country, according to figures released by Mortgage Bankers Association. Donna Gambrell, the Director of Community Development Financial Institutions Fund for the US Treasury Department, said she understood that when one is lagging behind in mortgage payments and debts are piling up, it is difficult to pick up the phone to contact the lender. But that is something that has to be done.

Bill Sones of Mississippi Bankers Association and President of Bank of Brookhaven referred to the “corporate responsibility” to see that the products being offered to the people are fair and clean. It being obvious that some fraud is going on in the mortgage industry some steps have to be taken.

Governor Barbour apprehended that the delinquency rates would go up considering that there are a considerable number of sub-prime mortgages in the state. However experts are beginning to see the light peeping through behind the clouds.

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