Mortgage Lenders
Keep Raking It In

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House prices continue to rise -- good news for homeowners with lots of equity, but bad news for the rest. The median price of an existing home in the United States is now at $177,000, up 10.1 percent in the third quarter. Last year the median price in the third quarter was $160,800, says the National Association of Realtors[1]. Many people are stretched to the hilt on their mortgages.

Bankruptcy researchers Warren and Tyagi[2] have found that:

• Over the past generation, the inflation-adjusted cost of a home increased by 69% -- while the average man's salary increased by less than 1%.

• In the past 25 years, the foreclosure rate has more than tripled. Many consumers with high debt or less-than-perfect credit are forced to turn to more expensive subprime loans, digging the hole even deeper. National mortgage lender Countrywide Financial Corporation reported funding some $2.4 billion in subprime loans in October - more than double the $1.0 billion a year ago. In another case, Illinois-based mortgage broker Mark Diamond and his company, OSI Financial Services, Inc., have settled charges by the Federal Trade Commission and Illinois Attorney General for misrepresenting key loan terms to homeowners in the subprime market. The settlement requires the defendants to pay $270,000 in consumer redress.[3] Mortgage Lenders are the ones really making the money in today's high cost housing market! The best way for consumers to fight back is to get the best loan terms and pay off their mortgages as quickly as possible.

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[1] See the full report at http://realtor.org/Research.nsf/files/REL03Q3T.pdf/$FILE/REL03Q3T.pdf

[2] The Two Income Trap (Basic Books) by Warren and Tyagi.

[3] To read about the settlement, visit the FTC web site

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