"Foreclosures continue to soar, with 220,000 homes lost to bank repossessions in the second quarter of this year, according to the latest statistics from RealtyTrac, an online marketer of foreclosed homes. That’s nearly triple the number from the same period in 2007.

"There were a total of 739,714 foreclosure filings recorded during that three month period, up 14% from the first quarter, and up a whopping 121% from the same period in 2007. That means that out of every 171 U.S. households received a filing, which include notices of default, auction sale notices and bank repossessions."

Where’s the light, because what we are seeing is more long, dark tunnel, and they are wondering if the House bill is going to help them.

Qualified borrowers must live in their homes and have loans that were issued between January 2005 and June 2007. Additionally, they must be spending at least 40% of their gross monthly income on all household debt to be eligible for the program.

They can be up to date on their existing mortgage or in default, but either way borrowers must prove that they will not be able to keep paying their existing mortgage - and attest that they are not deliberately defaulting just to obtain lower payments.

Before homeowners can get FHA-backed mortgages, they must first retire any other debt on the home, such as a home equity loan or line of credit. Borrowers are not permitted to take out another home equity loan for at least five years, unless it’s to pay for necessary upkeep on the home.

Of course, the GOP didn’t want to help homeowners that have been raped by the unregulated mortgage industry. The irony being it was the GOP that deregulated the damn industry in the first place.

"Three-quarters of House Republicans defied Bush and voted against the package, designed to help 400,000 homeowners stave off foreclosure and inject a dose of stability into jittery housing and financial markets."

And contrary to GOP thinking of it’s your own fault, many people facing foreclosure were coerced by strong-arm tactics or more specifically fraudulent practices, into their current situation. Of course, true to their narrow thinking, there is a threat of filibuster by the GOP in the Senate as the Housing Bill get’s kicked back to them.

"The nearly 700-page measure will now go back to the Senate, where final passage is expected. It’s not clear when the vote will occur because of a Republican filibuster threat."

Honestly, the bill is not the best it could be, but it is some help to some people. The GOP is making a HUGE mistake threatening a filibuster to help the people. Bottom line, the GOP is showing that they are truly not for the people.

Source: Reported by The Crone Speaks http://cronespeaks.wordpress.com/