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Residents share housing woes
Senate candidate Mark Warner gathers insight on housing struggles during stop in North Stafford
Date published: 7/24/2008
By PAMELA GOULD Steve and Veronica Waterholter of Spotsylvania County spent eight tense months wondering if they'd lose their house to foreclosure. Yesterday, they shared with U.S. Senate candidate Mark Warner what a lifesaver they found in Cheri Miles, a certified housing counselor with the non-profit Central Virginia Housing Coalition. Their suggestion to the Democrat and former governor was to provide more counselors like Miles. "There's more people like us out there, and they need to know where to go," Veronica Waterholter said. Warner made a campaign stop at Botta Bing Bagel and Deli in North Stafford yesterday morning to gain some firsthand information about the housing crisis. Over a bagel sandwich and a bottle of water, he chatted with the Waterholters, Miles and Spotsylvania resident Donald Willis, who is providing financial counseling at the housing coalition, as well as dealing with his own housing woes. "You read the statistics, but statistics don't tell the whole story," Warner said after the hour-long chat. "There were people that maybe got in over their heads, but it doesn't mean only a taxpayer bailout." Warner said the solution requires a multi-pronged approach. He supports the idea of more financial counselors, and said that consolidating loans and getting a person to sit down with to negotiate are key. Warner also admitted he has changed his view of the housing situation. "Eight or nine months ago, I thought, let the market play itself out," he said. Now, he sees that it isn't just one family, it could be an entire neighborhood that's impacted. As a result, he now sees the need to not only fix the current crisis but also to ensure it doesn't happen again. Preventing a repeat, he said, means instituting regulatory reform in the financial arena. While chatting at the deli, Warner noted the British system is more effective because it employs just one regulatory agency for financial institutions whereas this country employs about a dozen. Former Gov. Jim Gilmore, Warner's Republican opponent, supports helping people who were misled by lenders, his spokeswoman Ana Gamonal said yesterday. He does not, however, support bailouts for any mortgage companies or other private companies that contributed to the problem, she said.
Date published: 7/24/2008
UsefulIdiot, you're right, but.................
(posted by
fireball
, July 24, 2008 8:24 pm)
Don't blame talk radio. Blame the politicians these big mortgage and securities corporations have been softening up for decades with cushy loans and campaign contributions. There have already been headlines about shady loans obtained by several presidential candidates, including at least one of the front runners. Why aren't we hearing about criminal investigations underway by the FBI and SEC like what happened after the Enron debacle? Capitol Hill is in dire need of a political enema!!!!!!!!!!!!!!!!!
It's Easy to Blame the Individual Homeowner
(posted by
UsefulIdiot
, July 24, 2008 7:51 pm)
But that's what we've been conditioned to do by the likes of Rush Limbaugh and Glenn Beck. But doesn't anyone remember how Bear Stearns was bailed out.? It appears there is a double standard at work. If you're a big Wall Street firm, you can never be allowed to fail; if you're the little guy, it's your own damn fault. Isn't anyone just a little fed up yet with this state of affairs?
An industry, and society out of control..................................
(posted by
fireball
, July 24, 2008 5:50 pm)
We (Americans) have gotten spoiled by the good life! We went through bankruptcy 11 years ago. It was OUR fault-we were living WAY above our means, and when my wife had to quit working due to health issues, it all came tumbling down like a house of cards. We sucked it up and moved on. Today, we are homeowners, living well again but much more frugally, and WITHOUT ALL THE DEBT! I have NO sympathy for anyone that is in this position-THEY SIGNED THE NOTE! Whatever happened to "CAVEAT EMPTOR", anyway!!
Lame!!!
(posted by
buttrfly64
, July 24, 2008 3:35 pm)
Our lender sent ONE letter stating that we had to come up with $15k or foreclose. No warning, no assistance, no nothing. Unless you're dealing with issues like that YOU DO NOT KNOW THE FACTS.
Lame!!!
(posted by
buttrfly64
, July 24, 2008 3:34 pm)
After taking mose of the day to think about this, I decided that I MUST blog here. To those who state that people made bad decisions, which I agree could be the case in some instances, or maybe want "Uncle Sam to bail them out" you need to wake up and realize that some people were forced to foreclosure due to some lending companies deciding to NO LONGER HONOR AN AGREEMENT THAT WAS IN PLACE because of health reasons. I was out of work for over 16 months due to medical issues in LWOP status.
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