The Mortgage Bankers Association released their 2009 4Q mortgage loan delinquency rates last week. The report finds that of Georgia’s 1,654,728 mortgage holders, 17.1 percent are delinquent or in foreclosure. Additionally, 41.38 percent of the state’s mortgage holders with subprime loans were delinquent or in foreclosure at the end of 2009, as compared to 11.68 percent of those with prime loans. Read the rest of this entry »

The Road to Reform, the second installment of a two-part series on Georgia’s current foreclosure crisis. As a follow-up to The Rippling Effects of Foreclosure released in January 2010, the report details previously enacted reforms in our state; amended fair lending acts in New York and North Carolina; and Senate Bill 57, pending legislation that would implement common-sense underwriting standards in Georgia and combat hazardous lending. Read the rest of this entry »

During the 2010 Georgia General Assembly, Georgia Watch will support legislation that could positively impact the state’s consumers in the areas of insurance, health care and mortgage reform. We will also oppose any proposed bills that would infringe upon your right to access justice or those encouraging predatory lending in Georgia, specifically payday lending.  If you have any interest in helping us protect consumer rights at the Capitol or through the media, give us a call! Keep reading to see our agenda in detail. Read the rest of this entry »

Georgia Watch has released part one of a two part report on the foreclosure crisis currently devastating the state’s housing market and straining its overall economy. Called Georgia Foreclosure Crisis Part One: The Rippling Effects of Reckless Lending, the report examines reasons for the state’s ranking as seventh in the nation for foreclosures and projections indicating this crisis is far from over. Read the rest of this entry »

By Beth Malone

We’re in a housing crisis - one that hasn’t even hit its peek. The middle class is starting to feel the direct effects of foreclosure as the balloon that is their adjustable rate loan, bursts. That means more foreclosures to come in 2010. Read the rest of this entry »

By Jeannine Malone

One in eight home loans is past due and on the verge of foreclosure in Georgia. Empty houses are falling into disrepair, homeowners are facing lower property values and families are turning up homeless, scrambling for shelter. Read the rest of this entry »

Georgia currently ranks 7th in the nation for foreclosures. The following is a list of a few other startling facts that have resulted from the housing crisis. Read the rest of this entry »

1. Number of loans already lost to foreclosure: 1.5 million

2. Projected foreclosures on all types of loans during the next 5 years: 13 million
Read the rest of this entry »

General intent:

SB 57 addresses financial incentives that brokers and others use to guide borrowers into unsuitable loans. The bill helps prevent factors that contributed to meltdown in the subprime market. Read the rest of this entry »

Georgia Watch hosted a rally with clergy leaders from across the Metro area on Friday December 4th. Thanks to all those who came out to help advocate for the end of inappropriate home loan lending. High-interest loans with careless and abusive provisions are the major cause of the current housing crisis. Irresponsible lending needs to end with common sense reform and Georgia families need to stay in their homes! Read the rest of this entry »