Current Housing Indicators |
| CURRENT | PREVIOUS | ||
| Existing Home Sales | 4.49m | ▼ | 4.74m |
| New Home Sales | 309,000 | ▼ | 344,000 |
| Housing Starts | 583,000 | ▲ | 477,000 |
| Building Permits | 547,000 | ▲ | 531,000 |
| HMI | 9 | UNCH | 9 |
| Existing Home Prices | $170,300 | ▼ (annually) | $199,800 |
| New Home Prices | $201,100 | ▼ (annually) | $232,400 |
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Facing Foreclosure: Get Your Head Out Of The Sand
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CNBC.com Vikram Pandit testifying before House Financial Services Committee |
Congresswoman Nydia Velazquez asked Citigroup CEO Vikram Pandit why his bank recently came out in support of legislation to allow bankruptcy judges to modify home loans.
His answer was surprising.
He said it was because the law required the borrower to speak to the lender at least ten days before bankruptcy proceedings. In other words, it forces the borrower to get in touch with the lender. He says he believes Citi could save the borrower in those ten days and avert bankruptcy.
He said the biggest impediment to foreclosure mitigation is actually getting the borrower on the phone. He said, "people put their heads in the sand," and added that half of the foreclosures his bank sees are for people they can't reach.
I've heard that before but never in quite that way.
The other CEOs, when asked, refused to support the bankruptcy legislation.
Questions? Comments?
Data is a real-time snapshot *Data is delayed at least 15 minutes
