Former President Carter Comments on Subprime Mortgage Crisis

( EMAILWIRE.COM, April 02, 2007 ) LOS ANGELES, CA - Ex-President Jimmy Carter announced at a nonprofit organization’s event that he thought that housing assistance programs would be even more necessary in the coming years as a result of the problems with subprime mortgages and subsequent foreclosures.

Speaking with executives from Habitat for Humanity International the former President said, “I think the subprime market being so fluctuating and uncertain, and making it more difficult to own homes, it will be even more important for Habitat to expand it’s program.”

Habitat for Humanity International is a nonprofit Christian organization dedicated to eliminating substandard housing and homelessness worldwide and to making adequate, affordable shelter a matter of conscience and action. The organization is the 18th largest homebuilder in the United States, and builds houses in many countries for people who ordinarily might not be able to afford a home.

Habitat for Humanity does its construction with a mixture of public and private money.

“I agree that we will see between one and three million foreclosures in 2007 as a result of adjustable rate mortgage problems affecting homeowners in the United States,” said foreclosure expert Patrick McGilvray, JD, CFP®, president of http://www.TheHomeBuyingCenter.com. His company is in the business of matching people who want to sell their home fast with real estate investors nationwide. These investors have been specially trained to work with banks to get them to accept less than they what they are owed in a short-sale transaction to allow the homeowners walk away from a difficult situation.

“We had a record number of new mortgages between 2001 and 2005 in this country, and now our nation is experiencing the negative effects of what in many cases became reckless lending to people who did not understand what they were buying,” said McGilvray. His company is also active in promotion of government assistance programs for first-time homebuyers. Millions of dollars, he says, are unspent by cities and states across the nation whose programs are dedicated to advancing the dream of home ownership.

In recent months, subprime mortgages, those made to people with weak credit ratings or past financial difficulties, have been experiencing a rash of defaults. These defaults can lead to foreclosures and, amidst a glut of homes on the market, can have ripple effects throughout the American and global economies.

Contact:
Patrick McGilvray, J.D
http://www.thehomebuyingcenter.com
patrick@thehomebuyingcenter.com
Tel: 916-920-3278

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