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November 8, 2008
KRON 4, San Francisco, CA
November 18, 2008
Marin Independent Journal, Marin CA
Defaults in Marin decline...
...Credit "repair" specialist Hannah Fliegel of CorteMadera said the government programs and some lender offerings have only created "the quiet before the storm.
"What it's doing is causing a holdup, which means in March or April of next year, there's going to be huge batches of foreclosures that are going to be unbelievable," she said, noting one type of loan mitigation offering, an extension of interest-only payment, "is just a Band-Aid and doesn't solve the problem."
Fliegel said though about 70 percent of risky subprime loans has filtered through, new waves of "really nasty" loans such as negative amortization options, which offered the ability to pay interest on interest, and prime loans will cause problems for the next few years.
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