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Mortgaging the American Dream
Prometheus Books
April 2009
On Sale: March 24, 2009
514 pages
ISBN: 1591026636
EAN: 9781591026631
Paperback
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Non-Fiction
The family residence is the backbone of the American
economy, the most valuable and enduring asset for those who
have achieved a financial foothold. Yet today record numbers
of households confront foreclosure. In the next year it is
estimated that over two million Americans will lose their
homes and almost two billion dollars of wealth will
disappear in the process. How did the traditional "American
Dream" morph into a nightmare for so many? Real estate
attorney and educator Shari B. Olefson, a recognized expert
in the current mortgage crisis and its effects on
homeowners, explains how America slipped to the edge of this
dangerous stagnation-recession precipice. In plain language
that is easily understandable to the average person, she
clarifies legal and financial terminology and describes how
our country's mortgage system really works. Utilizing
real-life lender and borrower interviews, she exposes its
intrinsic flaws and often discriminatory practices, from the
mortgage application process to the securitization of
bundled mortgages by large investment firms. She also
provides evidence to show the government's and Wall Street's
roles in both causing and solving the problem. Above
all, Olefson offers expert tips, tools, and resources to
help you: -Choose a mortgage professional and
understand what's motivating him or her -Decide what
mortgage product fits best and when to refinance -Get
the best fees, interest rate, and service
-Create
your own solutions for navigating the credit
crunch -Know what to do when you can't afford your
mortgage -Protect your home if you are at risk of
foreclosure -Understand how to proceed if you are
already in foreclosure -Capitalize on emerging
opportunities and avoid the scams and mortgage
fraud
-Prepare for coming
changes
Foreclosure Nation demystifies the
real estate bubble and the subprime mortgage crises that
followed. With bold, clear visuals like inventory,
absorption, and price trend graphs, Olefson pinpoints
exactly when and why experts are predicting a recovery. She
also cites statistics that strongly suggest the number of
foreclosures will surge in the fall of 2008 and again in
2009, with increased reverberations felt throughout the US
and global economies. Foreclosure Nation will prove
indispensable to explaining what is happening and guiding
readers through. Whether you are planning on buying
your first home, struggling to meet your current mortgage
payments, facing foreclosure, or wondering how your
investments will be affected, this comprehensive book will
assuage the fear of the unknown, empowering you to make wise
choices and protect your most valuable assets.
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