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 SUN/MON PROMOReturn to index of stories... |
A look at the state economy. Plus, Foreclosures are Up in the state. How are NH banks faring in the mortgage meltdown. We'll hear from the state's Bank Commissioner. |
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Foreclosures are UP and so are job losses. The state's bank commissioner on Where NH stands in the mortgage meltdown |
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SOT: Economist Disk 1 C0039 13:18:22 NH can't avoid this recession. VO Leading economists tell lawmakers just how bad the recession is, how hard it will hit New Hampshire, and when they expect a recovery. Sobering Economic News for NH lawmakers -- facing tough budget choices |
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SOT: people bought homes they couldnt afford The rising tide of Mortgage Foreclosure's -- and how the state is trying to stem it. |
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PRE-SHOW Had to watch it.as a community. TRK: Where were you.when Barack Obama was Inaugurated. TRK: The Obama Inauguratoin and Witnessing History in NH |
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Hello, I'm Beth Carroll. Welcome to NH Outlook. This past week was mixed with optimism surrounding the Obama Inauguration -- and fears about the growing problems with the struggling economy. As the recession continues to force new layoffs and other economic woes, New Hampshire legislators now face the unenviable task of writing a budget to suit the times. On Wednesday, they heard from the state's leading economists about the cause and possible duration of this downturn. As Richard Ager tells us, it was a sobering lesson. |
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If you'd like to hear more of the economists' testimony, you can find a link on our website at nhptv.org/outlook. |
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NEXT: bANK cOMMISSIONER .House of cards. causing the recession. TRK: NH's Banking Commission on the impact of Rising Foreclosures |
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As you just heard, housing has driven this Recession. Nationwide, roughly 1 in 10 homeowners are either in foreclosure -- or, more than 30 days late with their mortgage payment. Here in NH, foreclosures were up 70% over the past year. Notices for Public auctions have become a common sight. Unemployment in NH has risen to 4.6 percent. With Job losses UP and personal bankruptcies rising -- more NH homes are in jeopardy of foreclosure. How can you reduce the chances of losing your home in this economic downturn. I sat down with NH Bank Commissioner Peter Hildredth to find out. |
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Q How big is NH's foreclosure problem? NHFA said foreclosure number up 70% over the past year. Q Is the problem getting worse? Q What percent of home loans in NH are sub prime loans ? Are we insulated from the mortgage meltdown? Q The NH Bankers Association President says NH banks have been largely unscathed by subprime foreclosures? Q How do adjustable rate mortgages figure in to this -- and will they lead to more NH families facing foreclosures? Q Typically what happens if a homeowner misses a payment and ignores a late notice from the lender? How quickly could your home land in foreclosure? Q What happens at a public auction? Walk me thru the process. Q In a worse case scenario.you lose your job, you have a medical emergency. fall behind on your mortgage -- you could lose your home -- are their options homeowners MAY not be aware of? Q For those who say.this doesn't affect me -- that's not really true is it. Unoccupied homes reduce the value of surrounding properties. and put downward pressure on homes for sale in that area? Fluctuating home values could cause problems for those hoping to refinance? refinancing require new appraisal of your home Q Will NH get mortgage relief from Washington? What are you looking for from Washington? Q Are banks willing to work with homeowners having difficulty paying mortage? people in homes they can;'t afford. Q How easy is it to work out a repayment plan. are some banks more willing to negotiate than others Q YOu have a hotline that's been set up.how many calls do you get? Where do NH banks stand in the banking crisis? Q Contact bank dept first.before they lose their homes. Q What is a short sale? Q In NH. if homeowner misses one payment doesn't respond to late notices from lender.a foreclosure can commence after 90 days. ??? 3 months bank could then foreclose on home and auction it. According to the Mortgage Bankers Association, one in 10 homeowners -- about 4.6 million people -- are either delinquent on their mortgage payments or are in the process of foreclosure. The number of people filing for Chapter 13 bankruptcy rose to 263,756 in the first nine months of 2008, from 234,375 in the same period in 2007, according to the American Bankruptcy Institute. The initiative, called the Mortgage Relief Fund, is intended for homeowners with adjustable rate mortgages due to reset to higher levels in the coming months. The five banks have committed $125 million to the program to allow consumers with adjustable rate mortgages to refinance their loans. |
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If foreclosure is knocking at your door - - help may just be a phone call away. The NH Bank Department has set up a toll free mortgage hotline. That number is 1-800-437-5991. You can find other resources on our website as well, at nhptv.org/outlook. For free foreclosure prevention counseling call the Homeownership Preservation Foundation at 888-995-HOPE or visit hopenow.com. For information about mortgage servicing, including how to file a federal complaint, visit: ftc.gov/bcp/edu/pubs/consumer/homes/rea10.shtm. N.H. Banking Department's Homeowner Hotline at 1-800-437-5991. |
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NEXT: OBAMA TRK: Watching History in the Making. TRKK: How NH viewed.history in the making. |
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Tuesday's Inauguration of President Barack Obama was one for the record books. Millions showed up in Washington to view it first hand. For those unable to make the trek -- watching it on the big screen was the next best thing to being there. At the Portsmouth Music Hall and the Capital Center for the Arts in Concord --tears mixed with cheers as they gathered to watch history in the making. |
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According to a new AP Poll 3 out of 4 Americans feel more optimistic about the country's future -- now that Barack Obama has been inaugurated President. That wraps up our program. Thanks for watching NH Outlook. I'm Beth Carroll. I'll see you next time. |
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Did you have a reaction to any of the stories or interviews featured in this program? Did we miss anything or do you have suggestions for future Outlook espisodes? If so, we want to hear from you. Drop us an email at nhoutlook@nhptv.org. As always, you can find these stories and more online at nhptv.org/outlook. Connect with us online. New Hampshire Outlook is available online on demand at nhptv.org/outlook. We've been streaming our programs since Outlook premiered in September 2000. Whether you want to watch this show again, email it to a friend, search and watch past programs or get more information on thousands of stories and topics, you'll find it all at nhptv.org/outlook. |
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PAYDAY LENDER The initiative, called the Mortgage Relief Fund, is intended for homeowners with adjustable rate mortgages due to reset to higher levels in the coming months. The five banks have committed $125 million to the program to allow consumers with adjustable rate mortgages to refinance their loans. According to the Mortgage Bankers Association, one in 10 homeowners -- about 4.6 million people -- are either delinquent on their mortgage payments or are in the process of foreclosure. The number of people filing for Chapter 13 bankruptcy rose to 263,756 in the first nine months of 2008, from 234,375 in the same period in 2007, according to the American Bankruptcy Institute. Unoccupied homes stand as empty reminders of the nation's mortgage meltdown where sub-prime borrowers, those with poor credit, large loan amounts and high debt to income ratios -- Sub Prime borrowers are those with poor credit, large loans and hight debt to income ratios. where sub-prime borrowers ges : For many NH homeowners, foreclosure is knocking on their doors. The state's banking commissioner offers practical advice on how to reduce the chance of losing your home during times of economic hardships. -- the highest delinquency rate on record. In NH, Foreclosures hold back a rising tide of foreclosures The battered housing industry is at the heart of the economy's slide. Foreclosure relief is a top priority for Congress and the Obama Administration. Roughly 1 in 10 homeowners are either in foreclosure or more than 30 days late in payment. Foreclosubama spoke of the winter of The mortgage meltdown has been at the heart of the economy's downturn. Congress & With the battered housing industry at the heart of the economy’s slide, Congress and the Obama administration have identified foreclosure relief as a top priority. But the problem has been stubbornly resistant to quick fixes. Homeowner relief could come as part of a new economic stimulus plan, a revised financial system bailout program or as a standalone measure. More than 3 million homes have been lost to foreclosure since the housing bubble burst. Roughly one in 10 homeowners with mortgages are either in foreclosure or more than 30 days late in payments — the highest delinquency rate on record. Without more aggressive measures, another 8 million to 10 million foreclosures a mortgage meltdown hold back a rising tide of foreclosures But a lot of it appears to be Let's begin with what started it the housing market decline Unlike the previous bursting of the high-tech bubble, this recession "was tied to housing," said economist Dennis Delay, deputy director of the Center for Public Policy Studies. "And housing is a very long cycle. It takes a long time for the balloon to deflate" Still, he said, it should be two more years before housing prices start bouncing back in New Hampshire. According to Real Data Corp., which tracks real estate transactions in the state, there were some 6,350 foreclosure notices in the New Hampshire Union Leader in the first 11 months of the year. That compares to 3,600 through November 2007. Not all of those properties were actually sold at auction, but in October 333 of them were. That's nearly 10 times the number back in October 2005. Not everybody's home is heading for foreclosure but nearly everyone's house has declined in value. According to the New Hampshire Association of Realtors, the average price of a New Hampshire home in November was $215,000, a 17 percent decline from the previous November. And 653 homes sold that month - a 24 percent decline from a year earlier. "The market is in correction," said Jim Lyon, a Conway Realtor and president of the association. 'There is a heavy supply of houses, and buyers are scarce and price-conscious." The credit crisis has been felt mainly on Wall Street, with only one bank with branches in New Hampshire - the Bank of the America - actually taking any bailout money. Banks stayed cautious during the credit boom, even as they lost market share to mortgage companies, dealer financing and nonbank commercial credit, who took more risks. "The auto business left us - we didn't leave it," said Jerry Little, president of the New Hampshire Bankers Association. Sub prime is mortgage lending to borrowers with a little or no credit or a blemished credit history. Up to the late 80’s we only had good credit loans with rates in the 7 to 9% rate range, and private money, in the 14 to 18% range. Sub prime emerged to fill the gap between good credit, and private money. Initially, sub prime loans were priced between 10 to 12 %. This premium over A credit compensated for the higher risk/default rate of the less credit worthy borrower possessing late payments on mortgages and consumer debt. Actually, the default and foreclosure range was 8% default and 4% foreclosure. Full doc was 3 & less than 2 % on average CONCORD, N.H. --The number of home mortgage foreclosures has been climbing for several years in New Hampshire, with the last few years showing a dramatic spike. In Merrimack County, foreclosures have jumped from 32 four years ago to 376 last year. A foreclosure hotline the state Banking Department set up a year ago receives between 100 and 150 calls a month. Banking Commissioner Peter Hildreth said the calls suggest several reasons for the increase in foreclosures, including subprime mortgages and more recently, people losing their jobs. "It's a combination of a lot of things," said state Rep. Stephen DeStefano of Bow, who owns a realty company that sells many properties taken in foreclosures. "People were in mortgages they couldn't' afford, where the rates bumped up. People lost their jobs. Divorce plays a big part. We've seen people who never even made it to their first or second mortgage payment." When someone calls the hotline, Hildreth's office contacts mortgage company workers who can modify the terms of a loan. The state's authority is limited; it can reach out only to mortgage companies it regulates and it can't force a company to adjust a loan. Still, the hotline has helped, Hildreth said. One woman who was going to sell her home for a loss was able to renegotiate her loan and stay in her home, he said. In another case, the office got an auction set for a Friday postponed until a Monday so the property owners could secure a new loan. "Call us early," he said. "If they can't pay the mortgage and have ability to, there is nothing we can do. But we have had some luck" |
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Q&A with. Bankers Association President Jerry Little By Kenny, Jack Publication: New Hampshire Business Review Date: Friday, February 29 2008 Jerry Little has been president of the New Hampshire Bankers Association since October 1991, the same month and year the Federal Deposit Insurance Corp. shut down New Hampshire's five largest banks and brought the financial world of New Hampshire to a dizzying, but temporary, halt. Prior to that, he was the association's public relations director and had been press secretary to Gov. John H. Sununu. His father, Herb Little, is the former chairman of Merrimack County Savings Bank. Q. Considering the number of foreclosures, are banks getting back into the real estate business? A. First of all, our foreclosure rates are entirely normal in New Hampshire. To a great extent across the country, you'll find that chartered financial institutions didn't pursue. Because banks stuck to their underwriting, they don't have an awful lot of foreclosures. You open up a mortgage company, you pay a couple hundred bucks to the Bank Department to get a license and off you go. You open up a bank, you're putting up $30 million. You're also anchored right here in the community. When the economy dips and goes into a soft spot, you're still here. You don't abandon that $30 million and walk away. So you're going to be careful about what you do. |
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That sense of hope was certain evidenced this week/ 3 our od 4 Americans feel more optimistic about thecountry's future w WASHINGTON - A new poll shows that three out of four American people feel more optimistic about the country's future now that Barack Obama has been inaugurated president. The Associated Press-Knowledge Networks poll also showed that even among Republicans, just 29 percent of those surveyed felt more pessimistic with Obama at the White House - roughly the same number as the 30 percent of GOP people who said they felt more optimistic. A smaller proportion of those who said they saw or heard his inaugural address - 51 percent - called it good. The poll was conducted Tuesday and involved online interviews with 835 adults. It has a sampling error of plus or minus 3.4 percentage points. |
| Key: Economy Return to index of stories... |
NEW HAMPSHIRE OUTLOOK Air Date/Time: 1/25/2009 HOST: Beth Carroll Length: 7:55 Leading economists tell lawmakers just how bad the recession is, how hard it will hit New Hampshire, and when they expect a recovery. The rising tide of Mortgage Foreclosure's -- and how the state is trying to stem it. Had to watch it.as a community. Where were you.when Barack Obama was Inaugurated.The Obama Inauguratoin and Witnessing History in NH. Hello, I'm Beth Carroll. Welcome to NH Outlook. This past week was mixed with optimism surrounding the Obama Inauguration -- and fears about the growing problems with the struggling economy. As the recession continues to force new layoffs and other economic woes, New Hampshire legislators now face the unenviable task of writing a budget to suit the times. On Wednesday, they heard from the state's leading economists about the cause and possible duration of this downturn. As Richard Ager tells us, it was a sobering lesson. PRODUCER/REPORTER: Richard Ager NAME OF PARTICIPANTS: Ross Gittell\Whittemore School of Business/UNH, Roy Duddy\Director - NH Business Resource Ctr., Russ Thibeault\Applied Economic Research, Robert Tannenwald\Boston Federal Reserve Bank, Rep. Marjorie Smith\Chair - House Finance Cmte., Rep. Susan Almy\Chair - House Ways & Means Cmte., Hope Cole\Student, Rita Cary\Portsmouth. |
| Key: Housing / Shelter Return to index of stories... |
NEW HAMPSHIRE OUTLOOK Air Date/Time: 1/25/2009 HOST: Beth Carroll Length: 9:00 Leading economists tell lawmakers just how bad the recession is, how hard it will hit New Hampshire, and when they expect a recovery. The rising tide of Mortgage Foreclosure's -- and how the state is trying to stem it. Had to watch it.as a community. Where were you.when Barack Obama was Inaugurated.The Obama Inauguratoin and Witnessing History in NH. Hello, I'm Beth Carroll. Welcome to NH Outlook. As you just heard, housing has driven this Recession. Nationwide, roughly 1 in 10 homeowners are either in foreclosure -- or, more than 30 days late with their mortgage payment. Here in NH, foreclosures were up 70% over the past year. Notices for Public auctions have become a common sight. Unemployment in NH has risen to 4.6 percent. With Job losses UP and personal bankruptcies rising -- more NH homes are in jeopardy of foreclosure. How can you reduce the chances of losing your home in this economic downturn. I sat down with NH Bank Commissioner Peter Hildredth to find out. PRODUCER/REPORTER: Beth Carroll NAME OF PARTICIPANTS: Peter Hildreth \ NH Bank Commissioner. |
| key: Economy Return to index of stories... |
NEW HAMPSHIRE OUTLOOK Air Date/Time: 1/25/2009 HOST: Beth Carroll Length: 9:00 Leading economists tell lawmakers just how bad the recession is, how hard it will hit New Hampshire, and when they expect a recovery. The rising tide of Mortgage Foreclosure's -- and how the state is trying to stem it. Had to watch it.as a community. Where were you.when Barack Obama was Inaugurated.The Obama Inauguratoin and Witnessing History in NH. Hello, I'm Beth Carroll. Welcome to NH Outlook. As you just heard, housing has driven this Recession. Nationwide, roughly 1 in 10 homeowners are either in foreclosure -- or, more than 30 days late with their mortgage payment. Here in NH, foreclosures were up 70% over the past year. Notices for Public auctions have become a common sight. Unemployment in NH has risen to 4.6 percent. With Job losses UP and personal bankruptcies rising -- more NH homes are in jeopardy of foreclosure. How can you reduce the chances of losing your home in this economic downturn. I sat down with NH Bank Commissioner Peter Hildredth to find out. PRODUCER/REPORTER: Beth Carroll NAME OF PARTICIPANTS: Peter Hildreth \ NH Bank Commissioner. |
| Key: National Politics/ Government Return to index of stories... |
NEW HAMPSHIRE OUTLOOK Air Date/Time: 1/25/2009 HOST: Beth Carroll Length: 6:00 Leading economists tell lawmakers just how bad the recession is, how hard it will hit New Hampshire, and when they expect a recovery. The rising tide of Mortgage Foreclosure's -- and how the state is trying to stem it. Had to watch it.as a community. Where were you.when Barack Obama was Inaugurated.The Obama Inauguratoin and Witnessing History in NH. Hello, I'm Beth Carroll. Welcome to NH Outlook. Tuesday's Inauguration of President Barack Obama was one for the record books. Millions showed up in Washington to view it first hand. For those unable to make the trek -- watching it on the big screen was the next best thing to being there. At the Portsmouth Music Hall and the Capital Center for the Arts in Concord --tears mixed with cheers as they gathered to watch history in the making. PRODUCER/REPORTER: Beth Carroll and Richard Ager NAME OF PARTICIPANTS: Patricia Lynch\Exec. Dir., Portsmouth Music Hall, Gerald Duffy\Portsmouth, Doug Green\Kittery Point, ME, Roland Goodbody\New Citizen, Lin Thorpe \Portsmouth, Nancy Brown\Portsmouth, Rebecca Emerson \Portsmouth, Abby Krim \Concord, Pat Ayers\Hopkinton, Anna Burtnett\Concord, John Fleurant \Concord, Francois Noel Sagna\New Boston, Karen Carlson\Hopkinton, Pilar Olivo\Concord. |