Florida Foreclosure Crisis Gnaws at Governor's Race

Alex Sink and Bill McCollumIn one ranking after another, Florida is consistently in the top 2 or 3 spots of states hardest hit by foreclosures, and this harsh reality is gnawing at the state’s governor’s race.
Florida Republican gubernatorial hopeful Bill McCollum, the state’s Attorney General, served in Congress for 20 years until 2000, much of his tenure spent on the committee overseeing financial services. And he co-sponsored the overhaul of banking and financial services regulations that some observers say led to the subprime mortgage crisis. He later lobbied for the Mortgage Bankers Association.
His chief Democratic rival, Alex Sink, the state’s chief financial officer, retired as head of Bank of America in Florida in 2000, but says she did not supervise mortgage lending.
For the 2010 election, McCollum and Sink are front-runners to replace Florida’s Republican Gov. Charlie Crist, who is running for the state’s Senate seat that opened up with Mel Martinez’s resignation. The two camps in the race for governor are doing their best to pin, at least in part, the state’s foreclosure meltdown on the other candidate.
Neither McCollum nor Sink was involved in actions that led to the financial crisis of last year, and the subsequent foreclosure rates that plague Florida. But Republicans early on labeled Sink as a banker, and Democrats responded by stressing McCollum’s lobbying history.
McCollum’s side has returned fire with a press release last week accusing Sink of “ducking questions” of her role in issuing subprime mortgage loans to Floridians.
The political salvos will not likely subside as Florida continues to grapple with a crisis that has helped fuel 13 bank failures this year, and kept the state high on just about every study measuring the severity of the housing collapse. 
Florida posted the nation’s second highest foreclosure rate in November, with one in every 165 properties receiving a foreclosure filing during the month. Florida took the No. 2 spot from California. Nevada claimed the highest rate, with one in every 119 properties receiving a foreclosure filing in November. All of this according to RealtyTrac’s latest report.

One thought on “Florida Foreclosure Crisis Gnaws at Governor's Race

  • December 24, 2009 at 1:49 am
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    First and foremost HUD will not provide the home owner any legal representation. If the home owner is about to lose their home in a sheriff sale our legal team will file the necessary paper work to stop the sale so we may proceed in saving the persons home. They will not perform a forensic audit on their mortgageto find out if there are any violations on the mortgage tila,respa,etc.Basically they council the person on how to file for a modification then your on your own. The home owner would have to follow up and negotiatethe modification on their own with the lender.HUD can not guarantee an out come. Here at the Home Owner Protection group once the home owner is accepted in our program we will guarantee a principal reduction
    of at least 10% or all fees will be returned that in it self will be worth the fee,especially if the home owner is underwater( owes more than the home is worth).
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