Housing News

They’re Helping Troubled Homeowners

Good news for those in deep water.

They’re on the brink of losing their homes yet for some intervention and a large dose of publicity, these people are less susceptible to the pressures of the property market downturn already. Thank heavens for some people who are taking advantage of the entire situation to advance their selfless causes.

First up is Jonathan Frassetti, a quadriplegic who was about to lose his home in Staten Island after his wealthy landlord almost evicted him when his two-years worth of fixed disability income didn’t arrive. Some people he barely knew took upon themselves the task of raising funds for Frassetti’s rented townhome. One artist auctioned off his photographs at the price of at least $5,000 each. Some are sending him cash for a temporary assistance. The New York Daily NewsThe Huffington Post blew up her issue in a very intriguing report. Call it the coincidence of coincidences (talk about Days of Our Lives), after years of cleaning a bank office, she found out that the CEO of US Bank, Richard Davis, bought her house which had been foreclosed upon the sheriff’s sale last year. For all her struggles, her union was supporting her and even made a point to raise the salaries of janitors.

Fresh from receiving the CEO of the Year award, Davis was asked by reporters on how he’d react to the purchase of the lady’s property. But to minimize the effect, Davis partially settled the problem by settling for a 60-day extension on the woman’s home negotiation. Sounds like a happy ending, isn’t it? But one blogger was defending Davis and his bank by saying that they were victims of the woman’s union for using one tiny issue to promote and pressure officials of their plan to have their wages increased. Indeed, they were successful with their goal.

And finally, thousands of homeowners in California will benefit from the $700 million federal money granted to the state from the $1.5 billion fund given by Obama to the five states hit the hardest of the mortgage crisis. The California Housing Finance Agency writes, “We are very grateful for the continued support of State Housing Finance Agencies by the Obama administration and the recognition that several states, including California, have been most adversely impacted by the twin problems of unemployment and home price depreciation. This is a significant step toward improving the situation and our agency will work quickly to put these funds to work to benefit low and moderate income families in California.”

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