Saturday, July 28, 2007


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Thursday, March 16, 2006
Mortgage delinquencies in Louisiana and Mississippi at record levels
As you might expect, mortgage delinquencies in Louisiana and Mississippi are at an all time high as a result of Katrina. A new report by the Mortgage Bankers Association says that nearly 76,000 homeowners were "seriously delinquent" (90 days or more past due or in foreclosure) at the end of December, 2005. According to the MBA:
"…the fact that we have almost 76,000 people who have not been able to resume making their mortgage payments, most as a direct result of Hurricane Katrina, points to the need to get a housing and economic development program funded and under way in Louisiana, and build support for the initiatives already undertaken in Mississippi," said Jay Brinkmann, vice president of Research and Economics at MBA.According to the report, "In Louisiana, 16.1 percent of prime loans were delinquent, 33.9 percent of subprime loans and 31.8 percent of FHA loans." (Subprime loans are loans to people with lower credit ratings.)The report notes, however, that the rate of foreclosure has decreased significantly, and is currently well below the national average. The MBA attributes this to "forbearance" programs initiated by lenders to give Katrina victims a temporary break from making mortgage payments. And, the MBA sees some positive signs:
"It is also important to realize that a number of homeowners continue to meet their financial obligations despite not being able to occupy their homes or being temporarily relocated for other reasons. These people are putting their faith and money into their expectations of a recovery along the Gulf Coast and those expectations must be met," Brinkmann added.You probably didn't expect to see a reference to the Mortgage Bankers Association here at Facing South, but this report illustrates a) Katrina's far reaching effects on the economy, and b) that even the most conservative members of the business community are concerned about the pace of the recovery effort and the need for immediate and substantial government funding to help the people of the Gulf Coast.
posted by R. Neal at 10:02 AM Email this post Post a Comment


Credit Agencies Won't Give Katrina Victims A Break
Equifax, Experian Refuse to Note Pre-Storm Credit Scores


October 6, 2005 Six national consumer organizations are stepping up the pressure on the consumer reporting agencies Equifax, Experian, and TransUnion to help Hurricane Katrina survivors who are facing major economic disruption.
Hurricane Katrina• Mississippi Sues State Farm Over Katrina CoverageKatrina's Legacy: A Flood-Damaged Handicap VanPayback: State Farm Writes Off MississippiJudge Nixes State Farm Katrina SettlementJudge Rules Against State Farm in Katrina CaseVictimized Twice: Hurricane Victims Scammed by Unscrupulous ContractorsNew Orleans Refloats Its Cruise Ship BusinessOne Year Later: To Miss New OrleansLouisiana Probes Humane SocietyAirlines Slow to Ramp Up New Orleans FlightsInsurance Rates Up Sharply in Katrina's WakeControversy Swirls Around Louisiana Reconstruction PlanGulf Coast Homeowners File Class Action against State FarmFuture of Gulf Coast Homeowners Insurance Murky, S&P WarnsChristmas Among the Ruins: A New Orleans HolidaySen. Trent Lott Sues State Farm over Katrina DamageGray Line to Offer Katrina ToursNo Flood Contamination Found in Gulf Coast SeafoodMore ... The groups say the suffering from the devastation will be quickly compounded by adverse consequences from reduced credit scores based on late payments reported by creditors.
Consumer groups predict the reduced credit scores will hinder survivors trying to get apartments, home mortgages, car loans, home or auto insurance, and credit cards after the disaster.
On Sept. 12, the groups say they approached Fair Isaac Corp., a leading developer of credit scores, seeking a change in the credit scoring model. While those discussions have been productive, a change in the scoring model takes more than a year to develop and implement.
For this reason, the consumer groups said they approached each of the three major consumer reporting agencies and asked them to develop and retain on file a "pre-disaster information" credit score based on current information on consumers in the counties affected by Hurricane Katrina.
The consumer groups made the request on Sept. 21, 2005. Equifax declined on Sept. 30, and Experian declined on Oct. 3. The groups are still awaiting TransUnion's response.
"We asked the consumer reporting agencies to do one simple thing - run and keep a credit score before negative information starts to pile up in Katrina survivors' credit files, unfairly depressing their credit scores and driving up the prices these consumers will face for new credit," said Maude Hurd, President of ACORN.
"Creditors could still get a current credit score, but at least the consumer credit file would also show the credit score before any Katrina-related delinquencies began to be reported," added Travis Plunkett of the Consumer Federation of America.
?The pre-Katrina score is likely to be a better indicator of a person's future credit behavior than a score artificially depressed by missed payments in the wake of the disaster.?
In declining to run and retain pre-disaster credit scores, Equifax and Experian argue that creditors can decide not to report negative information about people in disaster-affected areas. The consumer groups say this doesn't solve the problem, because creditors also are free to decide to keep reporting negative information; no law prevents creditors from reporting missed payments from disaster survivors. If they do so, Katrina survivors will be harmed.
A report by community group ACORN, long headquartered in New Orleans, and ACORN Housing, showed that credit card holders and consumers with high cost home mortgages were not consistently getting the same "90 days to pay," treatment as traditional home mortgage consumers in the disaster area.
"Time is getting short, because negative information may be coming into credit files already, and more of it will come in during October, when creditors who are allowing consumers to skip one payment start reporting October payments as late. The situation will get even worse after 90 days, when more creditors' programs for delaying payments end." said Gail Hillebrand of Consumers Union.
?The contents of credit files can change every day. Until credit scoring models are changed, these models will treat a late payment from a Katrina victim the same way as any other late payment - as a prediction that this consumer is less likely to pay his or her bills in the future. This will increase the interest rates these consumers face. It is imperative that the credit reporting agencies run the pre-disaster score before new negative information begins to pollute the credit files.?
Bruce Dorpalen of ACORN Housing has a team of ACORN Housing counselors helping evacuees in Houston and Dallas.
"Credit card companies were telling our counselors that the consumer could skip one payment, but would have to call back again the next month," Dorpalen said. "People aren't going to complete their recovery from this disaster in one month, or even in the first three months. Negative information coming into the credit files of hurricane victims could devastate their chances to recover by driving up the cost of credit, and hurting chances to qualify for jobs or apartments."
The groups say consumer reporting agencies told them that putting this simple additional information into the credit file would violate federal law.
"We think that is an excuse" said Chi Chi Wu of the National Consumer Law Center.
"Putting the pre-Katrina information score into the comments section of the credit file can only help consumers, and may even help lenders who are trying to quickly evaluate the credit of displaced people," she added.
Ed Mierzwinsky of U.S. PIRG pointed out that legislative reforms also will be needed.
"Creditors shouldn't be allowed to choose to report missed payments from victims of a major disaster in the same way as any other missed payment. Congress will ultimately have to address that issue."
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Saturday, July 21, 2007

About us- The people behind KATRINA BEAD™
Hi, My name is Curtis Lyons, creator of Hurricane "Katrina Bead" and "Hurricane Katrina - The Game the Government Played". And this is the true story.Our family like thousands of others lost everything when Hurricane Katrina hit the gulf coast region, and the aftermath of Katrina has cause more destruction,our government has shown lack of preparedness as itrelates to the country's readiness for such a majordisaster whether natural or man made.The government, which include city, state and federal,failed in preparedness, response and now failing inrebuilding. As once said by Ronald Reagan ourGovernment has not been part of the solution but partof the problem.The Katrina Game has been created by us, victims of thegovernment's games. We hope that this game shows thecountry how our government works, or rather doesn'twork. It shows that everyone and every country hassomething to learn and no country is perfect.The game is based on facts about of government andthe agencies that respond to such tragedies. We feelthis game teaches Americans to be more prepared forsuch events. Also, it give families knowledge that willprove to be valuable if a disaster occur in your life.It says we need to be prepared because our governmentmay not be. I know there will be those who say thisgame is a slap in the face to our government and theprocess by which the U.S.A. operates and I say this,"I made the game, The Government played." Every card inthe game, is based on facts. So if it slaps someone ingovernment, another government agency did the slap,not me.We hope this game makes every American pay moreattention to our government, the process and laws andpolicies they pass. And we as Americans must hold themaccountable for their actions and lack thereof.Our government's lack of readiness cost the lives ofmany Americans, and we hope the lesson in this gamesaves lives next time disaster strike our country.We also have the Katrina Bead, which we feel is a wayfor our fellow Americans who share some of the sameconcerns and who would love to help us keep thismessage going can support us. We ask that you purchaseone or more of the items from our site to allow us tokeep the awareness going, that we as American must beprepared, because our lives may depend on it.We know that the Katrina Bead is a small way to help, and we urge you to purchase one and place atyour workplace, or in your car and when friend orco-workers ask what it is, you can myreminder to always be prepared, and never forget thosewho lost their lives because of a lack of preparedness.Thanks for your support,Curtis B Lyons and Family

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Want to know where you can put an ad for your thriving business as well as get a VIP package for your upcoming wedding anniversary? Want to know who the Mississippi Braves are playing and also find out who and how to contact the newest local talent in the Jackson Metro area. Then you have come to the right place.Welcome to Jackson’s VIP – Your home for news and listings on the best places to eat, sleep and play VIP style. Jackson’s VIP has the insider’s track on all things Jackson. We created Jackson’s VIP with the belief that all Jacksonians and over 200,000 annual visitors, deserve VIP service. We do frequent poles of visitors to our site to keep us informed of what’s VIP and what’s not. Jacksonian or visitor, we hope this site exposes you to this city's greatest activities, events and hot spots to enjoy. If you're planning to visit Jackson in the future, we are more than happy to plan your VIP experience of a lifetime. Simply click on VIP services. "It's not what you know, but who you know," and now you know Jackson's VIP. To learn how to receive up-to-date info on nightclubs, events, or your favorite spots, via email and/or text message to your cell phone, go to join VIP.Your suggestions and or comments are always welcome. Thank you for visiting Jackson’s
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Thursday, July 19, 2007

Geyser Falls

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The Township at Colony Park

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Renaissance at Colony Park

Large Shopping Mall comes to Ridgeland , Mississippi
Right outside Jackson, Mississippi shoppers guide