Lisa Simpson
May 26,2009
In: Repo Homes

Columbia Repo homes

Columbia-house

Columbia is the capital and biggest city of South Carolina State. It is in Richland County but some part of it falls in Lexington County. The metro area has been steadily growing. Columbia is situated in the centre of South Carolina at the confluence of two rivers. It has a high standard of living – one of the primary planned cities of the country. Retirees have been making a bee line for Columbia but lately Columbia Repo homes have been acting spoilt sport. Columbia Repo homes are disturbing the name and reputation of the city. But Columbia Repo homes show that no part of the country can be immune from the tsunami of the housing crisis.

How far Columbia Repo homes will be tackled depends on two things – federal help and strength of the local economy. The good new is that economy of Columbia is diversified. The major employer is the state government.

Columbia Repo homes are those houses that have been foreclosed upon by the lenders to realize unpaid dues. After having failed to attract bidders at the official auction these houses revert back to the lenders as Columbia Repo homes. Initially the foreclosure crisis had been slow in South Carolina but lately it has been picking up speed and making up for lost time.

A joint team from Columbia Business School and Columbia Law School has submitted a proposal to tackle the menace of Columbia Repo homes. The focus is on the private securitized mortgages that have been the root of the trouble and responsible for the starting of nearly 50% of the foreclosures. Research has shown that in these cases of delinquency servicers prefer foreclosure to loan modification. The proposal is to facilitate these mortgage modifications and thus lessen the number of foreclosures. The idea is to give incentive to servicers and to remove legal hurdles. The funds would come from TARP. The authors of this plan estimate a prevention of 1 million foreclosures in three years for a cost not exceeding $10.7 billion. The rules of the constitution are in no way flouted and in fact are based on Supreme Court rules.

Recently the scene has been mired with the South Carolina Governor Mark Sanford refusing much needed funds to deal with the menace of Columbia Repo homes amongst others. He has been criticized for putting petty politics and his ambition to become the next Republican nominee in the next presidential elections above the interests of the state. However finally he has relented.