60 Percent Of Homeowners Face Foreclosure
(Marianas Variety)
At least 60 percent of people who have mortgage loans through the Northern Marianas government are in default and face foreclosing on their homes, the Marianas Variety reports.
Sen. Paul A. Manglona told the newspaper he's alarmed by the high figure. Manglona and other lawmakers recently met with officials from the Marianas Public Land Trust and Northern Marianas Housing Corp. to discuss the housing crisis.
“The bottom-line is we’re concerned about what will happen to these 60 percent delinquent homeowners,” Manglona said. “If President Bush is doing something to help prevent foreclosures of homes in the states, what are we doing here in the CNMI?”
He said lawmakers expect housing officials to report back in three months with solutions to help local homeowners, most of whom are impacted by the Northern Marianas weak economy.
http://www.mvariety.com/?module=displaystory&story_id=8597&format=html
