Here are a few reasons why the US is in the economic mess we are in right now!

• 94% of mortgagers (banks) get paid on time
• 23% of people own there own home
• 1/3 of all loans had some type of fraud
• 33% of North Carolina Real Estate loans were based on wrong information given
• 50% of ALL loan failure was do to no doc loans. (No doc- bank does not require purchaser to prove income, credit score, job, etc)
• 70% of all people who took loans were quote only principal and interest instead of principal, interest, insurance & taxes
• 99.5% of appraisers appraised homes at the agreed upon contract price
• 55% of appraisers pressured to receive the contract price
• 25% of appraisers inflated price to make it the contract close
• Typical foreclosures are marked 15% below market value
• North Carolina ranks 26 in foreclosures
• A law has just been passed that enforces the mortgage originators name to be written on the deed of trust so that if something goes wrong they know who to contact.
• Lenders (banks) loose 40% from foreclosure and only 13% from short sales