This 60 Minutes feature is a testament to the fact that the mortgage crisis is not over. When these Alt-A and ARM products readjust thousands of people will find themselves in foreclosure. As we’ve seen over the last six months foreclosures impact individuals, communities, and the entire economy. Therefore, it is of critical importance that we make sure that these individuals are able to get connected to resources so that they can either save their homes or experience – what Linda Ingram describes as – “a soft landing.”
So, if you did get an ARM or an Alt-A loan, or you know that tough times are ahead, do not wait to get help. Call a local HUD-Approved Housing Counseling Agency. If you’re in the St. Louis region call the United Way’s 2-1-1 referral service to get a list of housing counseling agencies in your are 1-800-427-4626.
Below is the 60 Minutes segment from the weekend.