After buying her childhood home from her mother's estate, Kari Sessa and husband, Keith, were in danger of losing the Huntington Station house until the lender agreed to a two-year extension of the 6.1 percent teaser interest rate on their loan, Newsday reports. "Freezing the lower, introductory rates is just the mortgage crisis fix being negotiated by the Bush administration on a bigger scale with banks and lenders, but some Long Islanders said the effort could have a wide-ranging impact far beyond today. It would relieve the short-term burden of current borrowers and keep some from losing their homes yet could also hurt future homeowners by making it harder to get loans." Read more here.
Newsday photo / Ken Sawchuk
Comments (3)
Reading this article and watching the video is like watching a documentary on what many of my evening real estate appointments have become. Far more homeowners are in a state of distress here on Lomg Island than is public knowledge. While most of my troubled clients range in age from thirty or so to their fifties, a small percentage are older. They are faceing a future with no savings and no home. This is a nationwide economic crisis that must be addressed.
all taxes need to be lowered in order for the average population to re budget and swing back up for living on long island to be a reality.I don't know where the income averages are coming from but not many people I know make over $55,000.00 without working 2 or 3 jobs or even both in a couple working 2 or 3 jobs and still keep the kids under supervision.It's gotten rediculous and it needs to stop.whole families and essentially our population and children will suffer for the greed.Come on politicians,find ways to run our towns and stop raising the taxes.Budget the way we all do.Beaches and parks should be free like other states.Get rid of parking meters,lets keep long island what it is a island community.Bring back dairy farming,duck farming and push our vineyards,we have the capacity to sell our selves if we all put our heads together.STOP all this wasted shopping center building,make it more appealing to buy up unused ones instead of making more unusable ones and wasting land.we don't need so many,we have to many already.Other states pay less but the dollar stretches further,we can do that too.So lets?
We the people should be voting on polatician's pay raises and on our real property taxes school tax portion of our bill.We vote on a budget but not on the school tax which is 3/4 our bill charge. I say we should start voting on the school tax also.we run this country and we need to take back more control and say as to what is done and what or how much is spent.Also our votes should count as to poll winners not voting for someone else to vote for me,I know who I want and don't want from the choices.Come on people your inteligent enough to vote your own pick of candidit.Let's flex our WE THE PEOPLE muscles.TODAY!!!!!!!!! And let's hire a new electric company,We don't owe anything because LILCO/LIPA built the SNPS not us,and LIPA doesn't own us nor the british power grid company that is moving in to the scene.Maybe we should have a state owned or federally owned company as a choice across the country.WERE STARVING PEOPLE,lets do something before we and our children have nothing left.