SAN DIEGO, March 23, 2010 (GLOBE NEWSWIRE) -- Short Sale RUSH, A How-to Guide for Nonperforming Assets, is a controversial book about the biggest Ponzi scheme in U.S. Housing. It was written by an expert, Marian Anthony, a former mortgage executive and founder of a nonprofit mortgage hotline.
Anthony suggests that qualified buyers can take possession of abandoned homes, following the provisions in Section 702 of Barack Obama's Helping Families Save Their Homes Act.
Using a Bona Fide lease agreement (paying fair market rents), buyers can contribute rent capital to the bank that holds the paper. This works as a recovery mechanism for banks and default borrowers. Most important, it helps protect homeowners from further losses of home and community values. Many homes are intentionally abandoned and are, therefore, neglected and left to rot.
Short Sale RUSH reveals how high-risk loan products created artificial demand with unsustainable growth, targeting niche socioeconomic groups that represented untapped market share. With credit guidelines so loose, even undocumented illegal aliens qualified. Specialized portfolio funds were devised to attract these consumers and then provide mainstream capital markets with the risks. Reduced credit, income, and equity standards provided a false sense of entitlement by manipulating "stated" loans types previously designated for only the self-employed.
Changes in these lending practices devastated many preexisting financial assets for millions with conservative spending habits and retirement caches. The result has depleted many families of their biggest financial assets, their home and its equity.
As capital markets followed through, these lending practices mirror the same key elements of a Ponzi scheme. This, in turn, created catastrophic economic shock waves through our economy, as mortgage-backed securities, and financial markets are inextricably intertwined.
In Short Sale RUSH Anthony suggests that default owners should receive a "General Public Disclosure" that provides alternatives to foreclosure, including nonprofit consumer advocate agencies like www.Naca.com and www.DefaultMortgageHotline.org. Anthony adds, "Most of the foreclosures become abandoned, because people just don't know what options they have. They are scared and embarrassed." He adds, "In our golden age of the Internet and freedom of information, that is appalling."
Short Sale RUSH explains the history of ethics in banking as it originated from strict moral religious codes, and how those codes no longer apply. The book also examines the fragile Social Security debacle and how it will affect the future of housing. Short Sale RUSH is a real page turner, empowering readers with sage advice and mind-blowing inside information.
A free chapter is available for download at: www.shortsalerush.com
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