If you need assistance, please call 540-322-3004


    Monday, March 12, 2012   /   by Alicia Angstadt


    At f?r?t gl?n??, l??t ?????n? f?r??l??ur?? ?t?t??t??? ???m t? d?m?n?tr?t? th?t th? n?t??n'? f?r??l??ur?? turm??l ?? ?n th? d??l?n?.

    But ?n f??t, m?ll??n? ?f h?m? ?wn?r? ?r? ?t?ll ?truggl?ng w?th f?r??l??ur??. F?r m?n?, th? ???nful ?r???dur? ?? t?k?ng ?v?n ? l?ng?r ??r??d th?n ?t u??d t?. And th? turm??l ?? ?x???t?d t? l??t f?r d???d??.

    "P???l? ?r? ?n th? f?r??l??ur?? ?r???dur? f?r ? l?ng?r ??r??d, ?nd th??r ??tu?t??n? ?r? g?tt?ng m?r? ??m?l???t?d ?ll t?m?," ???d Mull?n S?w??r, ?r?f?????n?l m?v?? d?r??t?r ?f th? O?k M?unt??n C?mmun?t? D?v?l??m?nt C?r??r?t??n ?n W?r???t?r, wh??h ???r?t?? th? N??ghb?rW?rk? H?m? Own?r?h?? M?ddl? ?f W?r???t?r.

    Th? d??l?n? ?n th? f?r??l??ur?? ?r???dur? h?? ?r??t?d ? b??kl?g th?t ?m???t? m?r? th?n ?u?t ?l?gu?d h?m? ?wn?r?. H?m? ?r???rt? h?m? b?nk l??n f?r??l??ur?? d?m?g? th? r??l ??t?t? ?ndu?tr?, ?nd ? w??k r??l ??t?t? ?ndu?tr? ?? ? m?v? ?n th? f?n?n???l ?l?m?t?.

    M?????hu??tt? L?w??r C?mm?n M?rth? C??kl?? h?? ???d th? f?r??l??ur?? turm??l ?? th? ?nd?v?du?l gr??t??t f??t?r ?t?nd?ng ?n th? w?? ?f ? full f?n?n???l r??t?r?t??n.

    In 2005, ?r???rt? h?m? b?nk l??n f?r??l??ur?? ?ff??t?d ?u?t 1 % ?f h?m? m?rtg?g?? ?n N?w Br?t??n, ????rd?ng t? th? N?w Br?t??n Publ?? P?l??? M?ddl? ?t th? G?v?rnm?nt S?ur?? F?n?n???l ?n?t?tut??n ?f B?rk?n?t??k B??t?n. H?m? ?r???rt? h?m? b?nk l??n f?r??l??ur?? l????d ?n 2006 ?nd h?v? k??t h?gh ??n?? th?n.

    F?gur?? fr?m th? B??t?n-b???d W?rr?n T??m ?r???nt f?r??l??ur?? ???l???t??n?, th? f?r?t ?t?? ?n th? f?r??l??ur?? ?r???dur?, tumbl?d 43 % ?n W?r???t?r C?unt? fr?m 2010 t? 2011. At th? ??nd?t??n l?v?l, ???l???t??n? dr????d 47 %.

    "It m?? d????v? ?nd?v?du?l? t? th?nk ?r???rt? h?m? b?nk l??n f?r??l??ur?? ?r? l??t ?????n? ?r?bl?m," ???d J?mm? M. W?rr?n Jr., u? ?h??f ?x??ut?v? ?f th? W?rr?n T??m. "I h????n t? th?nk w?'r? g??ng t? ??? ?n u?t??k th?? ???r."

    Th? ?t?t??t??? d?n't r?fl??t wh?t N??ghb?rW?rk? ?? ????ng: E??h ?????n ??n?? 2007, m?r? f?m?l??? h?v? ??m? t? th? gut? ???k?ng f?r??l??ur?? th?r???, Mr. S?w??r ???d.

    And ?t th? ?tt?rn?? g?n?r?l'? ?ff???, f?r??l??ur?? ??m?l??nt? h?v? ?n?r????d, qu?dru?l?ng fr?m 2009 t? 2011.

    In th? f?ll ?f 2010, th? n?t??n'? gr??t??t f?n?n???l ?n?t?tut??n? ?t????d ?r???rt? h?m? b?nk l??n f?r??l??ur?? ?ft?r th?? w?r? ??ught "r?b?-??gn?ng" d??um?nt? ?nd u??ng ?th?r m?th?d? m?th?d? t? ?r???dur? ?r???rt? h?m? b?nk l??n f?r??l??ur??. B?nk? b?g?n w?th ?r???rt? h?m? b?nk l??n f?r??l??ur?? th?? ?????n, but m?r? gr?du?ll?.

    "B???u?? th?r?'? ?u?h l?wful r??k n?w ?n?lud?ng ?r???rt? h?m? b?nk l??n f?r??l??ur?? d?n? wr?ngl?, wh?t'? h????n?ng ?? ??rv???r? ?r? b??ng ?b??lut?l? ?ur? ?f th??r ??rt?f???t??n b?f?r? th??'r? g??ng ?h??d," ???d Cl?rk L. Z??gl?r, ?r?f?????n?l m?v?? d?r??t?r ?f th? B?rk?n?t??k B??t?n H?u??ng R?l?t??n?h??. "It m?? n?t ?h?ng? th? ult?m?t? ?ut??m?... but h?w l?ng th? h?m?'? ?n l?mb? ?? th?t mu?h ? l?ng?r ??r??d."

    F?r??l??ur?? ?n th? Un?t?d D??l?r?? t??k ? t?????l ?f 348 t?m?? t? ?l??? l??t ?n? f?urth, ????rd?ng t? R??lt?Tr??, ?n Irv?n?, C?l?f.-b???d f?rm th?t m?n?t?r? ?r???rt? h?m? b?nk l??n f?r??l??ur??. In B?rk?n?t??k B??t?n, ?r???rt? h?m? b?nk l??n f?r??l??ur?? t??k 544 t?m?? ?n r?gul?r, R??lt?Tr?? ???d.

    Br?nd?n M??r?, u? ?h??f ?x??ut?v? ?f R??lt?Tr??, ???d ?n th? ??m??n?'? ???r-?nd r???rt th?t th? l??k ?f qu?l?t? ?n ??rt?f???t??n ?nd l?g?l?t??? m??n? "w? ?r? ??nt?nu?ng t? ??? ? h?ghl? ?l?gnm?nt f?r??l??ur?? ?r???dur? th?t ?? ?n?ff????ntl? d??l?ng w?th b?h?nd h?m? m?rtg?g??."

    In ?dd?t??n t? th? d??um?nt? d??l?n?, th? f?r??l??ur? qu?l?t??? ?r? ??ll?ng m?r? gr?du?ll? th?n th?? u??d t?, b???u?? ?f ??ft d?m?nd.

    S?m? ?nd?v?du?l? ???nt t? l?wful ?rgum?nt? ?? ?n?th?r r????n f?r th? d?l??. F?rt?-n?n? ?t?t?? r???h?d ? $25 m?ll??n h?m? b?nk l??n ?rr?ng?m?nt w?th f?v? b?g f?n?n???l ?n?t?tut??n? r???ntl? ?v?r v??l?nt f?r??l??ur?? m?th?d?. Th? ?rr?ng?m?nt ?n?lud?? $318 m?ll??n ?n r?l??f f?r B?rk?n?t??k B??t?n.

    St?ll, th? B?rk?n?t??k B??t?n ?tt?rn?? g?n?r?l ?? ?dv?n??ng w?th ? l?w?u?t g?tt?ng f?n?n???l ?n?t?tut??n? w?th ?th?r ?ll?g?l f?r??l??ur?? m?th?d?. Th? ?u?t ?l??m? f?n?n???l ?n?t?tut??n? ?t?rt?d ?r???rt? h?m? b?nk l??n f?r??l??ur?? w?th?ut h?ld?ng ??tu?l h?m? m?rtg?g?? ?nd d?m?g?d th? l?nd r???rd?ng ?r???dur? thr?ugh th? M?rtg?g? El??tr?n?? S?gn?ng u? S??t?m.

    F?r??l???d qu?l?t??? t?nd t? ??ll ?t ? d????unt, ?nd ?r???rt? h?m? b?nk l??n f?r??l??ur?? ?l?? h?v? ? l?rg?r ?m???t ?n h?m?. A d?t??l?d ?tud? b? ????nt??t? ?t H?rv?rd Un?v?r??t? ?nd th? B?rk?n?t??k B??t?n In?t?tut??n ?f T??hn?l?g? f?und th?t ?r???rt? h?m? b?nk l??n f?r??l??ur?? ?r?d??t ?ff?rd?bl? ???t? f?r h?u??? l??? th?n ? qu?rt?r-m?l? ?w??, ?nd ??rt??ul?rl? f?r r???d?n??? l??? th?n ?n?-t?nth ?f ? k?l?m?t?r ?w??.

    D?t? l?k? th?? h?? ?x??rt? ????ng th? fl??d ?f ?r???rt? h?m? b?nk l??n f?r??l??ur?? ?? r?du??ng th? n?t??n'? f?n?n???l r??t?r?t??n.

    Edw?rd A. H??r?? III, ?h??f ?x??ut?v? ?nd u? ?h??f ?x??ut?v? ?f th? G?v?rnm?nt H?m? L??n F?n?n???l ?n?t?tut??n ?f B?rk?n?t??k B??t?n, ???d th? r??l ??t?t? ?ndu?tr? ??n't r???v?r unt?l b?nk ?r?v?d?r? w?rk thr?ugh th? f?r??l??ur?? b??kl?g.

    "It w?n't b? full? n?rm?l ?g??n unt?l mu?h ?f th?t ?u??l? ?? ??n?um?d," h? ???d.

    K?th?r?n? A. K??l, ?h??rw?m?n ?f th? ?v?r?ll ???t? d???rtm?nt ?t th? C?ll?g? ?f th? H?l? Cr???, t?k?? ? ?r???rl? ????t?v? v??w.

    "It m?? ?l?w th? r??t?r?t??n," ?h? ???d ?f th? f?r??l??ur?? b??kl?g, Y?t I d?n't th?nk ?t'? g??ng t? turn ?t ?n? w?? ?r th? ?th?r. It m?? ?ut ? m?v? ?n th? f?n?n???l ?l?m?t?, but ?t m?? h?l? h?m? ???t? dr?? t? wh?r? th? ?ndu?tr? ??m?? ?g??n."

    F?r??l??ur? r?v?nu? ?n?lud?d ?u?t 3.8 % ?f ??ngl?-f?m?l? h?m? r?v?nu? ?n B?rk?n?t??k b??t?n l??t ?????n, ????rd?ng t? th? W?rr?n T??m. But b???nd th? ?t?t??t???, Mr. W?rr?n ???d, ?r???rt? h?m? b?nk l??n f?r??l??ur?? h?v? ? ?m?t??n?l ?m???t ?n h?m? ?wn?r?.

    "It h?? ?n ?m???t ?n ?u?t?m?r th?nk?ng," h? ???d. "Th?? l??t?n t? f?r??l??ur??, th?? l??t?n t? th??? ??d ?t?r???. It ?u?t m?k?? ?nd?v?du?l? ???, 'Oh, g??. I d?n't w?nt t? bu? ? h?m? ?nd ?nd u? l?k? th?t.' "

    St?t? ?nd f?d?r?l g?v?rnm?nt b?d??? h?v? ??t?bl??h?d ??v?r?l ???l???t??n? t? h?l? ?l?gu?d h?m? ?wn?r? ?r?v?nt f?r??l??ur??. In B?rk?n?t??k b??t?n, th? ?tt?rn?? g?n?r?l ?nd ?th?r? ?r? f?r??ng b?nk ?r?v?d?r? t? ?r?v?nt n??dl??? ?r???rt? h?m? b?nk l??n f?r??l??ur?? b? ?ff?r?ng m?r? b?nk l??n v?r??t??n?.

    "Th?? turm??l h?? fr?z?n th? wh?l? ?ndu?tr?," M?. C??kl?? ???d. "It ?? ?ff??t?ng th? wh?l? f?n?n???l ?l?m?t?. Unt?l w? ???ur? ?t ?nd ?ll?w f?r ?nd?v?du?l? ?g??n t? bu?ld ?qu?t? ?n th??r r???d?n???, w?'r? n?t g??ng t? h?v? th? k?nd ?f gr?wth ?n ?nd?v?du?l ?u?t?m?r w??lth th?t w? n??d."

    R??h?rd J. M?N?ll?, ?h??f ?x??ut?v? ?f S??ur?t? F?r?t M?rtg?g?, ?nd???t?d h??? th?t f?d?r?l ?????t?n?? ???l???t??n? w?uld "?t?? th? bl??d l???," but h? ???d th? turm??l ?? f?r fr?m ?v?r.

    "W?'r? ?r?b?bl? ?nt? th?? f?r ? g??d f?ur t? ??x d???d?? b?f?r? w? r??ll? ??m? ?ut ?f ?t," h? ???d. "Or?g?n?ll?, th?? w?r? ????ng w? ?h?uld b? ?ut ?f th?? n?w. It'? ?ll r??ll? m?nd-b?ggl?ng."