National Foreclosures Spike, Lender Modifications

This article entitled “Foreclosures spike – so do mortgage-help plans” appeared in the CNNMoney.com on March the 30th, 2009. Les Christie wrote:

“NEW YORK (CNNMoney.com) – Lenders have helped an increasing number of mortgage borrowers to get current on payments and stay in their homes, but the tide of foreclosures is still rising.

In February, nearly 250,000 homeowners received either mortgage modifications or repayment plans from their lenders, according to Hope Now, the coalition of lenders, investors and community advocacy groups put together to combat the foreclosure plague…read the full national foreclosures spike on lender modifications story.

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A Word From Jay Jacobs

Auburn Jay Jacobs

Swimming and diving championships have become so common at Auburn that it would be easy to take them for granted. Not this year, though.

Watching the Auburn men’s swimming and diving team rally from behind Saturday night in College Station, Texas, to win their eighth national championship was quite a thrill and was one of the most inspiring and memorable moments in Auburn Athletics’ recent history.

Our swimmers and divers dedicated their efforts this year to Head Coach Richard Quick, who as most of you know has been battling inoperable brain cancer since December…read more about Jay Jacobs and Auburn University.

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National Foreclosures Spike, Lender Modifications

This article entitled “Foreclosures spike – so do mortgage-help plans” appeared in the CNNMoney.com on March the 30th, 2009. Les Christie wrote:

“NEW YORK (CNNMoney.com) – Lenders have helped an increasing number of mortgage borrowers to get current on payments and stay in their homes, but the tide of foreclosures is still rising.

In February, nearly 250,000 homeowners received either mortgage modifications or repayment plans from their lenders, according to Hope Now, the coalition of lenders, investors and community advocacy groups put together to combat the foreclosure plague.

About 134,000 of the workouts completed were mortgage modifications, which typically lower the interest rate on loans, lengthen mortgage terms or reduce principal owed to make loans more affordable. Modifications are considered more comprehensive and effective than repayment plans, which simply tack the late payments on to the end of the loan but don’t reduce payments.

“The mortgage lending industry is responding to the needs of its customers and offering solutions that are appropriate to the current market and economic conditions,” said Hope Now’s director Faith Schwartz.

But in spite of these efforts, the number of foreclosures started in February rose to 243,000 from 217,000 in January. About 87,000 homes were repossessed by banks during February, a 28% jump from the 68,000 foreclosures completed in January. Since the mortgage meltdown hit in July 2007, 1,395,044 homes have been lost.

February was the second straight month of sharply higher foreclosures; prior to January, the problem appeared to be easing. Foreclosures declined to 69,000 in November from 77,000 in October and then dropped again to 56,000 in December.

But the report could have been much worse, considering the nation’s deteriorating economic picture, Schwartz said. “We’re shedding 650,000 jobs a week,” she said. “But there’s more flexibility [by the lenders]. They’re offering more forbearance in response to job losses.”

The Obama administration’s foreclosure prevention initiative could send mortgage modification numbers higher in the coming months, but it will take time. “We won’t see a spike right away,” said Schwartz. “[Under the program] It takes 90 days to complete a modification. Over the next three months we’ll start to see some pull-through.”

April will be “the month to get all the implementation details done on the new plan so that everything is crystal clear when they start using it,” she added.”

A Word From Jay Jacobs

Auburn Jay Jacobs

Swimming and diving championships have become so common at Auburn that it would be easy to take them for granted. Not this year, though.

Watching the Auburn men’s swimming and diving team rally from behind Saturday night in College Station, Texas, to win their eighth national championship was quite a thrill and was one of the most inspiring and memorable moments in Auburn Athletics’ recent history.

Our swimmers and divers dedicated their efforts this year to Head Coach Richard Quick, who as most of you know has been battling inoperable brain cancer since December.

If that wasn’t enough adversity to overcome, this year’s team was not favored to win the championship. That didn’t stop them from roaring back from a deficit on the final day of the NCAA competition, though.

Their valiant efforts for Coach Quick won over the hearts of many there who weren’t Auburn fans but who now know the power of the Auburn spirit.

This National Championship is a great tribute to Coach Quick, who has now won 13 national titles at three different schools. More importantly, Coach Quick has also inspired us with the grace, determination, and rock-solid faith he has shown through the toughest battle he has ever faced.

It is also a tremendous tribute to the toughness of our swimmers and divers and to the leadership of Assistant Coach Brett Hawke. Coach Hawke took over the leadership of our men’s team in December when Coach Quick’s diagnosis was announced.

Under these incredibly adverse circumstances, Coach Hawke pulled the team together and kept them focused on the goal of winning championships for Coach Quick and for Auburn.

After taking over the day-to-day coaching responsibilities, he promptly led the Tigers to their 13th straight SEC Championship in Auburn and then to a national title Saturday.

It is only fitting that Brett was on the deck in Coach Quick’s absence. He was a 17-time All-American swimmer for Auburn and was a member of the Tigers’ first NCAA Championship team in 1997.

I know you join me in congratulating our swimmers and divers, Coach Quick, Coach Hawke, Diving Coach Jeff Shaffer and all those involved.

The swimming and diving program continues to lead the way in accomplishing our top two goals at Auburn Athletics, winning and graduating our student-athletes.

A-Day Draws Near

Spring football practice has begun, and A-Day is drawing near. Mark your calendars for Saturday, April 18, and plan to bring your family to Auburn. It will be a great way to show your support for Coach Gene Chizik, his staff and the 2009 Tigers.

Fans of all ages will be glad to know an old A-Day tradition is being brought back this year. The team and coaches will host an autograph session on Jordan-Hare’s Pat Dye Field following the game.

Another event added this year to enhance the A-Day experience is a Punt Pass & Kick competition for kids at the practice fields behind the Athletics Complex on the morning of A-Day. The Punt, Pass & Kick finals for each age division will be held at halftime of the A-Day Game, which kicks off at 1 p.m. Central Time in Jordan-Hare Stadium.

Let’s show our support for the team and set a new A-Day attendance record this year.

In closing, let’s remember to keep Coach Quick, his wife, June, and their entire family in our thoughts and prayers. The outpouring of support for Coach Quick reminds us all what makes the Auburn Family so special.

War Eagle!

Jay Jacobs
Director of Athletics

UPDATE 6/10/2009

With a heavy heart, I bring to you sad news from the Auburn Family in the passing of Coach Richard Quick. Coach Quick died Wednesday, six months after being diagnosed with an inoperable malignant brain tumor.

While he lost a valiant battle against a cruel disease, Coach Quick was an inspiration to countless people who were touched by his steadfast faith and amazing courage in the face of tremendous adversity.

Coach Quick will be remembered as one of the greatest coaches in the history of swimming. He will be remembered for winning a record 13 National Championships and for being a six-time U.S. Olympics coach.

More importantly, though, he will be remembered as a devoted servant, loving husband, caring father and doting grandfather. He will be remembered as a great coach but even greater man by the countless athletes he coached and inspired throughout his career.

* The above was re-posted on my Nashville blog in an effort to help my Auburn friends, family members and clients better keep up with what is going on at Auburn University. Auburn football reviews and swimming reviews are more than welcome!

A-Day Invitation from Coach Gene Chizik

Gene Chizik Auburn

Dear Auburn Family,

It’s great to be an Auburn Tiger!

Spring practice is under way, and excitement is building for Auburn Football.

The effort and intensity our players have shown has been outstanding as we strive to improve each and every day.

Our goal is to build a strong foundation for Auburn Football. That starts with recruiting for the future, but it certainly doesn’t end there…read more about Gene Chizik and the Auburn A-Day football game.

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A Word From Jay Jacobs

A-Day Invitation from Coach Gene Chizik

Gene Chizik AuburnDear Auburn Family,

It’s great to be an Auburn Tiger!

Spring practice is under way, and excitement is building for Auburn Football.

The effort and intensity our players have shown has been outstanding as we strive to improve each and every day.

Our goal is to build a strong foundation for Auburn Football. That starts with recruiting for the future, but it certainly doesn’t end there.

We will insist on outstanding effort and doing all the little things right this spring, throughout summer workouts and every day of the upcoming season.

We’ve got a long way to go to reach the goals we all share, but I can assure you that we will not be outworked. We will be tough, and we will be physical.

Our student-athletes and staff are working hard, and we are all pulling in the same direction. It is exciting for our staff and for me to be a part of something special here at Auburn.

Finally, I want to personally invite you to show your support for these young men on A-Day, which is set for Saturday, April 18, at 1 p.m.

We’ve brought back an old tradition with an autograph session that will follow the game on Pat Dye Field, and other new activities being planned will enhance the A-Day experience for you and your family.

I hope to see you in Auburn.

War Eagle!

Head Coach Gene Chizik

* The above was re-posted on my Nashville blog in an effort to help my Auburn friends, family members and clients better keep up with what is going on at Auburn University. Auburn football reviews and comments/debate are more than welcome!

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