Jim Cox presented the program to the Trenton Lions Club on Tuesday at the Lakeview Restaurant.
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Cox spoke on the sub-prime housing problems as well as housing foreclosures. He listed the 10 states leading the nation in foreclosures, which include Nevada, Florida, Arizona, Colorado, Maine, Georgia, California, Michigan, Massachusetts and Ohio. He said foreclosures are up 65 percent since 2007, with 243,353 foreclosures nationwide. FDIC directors have the most lenders with foreclosures taken in every stage of completion, from being occupied to only basements and partial construction. Cox said this is only the tip of the iceberg.
He also said the average credit card bill is $11,000, with some between $56,000 and $70,000 with 21 percent interest. Credit cards are being used to pay bills, groceries, medications, etc.
He said lenders loan to very uneducated persons who want more housing that they can afford without considering taxes, interest, principal, insurance and the every-day cost of living.
Lannie Harkins presided at the business meeting. Doris Carter offered prayer after the pledge to the U.S. flag. Guests included Seth Cox and Tye Bush. Betty Polley served as recorder.