Foreclosure Aid Fell Short, and Is Fading

Posted by Kendall Harmon

Last summer, as President Obama’s premier plan to save millions of Americans from foreclosure foundered, the administration tossed a new life preserver to homeowners.

Officials unveiled a $1 billion program to offer loans to help the jobless pay their mortgages until they could find work again. It was supposed to take effect before the end of the year, but as of today, the program has yet to accept any applications.

“We wait and wait, and they keep saying it’s coming,” said James Tyson, 50, a Philadelphia homeowner who lost his job a year ago.

That could be an epitaph for the administration’s broader foreclosure prevention effort...

Read it all.

Filed under: * Economics, PoliticsEconomyHousing/Real Estate MarketThe Banking System/SectorThe Credit Freeze Crisis of Fall 2008/The Recession of 2007--The U.S. GovernmentPolitics in GeneralHouse of RepresentativesOffice of the PresidentPresident Barack ObamaSenate

0 Comments
Posted March 31, 2011 at 6:20 am [Printer Friendly] [Print w/ comments]
Registered members must log in to comment.




Next entry (above): (ACNS) 2011 Standing Committee Bulletin - Day 4

Previous entry (below): Nevada Workshop on faith looks doubts in the eye

Return to blog homepage

Return to Mobile view (headlines)