GET FREE E-MAIL UPDATES: SEND US YOUR EMAIL ADDRESS WITH SUBSCRIBE IN THE SUBJECT LINE
or subscribe to our
Twitter service

UNDERNEWS

Undernews is the online report of the Progressive Review, edited by Sam Smith, who covered Washington during all or part of ten of America's presidencies and who has edited alternative journals since 1964. The Review, which has been on the web since 1995, is now published from Freeport, Maine. We get over 5 million article visits a year. See prorev.com for full contents of our site

March 6, 2010

OBAMA'S SECOND MORTGAGE MODIFICATION PLAN BOMBS

HUFFINGTON POST - Nearly a year after the Obama administration announced a plan to help up to 1.5 million struggling homeowners modify their second mortgages, not a single homeowner has gotten any assistance.

The program, a part of the administration's $75 billion anti-foreclosure initiative, was supposed to induce mortgage servicers to coordinate payment reductions on additional mortgages when the first mortgage is modified under the administration's Home Affordable Modification Program.

But it's never gotten off the ground.

Housing experts say addressing second mortgages is essential in tackling the foreclosure crisis. For many homeowners, particularly those who owe more than their house is worth, modifying only one of the two mortgages is not enough to prevent foreclosure.


0 Comments:

Post a Comment

Links to this post:

Create a Link

<< Home