The Washington Independent’s Annie Lowery today drills into the deep end of the linked unemployment and foreclosure crises, contrasting a story of impending family homelessness and the so far mostly failed efforts in Washington to boost the national economy…
Americans who choose to take advantage of the government’s Home Affordable Modification Program as it stands today are entering into a buyer-beware system that may deliver short-term relief but also long-term pain. Although the program, known as HAMP, works to reduce monthly mortgage payments by half or one-third of monthly income, the program can also ruin participants’ credit for years to come, severely limiting their ability to borrow money and threatening for that reason to extend the housing crisis at the heart of the recession.
Black homeowners are roughly 50 percent less likely than whites to receive help under the largest of the administration’s anti-foreclosure programs, according to a new survey of qualified families.
WASHINGTON– One year after the Obama administration launched its $75 billion anti-foreclosure program, the housing market remains volatile, loan modifications have been scant, foreclosures are still sky-high — and more and more lawmakers are wondering why the White House hasn’t been more aggressive in tackling the crisis.
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