".....but Democrats said they believed the government should be doing much more to help millions of Americans cope with a threatened tidal wave of mortgage foreclosures.........the serious housing slump and a credit crisis triggered by rising defaults in subprime mortgages had greatly strained the economy.......To date, the largest economic effects of the financial turmoil appear to have been on the housing market, which, as you know, has deteriorated significantly over the past two years or so.......”
Tax rebate checks ranging from $300 to $1,200 were sent out without delay starting in May as part of a "stimulus" package to help encourage spending. However not everyone qualifies for this tax rebate check.
"Pressed to say what more the administration plans to do, especially in dealing with a threatened wave of mortgage foreclosures, Paulson said he continued to look for good ideas but at the moment did not see the need to do any more than such current efforts as encouraging the mortgage industry to freeze rates on some subprime mortgages for five years and offering a 30-day reprieve on foreclosures for homeowners seriously behind on their payments to give them time to try to work out a loan modification with their lenders........."
"said that in the final three months of last year, more than 470,000 homeowners got help from companies servicing their mortgages and almost 30 percent of those received a loan modification. He insisted the administration was working hard to help, and called the problems facing some struggling homeowners “heartrending......”
I posted excerpts of this article because for all of its "wording" it still shows that Washington is just "talking" and not doing anything about the crisis of home foreclosures. And that mention of the grant programs still does not address the issue of keeping the homes out of foreclosure in the first place.
Yet again - Washington dissappoints!
source
San Diego.com
San Diego.com
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