Tuesday, February 10th, 2009...10:33 pm
Obama plan holds off on foreclosure rescue details
Obama plan holds off on foreclosure rescue details
Obama said he would announce his housing strategy in the coming weeks. Meanwhile, home prices are not expected to hit bottom until year-end at the earliest
They are hoping President Barack Obama will have more success, especially as foreclosures continue to grow. A Credit Suisse report published late last year forecast up to 10 million foreclosures by 2012, depending on the severity of the recession
The Obama administration is expected to back a push in Congress a opposed by the mortgage industry a to let bankruptcy judges alter the terms of primary home loans. Earlier this week, Obama said it “makes no sense” that judges are not allowed to do so. The mortgage industry argues that this prohibition allows lenders to charge lower rates
local nonprofit has helped find them a house to rent if they lose their house. But Clark says the family doesn’t have money to move and is in danger of having his car repossessed.
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