Crank Up 'Underwater'-Homeowner Help

Griffin, Marcia; Bautista, Faith
March 2010
American Banker;3/10/2010, Vol. 175 Issue 37, p8
Trade Publication
The authors discuss the need to increase federal funding to homeowner relief programs to assist homeowners with mortgages that are larger than the value of their property. Statistics suggesting that the Home Affordable Modification Program is largely a failure are examined. Support is voiced for U.S. Senator Richard Durbin's bankruptcy reform plan which would allow judges to reduce loan principal amounts. A moratorium on foreclosures for homeowners who have lost their jobs is discussed.


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