Democrats Say Lenders Are Falling Short

Four U.S. Democrats introduced legislation on Wednesday that would slow record high foreclosure rates and stabilize the housing market. “This bill will force lenders to modify qualified mortgages, create a homeowners assistance program and give states a bigger role in mediation efforts, says Senator Dick Durbin (D), adding, voluntary efforts to keep families in their [...]

Obama’s Mortgage Relief Plan

Under the Housing Affordability and Stabilization Plan,  lenders will be given incentives to try to slow foreclosures.  The plan may help up to 5 million homeowners refinance mortgages, which they have been unable to because they owe more than 80 percent of the home’s value. The plan also provides incentives for lenders who modify the [...]

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