Source: DAVID STREITFELD/NY Times
In an effort to end the foreclosure crisis, the Obama administration has been trying to keep defaulting owners in their homes. Now it will take a new approach: paying some of them to leave.
This latest program, which will allow owners to sell for less than they owe and will give them a little cash to speed them on their way, is one of the administration’s most aggressive attempts to grapple with a problem that has defied solutions.
More than five million households are behind on their mortgages and risk foreclosure. The government’s $75 billion mortgage modification plan has helped only a small slice of them. Consumer advocates, economists and even some banking industry representatives say much more needs to be done.
For the administration, there is also the concern that millions of foreclosures could delay or even reverse the economy’s tentative recovery — the last thing it wants in an election year.
To read this article in its entirety visit The New York Times.
Sphere: Related Content
Related Posts
Source: USA Today
Local governments, once a steady source of employment in tough economic times, are shedding jobs in unprecedented numbers, ...
READ MORE
Source: CNN Money
New York - When the unexpected strikes, most Americans aren't prepared to pay for it.
A majority, or 64%, ...
READ MORE
Visit msnbc.com for breaking news, world news, and news about the economy
Source: MSNBC
Central Falls, R.I. - The city of Central ...
READ MORE
Source: CNN
BIRMINGHAM, Ala. - Alabama's largest county began laying the groundwork Tuesday for what would be the largest-ever U.S. municipal ...
READ MORE
Source: Hope Yen / AP / MSNBC
Wshington— The wealth gaps between whites and minorities have grown to their widest levels ...
READ MORE
Source: Carl Hulse and Jackie Calmes / The New York Times
Washington – The Obama administration has informed Democratic Congressional ...
READ MORE
Source: Alex Sundby / CBS News
Florida drivers are helping the Sunshine State rake in millions and might not even know ...
READ MORE
Source: David Leonhardt / The New York Times
There is no shortage of explanations for the economy’s maddening inability to leave ...
READ MORE
JOIN THE LIVE CHATVISIT WHITEHOUSE.GOV
READ MORE
Source: Matthew Jafee / ABC News
The possible departure of Treasury Secretary Tim Geithner once an agreement is reached with Congress ...
READ MORE
Budget Cuts Claim Hundreds Of Thousands Of County,
Most Americans Can’t Afford A $1,000 Emergency Expense
Rhode Island City Files For Bankruptcy (VIDEO)
Birmingham, Alabama Facing Record Bankruptcy
Wealth Gap Widens Between Whites, Minorities
Officials Say President Obama And Speaker Boehner Close
Florida Reportedly Sells Drivers’ Information For $63M
NY Times: How the Bursting of the Consumer
LIVE VIDEO: President Obama Discusses Efforts To Find
Treasury Secretary Tim Geithner Expected To Leave White
