Economic analysts expect a 1.5 percent decrease in the country’s economic growth this year. With rising inflation and unemployment, the housing crisis and foreclosure problem is expected to continue.
Democratic candidate Barack Obama's victory and Republican candidate John McCain's loss were delivered to them by the nation's largest foreclosure states, as shown in an analysis of states' electoral votes and foreclosure levels.
President-elect Obama criticized Bush of not implementing effective measures against foreclosures and vowed to take action immediately after taking office.
Progress reports on the Obama Administration’s loan modification program showed that the initiative has failed to make a dent on the foreclosure problem of the country. In North Florida, the number of bank foreclosed homes is way ahead of the loan modification figures.
Obama’s loan modification program is expected to fall short of its goal to reduce the number of foreclosure homes in California because nearly 30 percent of homeowners owed mortgages more than the market value of their properties.
President Obama’s $75-billion program to avert foreclosures might not be able to help millions of distressed homeowners, as many homeowners are disqualified by the many restrictions in Obama’s program.
Incoming President Barack Obama will allocate up to $100 billion of the $350 billion Troubled Asset Relief Program financial bailout fund for foreclosure prevention.
Foreclosures continue to flood the market, pulling home prices down. Buyers only pay 10 cents on a dollar in a foreclosure sale as lenders aim to increase its home sales.
President Barack Obama said that in order for the $787 billion economic recovery plan to be successful, it must include measures to abate the foreclosure crisis.
President Obama has been encouraging Americans to take advantage of falling mortgage rates and the government foreclosures program which include loan modification and refinancing initiatives.
The foreclosure prevention plan unveiled by President Barack Obama has left more questions unanswered including how the administration will implement its refinancing program.
Freddie Mac's decision to suspend government foreclosures on at-risk loans that are eligible under any housing initiatives is a sign of its commitment to guarantee the success of the Home Affordable program.
Majority of bank and government foreclosures notices were received by young families, first-time homebuyers and middle-aged couples in 2008, causing the housing market to become even more unstable.
Nationwide unemployment rate reached 6.7 percent in November, the highest rate in 15 years, due in part to the foreclosure crisis, according to the U.S. Labor Department.
President-elect Barack Obama promised a more transparent and effective foreclosure prevention program under his administration. To start off, he requested the second half of the bailout fund.
The foreclosure prevention initiative announced by President Obama has generated support from mortgage professionals, builders and realtors who are hopeful that it would stabilize the housing market.
Newly-elected President Barack Obama has appointed a Housing Secretary and will have to get ready to a challenge of possibly stopping foreclosures and at the same time stabilizing the crisis on house market.
FDIC has required more than 5,000 banks and savings and loans associations that received help from the first $350 billion of the Troubled Asset Relief Program in 2008 to report on how they were able to help foreclosure-troubled borrowers.
HUD Secretary Shaun Donavan has called on banks to take aggressive actions to ensure that the Obama Administration's foreclosure prevention initiative will succeed.
Borrowers who fail the 20-percent equity requirement in loan refinancing can still save their homes from foreclosures by following the refinancing program's private mortgage insurance option.
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