More than 50 percent of mortgage loans modified during the first and second quarters of 2008 have become delinquent in just six months, putting rescued borrowers back to foreclosures.
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.
Foreclosure auctions in the San Francisco Bay Area have been frustrating first time home buyers as they kept getting outbid by investors backed by large pools of private funds. Realtors and housing advocates have been calling for legislation to give owner occupants a chance.
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