Foreclosure Offense: Senators Push For Greater Assitance for Homes In Foreclosure

The New York Times reports:

“Senators prodded government officials involved in the bank-rescue plan to do more to help struggling homeowners avoid foreclosure and expressed impatience on Thursday over the pace of the unfolding program.”

“The lawmakers on the Senate Banking Committee urged the officials, in effect, to make the banks do something for the homeowners in return for the billions that the banks are getting from Washington in infusions of capital meant to thaw the credit spigots and get the economy moving again.”

Concerns seem justified, as foreclosure filings surged past 750,000 in the third quarter. And, according to Realty Trac, a foreclosure tracking company, foreclosures seem to be rising fastest in Nevada, Florida, California and Arizona “— states where home prices soared the most during the recent housing boom.”

Fore more, see http://www.nytimes.com/2008/10/24/business/economy/24cong.html?_r=1&oref=slogin.

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