Foreclosure Prevention Is Failing, What Is Being Done About It?

That is a good question and I know the Senate is asking for answers to this but it might just be the same end result, a lot of talk and no action.


I guess if I were to blame anyone it would be the banks, not the Obama Administration.  There is no rhyme or reason as to who the banks help with regards to helping those in foreclosure, approving a short sale, or accepting offers on their REO’s (foreclosed properties).  I have heard so many stories of those who aren’t being helped and then very few of those who should not have been helped getting a HUGE bailout.

“”If you can’t tell us what you’re headed to — what you’re goal is in terms of the number of properties you’re going to deal with each month — we’ll be flailing around with this two years from now,” Sen. Mike Johanns (R., Neb.) said. “It will be regarded as a failed program — a costly failed program.”

Senate Banking Chairman Christopher Dodd (D., Conn.) called it “disgraceful” that so many borrowers were still losing their homes despite the urgency of stabilizing the housing market for healing the broader economy.”