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NY Times: Foreclosures: No End in Sight
Calculated Risk — NY Times Editorial: Foreclosures: No End in Sight A continuing steep drop in home prices combined with rising unemployment is powering a new wave of foreclosures. Unfortunately, there’s little evidence, so far, that the Obama administration’s anti-foreclosure plan will be able to stop it. ... One of the biggest problems is that the plan focuses almost entirely on lowering monthly payments. But overly onerous payments are only part of the problem. For 15.4 million “underwater” borrowers — those who owe more on their mortgages than their homes are worth — a lack ...

Foreclosure modification plans still failing
Bubble Meter — From The New York Times: A continuing steep drop in home prices combined with rising unemployment is powering a new wave of foreclosures. Unfortunately, there’s little evidence, so far, that the Obama administration’s anti-foreclosure plan will be able to stop it. The plan offers up to $75 billion in incentives to lenders to reduce loan payments for troubled borrowers. Since it went into effect in March, some 100,000 homeowners have been offered a modification, according to the Treasury Department, though a tally is not yet available on how ...

Links For A Saturday Morning (June 6, 2009)
The Daily Bail — [image] Foreclosures: No End In Sight I will repeat it until I am blue in the face. Foreclosures are NOT the problem. They are the solution. Read the comments to this NYT article and you will see hundreds of others make this point very clearly. Home prices are still over-valued relative to incomes. Foreclosure prevention without massive principal reduction only delays the inevitable, later foreclosure. The editorial above completely misses the mark. ...