David Kirkpatrick

April 29, 2009

Foreclosure prevention plan gets a little bigger

Filed under: Business, Politics — Tags: , , , , — David Kirkpatrick @ 1:57 pm

With all the talk about the auto industry and controversy over TARP and harping about financial bailouts recipient bonuses, et. al., Main Street gets little ink spilled its direction.

Here’s news on an expansion of the Obama administration’s foreclosure prevention plan.

From the link:

Treasury broadens the President’s home-mortgage plan to address second liens. But Congress may need to act to protect banks from lawsuits

The U.S. Treasury Dept. broadened the Obama Administration’s foreclosure-prevention program on Apr. 28 in a bid to resolve a persistent obstacle to cleaning up problem mortgages. But some financial officials say the fledgling program’s success still hinges on controversial legislation pending in Congress, which is also expected to take up another contentious bill that would allow bankruptcy judges to reduce the principal owed on a home.

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