Tuesday, March 29, 2011

House GOP Kills Program That Stopped 600,000 Foreclosures

The U.S. economy will continue to be terrible, as far as jobs and housing and state tax revenues, as long as the Housing Crisis continues. And, based on today’s news and basically all housing news for several years now, the collapse of the Housing Bubble is an ongoing catastrophe — with prices still falling, terrible loans still “resetting,” 9% unemployment sending ever more families into default, 14 million homeowners “underwater,” 3 million foreclosures last year and another 3 million foreclosures expected this year.

How might the House Republicans help America “get back to work” or whatever? By eliminating the four federal programs that have helped 1.5 million homeowners temporarily reset their mortgages and 600,000 permanently modify their loans to more affordable amounts. READ MORE »

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