Economist Dean Baker: Banks Could Be Big Winners of Obamas Foreclosure Prevention Program
The Obama administration has announced changes to its signature foreclosure prevention program, Making Home Affordable. The initial foreclosure relief program unveiled one year ago was supposed to help up to four million struggling homeowners. So far fewer than 200000 borrowers have been granted permanent loan modifications. Meanwhile, a record 2.8 million properties with mortgages received foreclosure notices last year, according to the real estate data company realtytrac.
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