Released: October 09, 2008

Are aid plans doing enough for struggling homeowners?

Source: Anna Bahney, USA Today

Housing experts and economists are asking if homeowner assistance programs are doing enough to help the ailing housing market in addition to individual borrowers.

Programs already in place:

• Provisions in the $700 billion rescue Congress passed last week could help homeowners stay in their homes through loan modification.

• The Hope for Homeowners program included in this summer’s housing bill gets distressed borrowers who meet certain criteria into fixed-rate, federally insured loans.

• A settlement announced Monday by Bank of America allows 400,000 Countrywide borrowers to modify loans.

But experts say these programs lack the teeth, efficiency and breadth to bring a significant number of loan modifications. 

Read Full Article: Are aid plans doing enough for struggling homeowners?