October 10, 2008

The state of foreclosure prevention

BY MARCIE GEFFNER, THURSDAY, OCTOBER 9, 2008.
Inman News

Homeowners who can't afford their mortgage payments may not find much in the way of rescue or relief in the U.S. government's $700 billion bailout of the financial markets.

But while the feds have fearfully sat on their hands and watched a severe credit crunch turn into a major crisis, a number of states have introduced their own foreclosure prevention programs, as detailed in "Defaulting on the Dream: States Respond to America's Foreclosure Crisis," a report by the Washington, D.C.-based Pew Center on the States.

"The jury is still out about whether and to what extent (these approaches) will be effective. Still, several states among those hardest hit by foreclosures also have been among the most assertive in trying to address the problem," the Pew study stated.

Read the rest of this story: http://www.inman.com/buyers-sellers/columnists/marciegeffner/the-state-foreclosure-prevention