Obama Plan was launched with great fanfare and it was expected that the plight of the homeowners would be rectified, and the tide of foreclosures would be stopped. This wish has not come true as only 37,000 homes were permanently modified and about 750,000 homes were modified on a trial loan modification basis. In 2009, about 2 millions homes were lost to foreclosure. This is an enormous number. Still, according to various studies the lenders are not willingly helping distressed homeowners. NY Times has published a very latest article depicting this situation.
http://www.nytimes.com/2010/01/02/business/economy/02modify.html?hp
Friday, January 1, 2010
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