HUD Secretary: Banks Must 'Step Up' on Foreclosure

WASHINGTON (AP) - Housing Secretary Shaun Donovan says it's
important that lending institutions "step up to the plate" to
help make certain the Obama administration's new home foreclosure
initiative succeeds.
Speaking a day after President Barack Obama announced the $75
billion program, Donovan said it's critically important for banks
to buy into the spirit of the program. He said that "what started
as a housing crisis has become a jobs crisis."
In addition to the new mortgage lifeline for millions of
Americans on the brink of foreclosure, the administration announced
$200 billion in new government assistance to mortgage giants Fannie
Mae and Freddie Mac. It's part of an effort to encourage them to
refinance homes for people "under water" - those whose mortgage
payments exceed the value of their homes.
Donovan, interviewed Thursday on NBC's "Today" show, said the
administration feels certain there are sufficient requirements to
ensure heavy bank refinancing, saying that could "tip the balance
for millions of homeowners."

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  • by Louise BegleyLondon, Ky on Feb 19, 2009 at 07:42 AM
    My comment is this my mother has lost her house and she tried to get hud and they told her she had to wait there was a long list. Today I heard a girl say she went to hud and they helped her right away if you get welfare guess what you get welfare foodstamps, hud and free medical. Too bad my mother is 76 yrs. old she could have a baby and get it all but no she worked all her life and made sure her family got taken care of and she can't even get 11.00 food stamps. Oh yell she draws 785.00 social security. Do we have a system or what? Thanks to our Goverment


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