Mortgage “Bailout” Follow-Up
Details are dribbling out as more people have a chance to read the actual text of the big foreclosure prevention bill. It is worth noting that the President did not bother to sign it until Wednesday.
CNBC tells us this bill is bigger and will cost more taxpayer dollars than originally expected.
Alternet tells us it will actually help fewer than one in 20 families facing foreclosure in the next 2 years.
The Christian Science Monitor gives us a summary: No Rescues Soon.
In the meantime, Hope Now is still out there. They claim to have helped 181,000 borrowers with 76,000 permanent modifications and 105,000 repayment plans in June alone. Nevertheless, 82,000 families that contacted them still lost their homes.