Obama Plan Holds Off On Foreclosure Rescue Details

February 10, 2009 · Filed Under Loss Mitigation 

Obama plan holds off on foreclosure rescue details. Obama said he would announce his housing strategy in the coming weeks. Meanwhile, home prices are not expected to hit bottom until year-end at the earliest.

Americans are hoping President Barack Obama will have more success, especially as foreclosures continue to grow. A Credit Suisse report published late last year forecast up to 10 million foreclosures by 2012, depending on the severity of the recession.

The Obama administration is expected to back a push in Congress a opposed by the mortgage industry a to let bankruptcy judges alter the terms of primary home loans. Earlier this week, Obama said it "makes no sense" that judges are not allowed to do so. The mortgage industry argues that this prohibition allows lenders to charge lower rates.

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