Housing Crisis, Foreclosure Prevention Program | featured news

President Obama will use a campaign stop for Senate Majority Leader Harry Reid  to announce a new initiative to help support homeowners in states hit hardest by the housing crisis.

The Obama administration’s effort to help homeowners avoid foreclosure may not achieve its goal of helping 3 million to 4 million borrowers, a government watchdog group says.

U.S. home foreclosure activity galloped to a record in the first half of the year, overwhelming broad efforts to remedy failing loans while job losses escalated.

Housing advocates who work with homeowners say that while President Obama’s loan modification program could help thousands of New Yorkers, it has been slow to get off the ground.

The Senate today approved a housing bill aimed at addressing the country's growing foreclosure problem, including revamping a troubled government foreclosure prevention program.