Record foreclosures and high unemployment have combined to clobber the housing market.
Now, the Obama administration says it will launch two new programs to try to improve the situation.
Housing and Urban Development Secretary Shaun Donovan said that his department in the coming weeks will roll out an FHA refinancing program to help borrowers whose mortgages exceed the market value of their homes, the Associated Press reports.
Donovan also said his department will launch “an emergency homeowners loan program” to help people who are unemployed keep their homes, AP writes.
There are no details yet. But previous programs by the administration have done little to stem the tide of foreclosures. In metro Atlanta, they have been running at a record pace.
Do you think this will be more of the same? Too little too late?
Or finally, might these programs end up doing what the previous ones failed to do?
What else might work?
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