Mortgage Program Saves Homes, Push To Replicate It Nationally

Reuters:

PHILADELPHIA (Reuters) A program to avert residential mortgage foreclosures has saved almost 60 percent of its participants from losing their homes in a sheriff's sale, officials said on Tuesday.

Philadelphia's Mortgage Foreclosure Diversion Pilot Program, seen as a national model to stem the foreclosure crisis, resulted in 2,776 properties permanently or temporarily saved from sale between its inception in June 2008 and May 31 this year out of 4,690 that were referred to the program, according to new data.

Read the whole story: Reuters

Comments

[boogiewoman]

JOBS! Thats what we need and fast. It doesn't matter if the jobs are gone.

[sc300nc]

If the fed'l gov't tries to replicate this, it will fail miserably. It always does. Let the states handle these problems.

[Rich Hosking]

Sounds like a modified cram-down.

I'm SURE it'll just zip through the Wall Street-run congress, so that they can cut their own legs off regarding mortgage backed securities.

Waiter, I'll have what the headline editor is having...!

[LeLoup]

Huh? Modified cram-down?
The solutions are negotiated­...like in agreed upon by all parties involved.

As for Wall Street, how's the current foreclosure situation is better for the MBSs than having more homeowners staying in their home, paying their mortgage and avoiding depressed house prices in the area?

Now, if you prefer to see much MORE foreclosures so that the free market can works its magic, well, I guess that if we neglect the horrendous social AND economic collateral damage, it would be the best idea.

[fairdebate]

The help that never comes....Q­uit voting Democrat..­they cant help you

[NeoStar9]

Neither will Republicans. Both are horrible but for different reasons. Republicans won't help you unless you are a huge business or filling their pockets. Democrats can't help you because they are spineless cowards who fight amongst themselves. That and they fill their pockets with money from businesses as well.

[Artos]

The reason the Dems spend so much time arguing among themselves is because it is a Democracy. In addition they have to deal with the Blue Dogs who are Republicans in Dems clothing.

[JoeBlough]

If the alternative is more Bush/Cheney Legacy, I'll stick with the dems.

[tailgateshirts]

McCain and Palin woulda helped alot....

She would be too busy trolling her daughters with her to every event to care about you

[l3randon]

Um, that's an odd criticism, especially with so many legitimate ones available. "She'd make you get baptized in her church before helping you" would've been ok, but the daughter thing, with Obama's family in the news every single day in lieu of real stories, is not a legitimate complaint about a hypothetical Palin "Vice" Presidency.

[jerichoj8]

In the meantime - tell the banks to produce the NOTE. Get help from ACORN or whoever and fight.

[jerichoj8]

Best Practices as a design for a bill? Well, Golly, what took so freaking long?

Kudos for finally acting however.