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Program to pay homeowners to sell at a loss
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| Contributor | kal |
| Last Edited | kal Mar 09, 2010 04:46am |
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| Category | General |
| News Date | Tuesday, March 9, 2010 10:00:00 AM UTC0:0 |
| Description | In an effort to end the foreclosure crisis, the Obama administration has been trying to keep defaulting owners in their homes. Now it will take a new approach: paying some of them to leave.
This latest program, which will allow owners to sell for less than they owe and will give them a little cash to speed them on their way, is one of the administration’s most aggressive attempts to grapple with a problem that has defied solutions.
More than five million households are behind on their mortgages and risk foreclosure. The government’s $75 billion mortgage modification plan has helped only a small slice of them. Consumer advocates, economists and even some banking industry representatives say much more needs to be done
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