Patching the Foreclosure Plan

The U.S. Treasury Dept. broadened the Obama Administration’s foreclosure-prevention program on Apr. 28 in a bid to resolve a persistent obstacle to cleaning up problem mortgages. But some financial officials say the fledgling program’s success still hinges on controversial legislation pending in Congress, which is also expected to take up another contentious bill that would allow bankruptcy judges to reduce the principal owed on a home.

Although the Administration announced an ambitious housing-assistance program in February and released detailed parameters in early March, progress has been slowed by an obstacle all too familiar when it comes to modifying mortgages: second liens.  Read more about the foreclosure plan…

Foreclosure Bill Killed in Senate

The Senate on Thursday rejected an effort to stave off home foreclosures by a vote of 51 to 45. It was an overwhelming defeat, with the bill’s backers falling 15 votes short — a quarter of the Democratic caucus — of the 60 needed to cut off debate and move to a final vote.

The death of the bankruptcy reform measure — which would have allowed a small number of homeowners who met strict conditions to renegotiate mortgages under bankruptcy protection — is a major tactical win for the banking industry. But allowing the foreclosure crisis to continue unabated may end up being a failed strategy for the financial sector.  Read more about the foreclosure bill…

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