IPFS News Link • Economy - Economics USA
Banks to benefit most from White House program to help fight foreclosures
• Vicki Needham via The HillHousing experts expressed concern that banks, not homeowners, will be helped by the White House's $3 billion funding infusion — $2 billion from the Treasury Department and another $1 billion from the Housing and Urban Development Department — going to those states hit hardest by the housing market crash and unemployment.
"I'm not a big fan; it's ill conceived," he said.
The basic principle is to help struggling homeowners, but with so many people underwater on their mortgages, the new funding is unlikely to do much good, Baker said.