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Two government programs designed to help hundreds of thousands of delinquent borrowers avoid foreclosure are having negligible effects, a top Bush administration official acknowledged Wednesday. One program will be revamped immediately, and the other possibly in the near future.Steve Preston, secretary of Housing and Urban Development, said both private industry and government efforts have fallen short as the foreclosure crisis has exceeded all but the most dire forecasts. The response has not kept up with the need, Preston said in a speech the National Press Club. Many Americans who should be getting help are not getting help. The FHASecure p
stanley thermos rogram announced in August 2007 has only assisted about 4,000 delinquent borrowers and
stanley kubek has really not met the need, Preston said.The other, called Hope for Homeowners, has received just 111 applications from distressed homeowners since it was launched Oct. 1. Few lenders have actually signed up, and few borrowers are submitting applications, Preston said. So clearly we needed to make meaningful changes. Some experts have been skeptical of the e
stanley canada fforts to curb foreclosures all along, saying they are too slow and reach too few homeowners, as CBS News correspondent Ben Tracy reported last week. It s like having a boat full of water that is leaking all the time and each one of these programs is like giving someone a cup to bail it out, Guy Cecala of Inside Mortgage Finance told CBS News. We need to be using buckets. The Swtu Moussaoui s Mental Health Scrutinized
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