Economist Dr. Mark Dotzour points out a four-part resolution to be taken by the government to solve the foreclosure crisis.
Rather than using their home equity to maintain their lifestyle during their retirement, an increasing number of older people are tapping into reverse mortgages to protect them from losing their homes.
Freddie Mac and Fannie Mae have announced a six-week suspension of foreclosures. Other mortgage banks are expected to announce their own moratoriums shortly.
First post-election look at the latest U.S. Foreclosures Index confirms October numbers have dropped to one of 2008’s lowest levels.
With the presidential election over, government officials and financial executives can now turn their attention to foreclosure properties and troubled homeowners.
About 60 percent of homeowners in Arizona, California, Florida, Georgia, Michigan and Nevada are facing the possibility that their properties will be foreclosed.
Obama has called for a new initiative to help homeowners facing foreclosures and a new scheme that would help the troubled auto industry.
The FDIC has proposed a plan to use about $24 billion in federal funds to help nearly1.5 million homeowners avoid foreclosure.
