The nation’s foreclosure crisis once largely confined to only a few corners of the country is spreading to new areas as the economy teeters. The foreclosure rates in 40 of the nation’s counties that have the most households have already doubled from last year, a USA TODAY analysis of data from the listing firm RealtyTrac shows.
Obama in March said his administration would spend up to $75 billion to help borrowers struggling with expensive mortgages or debts that exceed the value of their homes.
The administration concedes that will do little for those at risk of losing their homes because of the recession. “When people don’t have any income,” Sims says, “then it becomes really, really tough.” Read More
May I ask, why spend $75 billion if Obama knew it would not help?