Fannie Mae and Freddie Mac went into conservatorship last September 2008 as a government move to stall their collapse. Between these two companies rest the fate of 31 million mortgages worth more than $5.3 trillion, many of which are endangered tax foreclosure properties due to the more than $1.6 trillion Alt-A and subprime loans.
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Groups of responsible homeowners across the country have expressed outrage at Obama’s $75-billion foreclosure plan. They charged that Obama and his advisers are using the tax money of people trying their best to pay their mortgage loans to pay the mortgages of irresponsible people. Some are also saying that the plan ignored the needs of [...]

Finally, most of the details of President Barack Obama’s foreclosure plan, now called Homeowner Affordability and Stability Plan, have been released. One of the plan’s big distinctions from foreclosure programs carried out during the previous administration is its pressure on mortgage lenders to offer as many loan modifications as they can to save as many troubled homeowners as they can from foreclosure.

Much of the success of Obama’s $75-billion foreclosure plan, now dubbed Homeowner Affordability and Stability Plan, will depend on the implementation of schemes by government agencies, government corporations and private mortgage firms.

President Barack Obama’s much awaited $75-billion foreclosure program was finally launched in Arizona, which has one of the three highest foreclosure rates in the country in 2008. Obama’s plan is expected to prevent up to 9 million troubled homeowners from going into foreclosure.

President Obama officially unveiled his $75 billion dollar plan to quell the rising tide of foreclosures and begin to stabilize the country’s precarious housing market.

President Barack Obama is set to travel to Phoenix, Arizona to launch his foreclosure program. Phoenix was probably chosen because its housing market has been one of the most adversely affected by the credit crisis.

In a prepared statement to the American Bankers Association (ABA), Federal Reserve Governor Elizabeth Duke called on banks to act more responsibly to prevent another bank-related crisis in the future and to take measures to help slow down foreclosures.

Despite the foreclosure moratorium and mitigation schemes offered by various entities, the foreclosure process is being replicated in cities, towns and counties across the country.

Single-family homes have decreased in prices, reaching values that are the lowest in five years. Prices have dropped by around 12 percent, due to the increasing numbers of foreclosures. At present, a single-family home is prices to a very low value of $180,000, the lowest price since 2003.