1.
U.S. markets recover from steep losses
WASHINGTON, Feb. 18 (UPI) -- A U.S. Chamber of Commerce official said U.S. President Barack Obama's foreclosure prevention plan could haunt the overall economic recovery process.
"While the administration's plan to stabilize the housing market is laudable," Chamber Executive Vice President Bruce Josten said, "if risky mortgages got us in to this crisis, extending those risky mortgages will only postpone the pain and hamper recovery."
"Additionally, the 'cram down' plan will create hundreds of separate mortgage modification policies and will extend uncertainty in the housing market, ultimately raising interest rates," Josten said.
The "cram down" plan refers to the administration's intention to grant bankruptcy judges the power to modify terms on home mortgages for borrowers in bankruptcy.
Obama said Wednesday the foreclosure plan was aimed at helping 9 million homeowners who "played by the rules" but found economic dynamics forcing their homes into foreclosure.
The plan includes $1.5 billion for relocation and help for renters who lost homes to foreclosure and $2 billion for neighborhoods where abandoned homes are reducing home values.
|
|
|
|
|
|
| Additional Business News Stories | |
JAKARTA, May 24 (UPI) --
Indonesia needs to address loopholes in its moratorium on deforestation, Greenpeace said.
|
LONDON, May 24 (UPI) --
Despite pressures on defense spending Britain is committing billions of pounds to two important but disparate programs.
|
First-time buyers are driving the expectations that a recovery has begun. Their numbers and market share are growing despite financing roadblocks and competition with investors for entry-level homes. ...
|
It is a whole new ball of wax in Europe these days.
|
| Stories | Photos | People | Comments |
View Caption
