The National Community Reinvestment Coalition has finished an initial analysis of President Obama’s new foreclosure plan, the Homeowner Affordability and Stability Plan.  In an email sent to members, John Taylor, President of NCRC, acknowledged that while the plan advances “the cause”, that it still “falls short of what we hoped to see.”

Specifically, Taylor indicates that his organization, and others, had been hoping for a better carrot.  They propose a $4,500 incentive for lenders that agree to modify loans.   The incentive would be paid out over a period of three years.

NCRC has a larger explication of its foreclosure relief plan, entitled the Homeowners Emergency Loan Program (HELP!).  It (more…)

President Obama has signed legislation that will impact our nation’s foreclosure crisis.  It is not a moment too soon, and it remains to be seen if this is enough action, but at least we finally have policies that are designed to work directly on the root problems that are undermining our economy.

Obama’s plan, the Homeowner Affordability and Stability Plan (pdf here), will be announced in Phoenix later this morning. It has some great elements.  The plan will let homeowners refinance their mortgages, which Obama believes will save a (more…)