US Housing Crisis: No End in Sight

From the Philadelphia Inquirer via Planetizen:

At a housing conference, HUD officials indicated that the depth of the mortgage crisis has all but overwhelmed federal efforts to address it:

The president's initiative to keep people in their homes through mortgage refinancing and modification has hit some early snags, administration officials said in conference sessions Thursday.

Since details were announced March 4, 16 mortgage servicers have signed up to participate in the voluntary program, representing what officials variously described as 76 percent to 81 percent of the total mortgage market.

Deputy Treasury Secretary Seth Wheeler said: "The program is not working up to its potential yet" because those servicers still are not prepared for their gigantic task.

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