Scramble for Solutions as Foreclosures Rise at Record Speed

By Marks, Alexandra | The Christian Science Monitor, January 16, 2009 | Go to article overview

Scramble for Solutions as Foreclosures Rise at Record Speed


Marks, Alexandra, The Christian Science Monitor


Foreclosures jumped a record 80 percent last year, according to a new report by consulting firm RealtyTrac. The rise comes despite state and federal programs designed to stem the tide of home losses.

This week, Congress was expected to again intensify its efforts to address the issue, this time by voting on a bill requiring at least $50 billion of the Troubled Asset Relief Program's remaining $350 billion to be used to prevent foreclosures.

The Department of Housing and Urban Development (HUD) also announced this week the launch of a public service campaign designed to help individuals at risk of losing their homes.

Called "Keep Your Home, Know Your Loan," the print, television, and radio campaign will air in six cities: New York, Chicago, Detroit, Los Angeles, Miami, and Phoenix. It urges homeowners who are behind on their mortgage payments, or whose mortgage may soon reset to a higher interest rate, to call 877-HUD-1515 to contact a HUD-approved housing counselor.

"We want people to pick up the phone and call a HUD counselor before they reach a point of no return," said HUD secretary Steve Preston as he launched the campaign at a news conference on Wednesday. "It expands your options and gets you time to make a good decision."

HUD also began awarding some of the $4 billion Neighborhood Stabilization Program funds that Congress allocated four months ago to help neighborhoods that were hit hard by large increases in foreclosures.

New York City was awarded $24 million to help it buy and renovate foreclosed homes in 13 neighborhoods around the city. …

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Scramble for Solutions as Foreclosures Rise at Record Speed
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