The U.S. Treasury Department is trying to give its foreclosure-prevention program some teeth, but economists are doubtful they will be sharp enough to keep people in their homes and contain the avalanche of foreclosures expected to hit the market.
It’s a situation that bears watching regardless of whether you are personally concerned about a foreclosure. That’s because a continued flood of foreclosures is a major hindrance to a recovery in home values and the housing market overall — which is now fragile at best.
On Monday, Treasury announced a “Mortgage Modification Conversion Drive,”
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