Treasury Says Millions More Foreclosures Coming | WHAT REALLY HAPPENED


Treasury Says Millions More Foreclosures Coming

Only 12 percent of U.S. homeowners eligible for loan modifications under the Obama administration's housing rescue plan have had their mortgages reworked, and millions more foreclosures are coming, the Treasury Department said on Wednesday.

"The recent crisis in the housing sector has devastated families and communities across the country and is at the center of our financial crisis and economic downturn," Michael Barr, assistant Treasury secretary for financial institutions, told a House Financial Services subcommittee.

Barr said that "even if HAMP is a total success, we should still expect millions of foreclosures" as administration and industry efforts continue to stabilize a crisis-stricken housing sector.

Webmaster's Commentary: 

"...millions of foreclosures..."

And this is coming from a US Treasury representative.

The effect of these foreclosures will be devastating.

Comments

SHARE THIS ARTICLE WITH YOUR SOCIAL MEDIA