White House Acknowledges Foreclosure Efforts Failed

After months of closed-door meetings and much debate about the mortgage crisis, the Obama administration has admitted the need for more aggressive efforts. Having implemented a few programs aimed at helping homeowners secure loan modification or refinancing options, the government is now admitting these efforts were disappointing at best.

Back To The Drawing Board

Besides being the hot political topic of the 2012 election, the very real mortgage crisis has finally struck fear in nearly all Americans. While previous efforts aimed at helping homeowners resolve their mortgage debts had good intentions, their shortcomings are plentiful. In attempt to bring about a sense of stability and recovery to the market this year, the Obama administration has gone back to the drawing board to revise their strategy.

Talks now surround further cleanup efforts aimed at mortgage giants Freddie and Fannie. Banks of all sizes aren’t off the hook either as conversation has sparked the realization that more pressure should be put on all lenders. Help for unemployed homeowners or widowed spouses are also ideas floating around the table. Besides lender troubles, the government is also seeking to better educate borrowers and future buyers for the new year.