US Treasury Delay on Bank Home-Equity Debt Imperils Housing Pickup @ Forex Factory

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US Treasury Delay on Bank Home-Equity Debt Imperils Housing Pickup

The U.S. Treasury Department has failed to win agreements to get struggling borrowers’ home- equity debt reworked, among the biggest roadblocks to reducing foreclosures that may reach a record 3 million this year. None of the lenders holding a combined $1.05 trillion in the debt has signed contracts requiring participation in the second-mortgage modification plan announced eight months ago. The largest banks remain “committed” to joining, Meg Reilly, a department spokeswoman, said in an e-mail. President Barack Obama in February announced a $75 billion program to cut first-mortgage payments. The Treasury detailed a plan on April 28 in which second-mortgage owners modify or retire... Full Story

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Submitted Jan 19, 2010 12:11pm

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