Housing Crisis, Loan Modification | featured news

Many critics of the Obama administration's mortgage loan-modification program say it won't work because it doesn't do enough to address "negative equity," the plight of people who owe more on their home loans than the current value of those properties. Without equity in their homes, these critics say, borrowers have little incentive to keep paying and are apt to walk away as soon as things get tough, if not before.

After a slow start, the Obama administration's mortgage relief program has reached one in five eligible homeowners, a government report says.

Housing advocates who work with homeowners say that while President Obama’s loan modification program could help thousands of New Yorkers, it has been slow to get off the ground.

The Obama administration today released details of $75 billion home loan modification and refinancing programs. Borrowers can start contacting loan servicers.