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(Image from article: "Average Homeowner In Obama Foreclosure Program Underwater, Yet Principal Cuts Rare")

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FHA Turns, Once More, to Private Investors to Aid Troubled Homeowners

With each passing month, the foreclosure crisis continues to slowly burn. The Obama Administration keeps splashing water on it—massive remodifications, mortgage settlement cash, rental programs—hoping something will stick. On Friday, here at the Clinton Global Initiative, in Chicago, HUD Secretary Shaun Donovan and FHA Commissioner Carol Galante announced yet another: a program to pool together mortgage loans on the brink of default, and save them.

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Average Homeowner In Obama Foreclosure Program Underwater, Yet Principal Cuts Rare

The average homeowner in the Obama administration's signature foreclosure-prevention program owes more on their mortgage than the home is worth, yet the program does virtually nothing to address this problem, according to a scathing new report by a government watchdog.

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