Obama's Plan May Bring respite from the Foreclosure Crisis
Over two million Americans had their homes foreclosed this year. President Barack Obama hopes to stop that trend with a $50 billion rescue plan expected to be rolled out today. The goal is to encourage lenders to help homeowners refinance their mortgages and lower monthly payments to around one third of their income.
Michelle Collins is the senior Vice President of Mortgage Lending at ShoreBank, and she explains upcoming challenges. She's just returned from consulting on the mortgage crisis with Treasury Secretary Timothy Geithner in Washington.
Music Button: Do Make Say Think, "White Light Of", from the CD & Yet & Yet, (Constellation records)