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Home » In the News, Protect our Homes and Neighborhoods

Philly Daily News: Can we avoid the next mortgage-foreclosure crisis?

Submitted by admin on November 4, 2009 – 4:17 pm

WASHINGTON – Using taxpayer funds to keep out-of-work homeowners in their homes until they find another job is an option being looked at by some officials in the Obama administration, according to people familiar with government financial-rescue programs.

Elizabeth Warren, chairwoman of the Congressional Oversight Panel, and a gaggle of Pennsylvania groups representing troubled homeowners, are pressing the Treasury Department to consider using some federal Troubled Asset Relief Program (TARP) to give government bridge loans to people who have recently lost their jobs. The loans would not accrue interest until their income is restored.

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