On Tuesday, September 20, a Senate subcommittee met to discuss the foreclosures that still plague the balance sheets of banks, the federal government and other agencies. Of the total 54.9 million residential real estate loans that exist, 4.5 million are non-performing, with another 10.4 million borrowers who are likely to default. The subcommittee listened to the opinions of many industry experts, who urged the policymakers to be conscious of these borrowers and to find ways to increase available funds to potential buyers and investors who could absorb some of these properties.
This meeting comes on the heels of several attempts to stem the tide of foreclosures which includes the Homeowner Affordability and Stability Plan enacted in 2009, a $79 billion effort to help 7–9 million families avoid foreclosure by refinancing or restructuring their loans.
Source: The Wall Street Journal
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