The numbers are staggering and still rising; a record 2.8 million home owners received at least one foreclosure notice last year but that’s not the worst of it. RealtyTrac predicts that nearly 4.5 million will go into foreclosure this year (1 in 20 homeowners). The situation is so bad that the Obama Administration recently announced that it is considering banning all foreclosures that have not been screened for possible modification. The U.S. Treasury Department says banning foreclosures is just one of several proposals they’ve got up their sleeve to help stem the tide. Will any of these proposals work, does more need to be done (and faster), how effective are current programs and what impact will these seemingly never-ending foreclosures have on the housing market and the economy?
Rick Sharga, senior vice president, RealtyTrac
Alvina McHale, Director of Legislative and Public Affairs, Financial Management Service, U.S. Department of the Treasury
Paul Leonard, director, California office of the Center for Responsible Lending
Sharon Kinlaw, Fair Housing Counselor