News Update: US Housing and Urban Development Allocates Funding To Stabilize Foreclosures
- Length: 0:37
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- Author: TradeTheTrend
The US Housing and Urban Development Department allocate $1 billion in funding funds to US states to help stabilize neighborhoods that face many foreclosures. The Dodd-Frank Act allocated the funds for the programs. HUD Secretary Shaun Donovan said, "These grants will support local efforts to reverse the effects these foreclosed properties have on their surrounding neighborhoods."
Warner: My block is filled with foreclosures
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- Author: ProgressIllinois
From a September 7, 2010 press conference at Chicago's City Hall.
REPLAY! US bailouts failed.
- Length: 6:23
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- Author: jeungmyeong
Nomi Prins, the author of "It Takes a Pillage" and a senior fellow at Demos argued that new homeowners should be worried because little has been done to fix the system. "Today's the anniversary of the beginning of a multi-trillion dollar bailout. It was the first step of which was to basically buy stock in of Fannie Mae and Freddie Mac, it wasn't to look into the actual mortgages and say you know what, there's some money being lost here, people are being able to pay, they're defaulting, foreclosures could come of that so let's actually negotiate these loans at the individual level; help people, help the loans, help the entities to which we're dumping multi-billions of dollars. And that didn't happen." "That sort of bottom level ground up type of approach to fixing or stabilizing the housing economy, and therefore the rest of the economy, never happened. There was always this sort of top-down approach and so what we're left with two years level are Fannie Mae and Freddie Mac that continue to be in a crumbling state, banks that doing better but because they have had trillions of dollars dumped into them and they still have access to the Fed and everything else, should they have problems going forward, but individuals are left trying to figure out what their options are and those options haven't become better," said Prins. She further argued that there is little to nothing being done to help the individual, there is a sever lack of organization and planning, making it ...
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