HUD secretary announces pilot program to reduce foreclosures - Crain's Detroit Business:
The program would stop foreclosures before they happened by creating a
market in which lenders and investors could sell their nonperforming
mortgages.
Preston said HUD would facilitate this sale, transferring the mortgage
loans to joint-venture partners that specialize in foreclosure prevention. The
partners would then be responsible for servicing the loan and helping families
stay in their homes.
I like this plan, since it seems to present a free market method to solving this crisis while letting people stay in their homes. Hopefully there will be sufficient oversight to minimize abuses.
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