Foreclosures mount, mediation fails, wealthiest Black suburb suffers
PRINCE GEORGE'S COUNTY, Md. - A widely touted strategy aimed at keeping Maryland residents from losing their homes by bringing banks and homeowners to the bargaining table has met with little success as the nation braces for another wave of foreclosures.
Maryland passed a law a year ago that gave homeowners in foreclosure the right to mediation, if they ask for it. The Justice Department reported in a November study that there were 25 mediation programs in 14 states.As of May 31, just 56 homeowners in the state have gotten a modification of their loan through the mediation program. Borrowers complain that lenders are more interested in foreclosing than negotiating. One borrower was horrified to discover that the bank had sold her home during the mediation process.
U.S. Unemployment: Racing Toward The Bottom
'Employers won't create jobs, government won't create jobs, and rhetoric won't put people back to work. Then, what are we to do? We must consider encouraging entrepreneurship.'
Publisher's Note:
It's amazing how a little person, like myself, who've stated the same thing for years, but yet it takes an already known person to say the same, and it gets noticed! Oh well, what do I know, huh?
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