Mortgage Debt Snowballing While Congress Debates Home Rescue Bill
When Congress started fashioning a sweeping rescue package for struggling homeowners earlier this year, 2.6 million loans were in trouble. But the problem has grown considerably in just six months and is continuing to worsen. More than three million borrowers are in distress, and analysts are forecasting a couple of million more will fall behind on their payments in the coming year as home prices fall further and the economy weakens.
Monday Links
Brooklyn Museum. Photo by Jan van Raay. Has the Slope Parking Experiment Been a Nightmare? [NY Times] As Bill Evolves, Mortgage Debt Is Snowballing [NY Times] City Point Construction on Horizon [NY Daily News] BBP’s State-of-the-Art Playground [NY Daily News] Slashed Groups Rip $59.1B Budget [NY Post] Subway Delays Up 44 Percent [NY Post]