Primary tabs
Location
Political Push Moves a Deal on Mortgages Inches Closer
The campaign goal: “Every American lives in safe, decent, affordable and energy efficient housing on fair terms!” Join a community that is well informed on housing issues in the news. See the links below and Get Empowered Now.
About one million homeowners facing foreclosure could have their mortgage burden cut by about $20,000 each as part of a long-awaited deal taking shape among state attorneys general, federal officials and the nation’s largest mortgage servicers.
But a final agreement remained out of reach Monday despite political pressure from the White House, which had been trying to have a deal in hand that President Obama could highlight in his Tuesday night.
The housing secretary, Shaun Donovan, met on Monday in Chicago with Democratic attorneys general to iron out the remaining details and to persuade holdouts to agree with any eventual deal. He later held a conference call with Republican attorneys general. But as he renewed his efforts, Democrats in Congress, advocacy groups like MoveOn.org and several crucial attorneys general said the deal might be too lenient on the banks.
Click Here to read the full story.
