Industry NewsMortgage

Mediation proposed as foreclosure fix

Center for American Progress urges feds to fund local programs
Published on Jul 20, 2009

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by CareyBot

The best hope for stemming the tide of foreclosures is for the federal government to back implementation of mandatory mediation programs at the state and local level, a report from the Center for American Progress argues.

More than 80 percent of homeowners at risk of losing their homes hadn't tried to work out alternatives to foreclosure with their loan servicers at the end of last year, authors Andrew Jakabovics and Alon Cohen maintain.

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