Foreclosures grind on as lenders fail to modify loans - USATODAY.com: "The Obama administration's $75 billion program to reduce foreclosures has been beset by backlogs and delays, leading many overstretched homeowners to complain about unreturned phone calls and inaccurate information from lenders, while others say they were denied help for reasons that weren't clear."
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I believe there are at least a million loans that have not reset at higher interest rates, so I expect the foreclosure tsunami to continue for at least another year.
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The Sacramento Bee has a story today showing how lending excesses in the subprime real estate which spawned the economic downturn are now in turn driving unemployment that's hitting prime borrowers.
http://www.sacbee.com/736/story/1959598.html
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