"The $75 billion foreclosure prevention program announced Wednesday by President Obama will go a long way to helping millions of distressed borrowers and to stopping the housing market's downward spiral, experts said.
The multi-pronged plan, which calls for modifying loans for borrowers both at risk or already in default and for allowing those with little or no home equity to refinance into more affordable loans through interest rate reductions, has made some strange bedfellows.
'It cuts the Gordian knot that has eluded everybody,' said Scott Talbott, senior vice president of government affairs at the Financial Services Roundtable, a lobbying group. He called it a 'solid approach' to preventing foreclosures."
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Experts say Obama's foreclosure fix will work
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