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Foreclosure Expert Condemns New Obama Program Aimed at Foreclosure Crisis
March 11, 2010The chief foreclosure expert at USHUD.com and its parent company, Heavy Hammer Inc., warned Thursday that a new Obama administration program taking effect April 5 is rife with problems that will adversely impact real estate professionals and consumers alike, actually encouraging homeowners to walk away from mortgages. First announced by the U.S. Treasury Department in May 2009, the plan promotes short sales as alternatives to foreclosures or loan modifications among struggling homeowners unable to participate in the Making Homes Affordable Program. Under the plan, both lenders and homeowners are provided with financial incentives to seek short sale transactions. Full release.