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Stabilizing Housing Market May Still Prove Difficult

Posted by: Liyuan Huang

22 June 2009 - 1:00pm

Obama Administration officials, speaking at a conference of real estate writers and editors, admitted that the housing crisis is far from over and administration efforts are taking time to have an effect.

"The president's initiative to keep people in their homes through mortgage refinancing and modification has hit some early snags, administration officials said in conference sessions Thursday.

Despite regulatory changes made as the subprime crisis erupted in the summer of 2007, unscrupulous mortgage brokers continue to put people in homes they cannot afford, using mortgages they should not have qualified for, David Berenbaum, vice president of the National Community Reinvestment Coalition said."

Full Story: Despite programs, stabilzing housing market may prove difficult, officials warn
Source: The Philadelphia Inquirer, June 21, 2009
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