US plan to assist struggling home owners

Citing the significant knock-on effects of arrears, defaults and foreclosures, the Obama administration is planning to assist debt-burdened households?

Could this seized upon by those who want something similar here? … ng.html?hp

This is a good article… … Z8mzKdoEZA

The Obama administration’s Home Affordable Modification Program has been a disappointment, even to the Treasury, according to a report by the Special Inspector General for the Troubled Asset Relief Program. (The Treasury used $50 billion of TARP money as part of a $75 billion program to incentivize borrowers and lenders to modify mortgages.)
One year into the program, 168,708 mortgages have received permanent modifications, according to the SIGTARP report.
Aspects of the program make it “particularly vulnerable to re- defaults,” including a failure to consider a homeowner’s other debt, an unaffordable second mortgage or the inability to meet increasing monthly payments at the end of five years.

Between them, the federal government and central bank can lower mortgage rates, modify mortgages, use their power to get private lenders to modify mortgages, and create incentives to move inventory, such as the first-time homebuyer’s tax credit.
What they can’t do is manufacture enough artificial demand for an asset that was artificially inflated to begin with***.(neither can Nama)***