The Solutions: Save Our Homes

Our Country faces an urgent housing financial crisis. Unless the government acts quickly, millions of workers will lose their homes, millions of workers will suffer pension losses and further millions more will lose their jobs. While efforts have been made by Congress and the U.S. Treasury Department in looking to the mortgage servicers to restructure bad loans, merely asking lenders to restructure loans voluntarily has proven largely unsuccessful.

The recently passed and signed into law Hope for Homeowners legislation was slated to assist in helping 400,000 homeowners, yet only 357 people had signed up for the voluntary program as of December 2008, according to The Wall Street Journal. Further, the Federal Housing Administration (FHA) Secure program promoted by the Bush administration was intended to help 80,000 homeowners who had fallen behind on mortgage payments has helped only 4,100 delinquent borrowers refinance since September 2007.