Housing experts say foreclosure program to benefit banks

08/16/2010 | Hill, The

Housing experts say that the White House's program for preventing foreclosures will benefit banks more than homeowners. Foreclosure filings increased 4% in July, according to a RealtyTrac report. David Abromowitz, a senior fellow at the Center for American Progress, said one concern is that the program does not require lenders to make any concessions or match the government aid. "My concern is what are we asking from lenders who are going to get the benefits source to pay those loans for 24 months," he said.

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Hill, The

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