The newspapers, trade-journals, TV news shows and the Internet are filled these days with the current and on-going news about the financial and capital markets, the sad state of the real estate industry and the massive new federal bailout.
This week the our new President is going to announce his plan to help stem the tide of foreclosures plaguing the country.
On June 13, 1933, the then President, Franklin Delano Roosevelt, signed the Home Owners Loan Corporation, into law to protect homeowners from foreclosure. The HOLC pumped billions of dollars into the market, refinancing tens of thousands of mortgages with longer terms and low interest.
Seventy-six years ago HOLC was a necessity and today a similar program is also needed.
I'm of the opinion that if we can begin to turn the tide on the foreclosures we'll begin to see some light at the end of the tunnel.
Let's all hope so.
Bill McInerney
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