Financial institutions, too, have a lot of money at stake when people lose their homes. That pressure on the bottom line -- and political pressure -- will bring relief to some borrowers.
By Christian Science Monitor
The home-loan industry, facing the worst housing downturn since the early 1990s, is ramping up efforts to help strapped borrowers stay in their homes.
The goal is to restrain a gathering wave of foreclosures that carries big costs for both lenders and borrowers.
These rescue efforts aren't expected to save every at-risk homeowner. But they promise to reduce monthly payments for many who have fallen behind on mortgages. In the process, they could help to stabilize a struggling real estate market.
So far the housing slump, precipitated in part by overzealous borrowing and subprime lending, continues its downward slope.
Finish reading this article at http://articles.moneycentral.msn.com/Banking/HomeFinancing/LendersMoveToStemForeclosures.aspx?page=all
Lenders Move to Stem Foreclosures
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