While discussing the economic-recovery program to find solution for Foreclosure Crisis in the US, the Obama Administration highlighted the need to create a program that is fair and effective.
Currently, the administration faces many difficulties in achieving the objective. One disturbing factor in this regard is the weakening economy, which forecasts evacuation of homes by as many as five million families between 2009 and 2011, according to the report presented by Moody's Economy.com.
The challenges before the Obama administration are many. Winning the support of investors in the modification efforts and determining the borrowers who are truly in need are some of the questions facing the administration. Moreover, the the government officials are also planning to standardize loan modifications for Fannie Mae and Freddie Mac.