President Obama's next challenge is to stop the spread of foreclosures and declining home values across the nation. He said this after signing the $787 billion economic stimulus plan into law on Tuesday.
According to the experts, the real challenge before the Obama administration is to bring down the amount of money borrowers need to pay every month.
Most mortgage modifications have fallen short of providing relief to the troubled borrowers who, in most cases, ended up paying the same or higher loan amount. A study on about 23,000 modifications has revealed this fact.