Last Friday the White House announced its latest plan to prevent mortgage foreclosures, and earlier this week the famous Case-Shiller index found mostly flat home prices in January with analysts warning about a new wave of foreclosures to come. You can’t blame the latest proposal for that outcome, but what about the previous 10 or 20 federal housing rescue plans? We’re supposed to believe that this latest effort to build an artificial floor under home prices will perform better than the Hope Now Alliance announced by President Bush in October 2007…
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A new bill in the House of Representatives would make cooperatively owned units, or co-ops, eligible for mortgages backed by the VA.
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