04/29/2008 - State lawmakers are pushing a measure that would protect future homebuyers from risky and high-cost mortgages. But their proposal doesn't address the thousands of South Carolina homeowners who are struggling to make monthly payments right now.
State governments across the country have stepped in to help families facing foreclosure by creating emergency loan funds and designating millions of dollars for counseling efforts. The response stems from a lack of action from federal lawmakers, who have yet to agree on a plan.
Such statistics have prompted some state governments to take action. "They have had to act," said Kil Huh, who helped write a Pew Charitable Trusts report on how states have tried to fix the foreclosure crisis. "They are on the front lines of dealing with the aftermath of the subprime crisis, which has turned into the foreclosure problem that we now face. Not only are people in danger of losing their homes, but their neighborhoods are losing value."
View S.C. Slow to Help in Home Crunch on the Post and Courier site.
Pew is no longer active in this line of work, but for more information visit the Subprime Mortgages Project on PewHealth.org.