Changes to federal foreclosure program announced

One man cited the announcement as wonderful news. As the debt pile grows and U.S. dollar continues to devalue, it is indeed strange to see how easily money spigot programs are embraced. How much money must be committed before the minimal gains in perception are swamped by the reality of market forces? At some point, the economic children within us all must grow up. The transition will be made as bond market will soon become the strict teacher that demands attention.

The changes, effective immediately, will allow cities, counties and states to buy properties in mortgage default and uninhabitable homes with lingering code violations through the $4 billion Neighborhood Stabilization Program.

The program was started in the midst of the nation's foreclosure crisis, but a year later about a third of more than 300 local governments that got grants have barely made a dent in them, according to a recent report from the U.S. Department of Housing and Urban Development.

Source: finance.yahoo.com