 |
         
|
Each of the three newscasts had an update on the Obama Administration's efforts to fix housing and finance. ABC's Betsy Stark covered the President's suggestion that homeowners take advantage of cheaper long-term interest rates by refinancing mortgages. She estimated that 3m mortgage holders would not be able to take Barack Obama up on his offer because "their homes have fallen too much in value." CNBC's Jane Wells predicted "bad news on the horizon," on NBC, "a second wave of foreclosures." She cited RealtyTrak statistic that as many as 600,000 homes are currently vacant, repossessed by banks, but not yet on the market. When they go up for sale, home values will be driven down yet further. CBS' Anthony Mason looked skeptically at a rebound in stock prices for banks. "More losses are still ahead," he warned. "The housing market has not yet hit bottom--and on auto loans, home equity loan and credit cards."
You must be logged in to this website to leave a comment. Please click here to log in so you can participate in the discussion.
