Foreclosure help on the way

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Foreclosure help on the way

Under fire for the explosion of failed mortgages that has led to a national foreclosure crisis, lenders promised U.S. mayors in Detroit on Tuesday that they will pay for credit counseling hotlines and assemble a database to help untangle who owns foreclosed properties.

The U.S. Conference of Mayors, lenders, banks and nonprofits that help people with their loans huddled behind closed doors at the MGM Grand Detroit to brainstorm how to rein in the number of people losing their homes.

The Mortgage Bankers Association committed Tuesday to donating $100 for every property in foreclosure -- about 1 million properties -- to hotlines designed to help people avoid foreclosure.

Read the rest at Freep.com

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