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Obama Scrutinizes the Mortgage Industry

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Obama's mortgage crisis


With the real estate market and foreclosure property inventories taking center stage in the economy today, it comes as no surprise that President Obama has chosen to address the mortgage crisis in his 2012 agenda.

One of the key contributors to the current financial crisis is something that happened several years ago during the housing boom. At a time when the home and income property market was in an upswing and the current slump was beyond imagination, several banks and lenders are suspected of offering risky and irresponsible mortgage financing packages to homeowners that may well be responsible for the financial crisis today.

The Obama administration has requested that the Justice department put together a special unit that will investigate major players in the mortgage industry and bring law breakers to task. Several big names in the industry have already been accused of the mismanagement of foreclosure procedures in 2009 and 2010, and talks are underway for the lenders to provide compensation for losses to homeowners who became prey to these procedures. The subsequent investigation is expected to bring further assistance and relief to owners of distressed properties.

These actions could have a profound impact on the housing market for years to come.  A more detailed report on President Obama’s strategy is available for reading here.

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