What is driving up foreclosure numbers?

WASHINGTON More than 11 percent of homeowners with a mortgage are either in foreclosure or at least one month behind on their payments.

Friday, the head of the /*Congressional Oversight Panel*/ says regulators still know very little about what's driving up foreclosures and if their efforts to stop them are even working. However, the panel is encouraged by /*President Obama*/'s plan to deal with the crisis. His $787 billion /*economic stimulus package*/ includes $75 billion to help stem home foreclosures. Panel members say it may not be enough for people who owe more on their mortgage than their home is worth.

Members also say certain areas of the nation, mainly the states hardest hit by foreclosures, aren't going to be able to take advantage of the plan.

The House of Representatives has passed a bill allowing bankruptcy judges to help at-risk homeowners by forcing lenders to reduce home values and lower interest rates.

The bill must now be considered by the Senate.


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