Government Program Aims To Stave Off D.C. Foreclosures | WAMU 88.5 - American University Radio

: News

Government Program Aims To Stave Off D.C. Foreclosures

Play associated audio

By Peter Granitz

Some Washington D.C. residents are hoping a federal program will help them stave off foreclosure. The Making Home Affordable Program is affecting area residents.

Foreclosures in Washington D.C. are down considerably from May 2009, but they are up nearly six percent from this past April. D.C. Delegate Eleanor Holmes Norton says part of the problem is the unwillingness of some banks to refinance.

“We have a pitiful rate of modification of loans here in the District of Columbia, less than two percent,” says Norton.

Holmes Norton says the emerging financial regulation bill will police predatory lenders. Paula McMillan was willing to pay the $2,500 to the company that called her offering to refinance her home. With a disabled husband and living on a fixed income, she needed the help. But that help never came.

She learned she could have refinanced for free through the federal program, so her bank stopped payment to the predatory lender.

”But the people who contacted me from the 1-800 number weren’t very happy that I canceled that payment,” says McMillan.

Although McMillan says she thinks she’ll keep her home, others continue to lose theirs: 271 residents were foreclosed on in May.

NPR

The 'Man Who Touched His Own Heart' Changed Medicine

Melissa Block talks to Rob Dunn about his new book, The Man Who Touched His Own Heart, a history of science and medicine's efforts to understand the working of the human heart.
NPR

Shake Shack Sizzles With IPO As McDonald's Fizzles

Shares of the burger chain shot up Friday, its first trading day. Shake Shack and other fast-casual joints are taking a bite out of McDonald's, which can't recast itself to fit the current trend.
WAMU 88.5

Krupicka Wants Landlords To Be More Transparent About Mold

The Northern Virginia delegate has introduced legislation to make sure renters have access to information about mold.
NPR

Media Outlets Partner With Snapchat To Appeal To Younger Users

As people disappear from the audiences of conventional news organizations, 11 media outlets have partnered with Snapchat in the U.S. to offer its younger users easily digested fare within the app.

Leave a Comment

Help keep the conversation civil. Please refer to our Terms of Use and Code of Conduct before posting your comments.