Struggling homeowners were given hope when a federal housing initiative to help millions avoid foreclosure was announced by President Barack Obama in
The key part of the $75 million Making Home Affordable plan was a loan-modification program that compensated lenders for lowering the mortgage payments of borrowers who were making less money because of the recession. The government offered banks and borrowers bonuses for making loan modifications work. Most of the big lenders agreed to participate. more…
Mistakes in
Restaurants and retail stores, hit hard by a sharp pullback in consumer spending, are increasingly asking landlords to share their pain.
They are pleading with mall and shopping-center owners to cut their rent and make other concessions to help them survive.
Landlords, who also are struggling with rising vacancies and tight credit, are trying to hold their own. But with the prospect of losing tenants and with new occupants scarce, landlords are increasingly opting to deal. more…