Released: December 09, 2007

With home in the balance

Source: Elizabeth Razzi, Washington Post (Free Registration)

From Faith Etheridge’s tidy office in Frederick [MD], you can see the national foreclosure crisis unfold. And, sometimes, you can see a particular foreclosure stopped.

Etheridge works with troubled borrowers who ask for help from the nonprofit Consumer Credit Counseling Services. Last week, she allowed me to sit in one of those sessions.

The Arizona homeowner, whose permission I had to listen in on the call and whose identity I promised to keep confidential, doesn’t have an exotic mortgage. It’s a 30-year, fixed-rate loan through the Federal Housing Administration on a modest home. She has a government job, but her husband has been out of work since late October.

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