At this point some of the large mortgage lenders have suspended foreclosures. This is a good thing.
There have been leaks about the workings of the plan but allegedly it is not even completely worked out yet, so the details are fuzzy right now.
This is a huge problem and millions face foreclosure. Essentially all those facing foreclosure are left without resources so the implications for their futures are perilous.
Reuters: Obama to unveil foreclosure plan, big lenders wait
A total of 8.1 million homes, or 16 percent of all households with mortgages, could fall into foreclosure by 2012...
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