Word: loans
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...Obama Administration is gearing up to play hardball with mortgage companies that only temporarily lower struggling homeowners' monthly payments. But as the drive to make more loan modifications permanent kicks off, there's a weightier question to ask: Can the government's $50 billion foreclosure-prevention initiative deal with the crisis as it now exists...
...major difficulty now is the weak economy and rising joblessness. Under the U.S. government's plan, a modified loan payment must not account for more than 31% of a family's income. With unemployment north of 10%, in a growing number of cases, the mortgage isn't the problem - the lack of a paycheck is. "It increasingly appears that HAMP is targeted at the housing crisis as it existed six months ago, rather than as it exists right now," concluded the Congressional Oversight Panel, a group charged with evaluating the program, in an October report...
...increase its allocation of financial aid by $2.7 million, this does not serve the same purpose of helping those who need it most. Students from low-income backgrounds who go into corporate law after graduation will no longer be low-income students when they are paying back their loans. Monetary resources should be directed toward those who will actually have difficulty with loan repayment, and that will be students in lower-paying public sector jobs...
Countering those cuts, Law School Dean Martha Minow pledged to increase total financial aid spending, and said HLS will extend its general loan forgiveness program to more of its graduates...
While the Law School is suspending the Public Service Initiative, it plans to expand the Low Income Protection Plan, a loan repayment assistance program currently offered to graduates working in paid positions. The plan will now be extended to graduates who have taken unpaid public service positions before they begin working at a firm...