New law flounders

Critics of Act 48 say the legislation hurts, rather than helps, the struggling housing market

By Andrew Gomes

POSTED: 01:30 a.m. HST, Oct 23, 2011

~~<p>State officials held a press conference three weeks ago to announce the start of a program to help struggling Hawaii homeowners resolve mortgage delinquencies amicably with lenders and ease the volume of foreclosures that some believe are restraining recovery of the local real estate market and economy.</p>
<p>But since the announcement, the foreclosure resolution program has yet to help a single person. And there is considerable doubt it ever will.</p>
~~

State officials held a press conference three weeks ago to announce the start of a program to help struggling Hawaii homeowners resolve mortgage delinquencies amicably with lenders and ease the volume of foreclosures that some believe are restraining recovery of the local real estate market and economy.

But since the announcement, the foreclosure resolution program has yet to help a single person. And there is considerable doubt it ever will. Login for more...