Housing Stinks: Feds Offer $50,000

You know the basic facts: a housing bubble (home prices doubled from 2000-2006) financed by a credit bubble finally explodes, leaving millions of excess homes on the market. All of that inventory slams prices, which creates a vicious cycle of more underwater homeowners struggling to keep pace with their monthly bills.

I discussed the current state of the housing market with CBS television stations this morning and pointed out a NEW government program called The Emergency Homeowner Loan Program, or "EHLP". (In the "duh" category, didn't anyone in the government realize that the very same letters could have spelled "HELP"?)

More on MoneyWatch:
Act Fast for $50K Mortgage Bail Out
Are You in Loan Modification Hell?

Jill Schlesinger

Jill Schlesinger, CFP® is the Emmy-nominated business analyst for CBS News. She covers the economy, markets, investing and anything else with a dollar sign on TV, radio (including her nationally syndicated radio show), the web and her blog, "Jill on Money." Prior to her second career at CBS, Jill spent 14 years as the co-owner and chief investment officer for an independent investment advisory firm. She began her career as a self-employed options trader on the Commodities Exchange of New York, following her graduation from Brown University.

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