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Weeks After Bank Bailout, No Help for Homeowners

Center for Responsible Lending Chief Executive Officer Martin Eakes testifies on Capitol Hill in Washington, Thursday, Nov. 13, 2008, before the Senate Banking Committee hearing on on the financial meltdown. Joing Eakes, from second from left are, JP Morgan Chase Executive Vice President and Chief Risk Officer Barry L. Zubrow, Goldman Sachs Group, Inc., Executive Vice President and General Counsel Gregory Palm, University Of Pennsylvania Wharton School professor Susan Wachter, Bank of America Global Corporate Affairs Executive Anne Finucane, and Leadership Conference on Civil Rights Executive Vice President Nancy M. Zirkin. (AP Photo/Susan Walsh)

BOSTON - Nearly five weeks after Congress gave the nod to a 700-billion-dollar bailout fund, and as the economy sinks deep into a recession, no definite plan is in sight for struggling U.S. homeowners.

"We have the potential for a true economic disaster," said Susan Wachter of the Wharton School of Economics, at a congressional hearing Thursday.

"Let us remind ourselves that the problem came from housing," she said.

It is unclear how help will be delivered to U.S. homeowners, who are defaulting on loans at record rates.

Posted in bailout, foreclosures