The Senate Does its Homework on Foreclosure Prevention

It's good to know that yesterday the Senate spent some time learning about programs to prevent foreclosure. With the foreclosure rate at one of its highest points in history, it's a good idea for them to figure how some prevention programs can help bring this economy back on firm ground.

Herbert Allison, the assistant secretary for financial stability of the U.S. Treasury Department, announced that so far 27 mortgage loan servicers have registered to participate in the Treasury's home loan modification program.

While the new program is still young in its inception, it has already helped to save homeowners from foreclosures. While millions of mortgages are expected to be "saved" through the new program, it is not expected to be the cure to the foreclosure crises. Every little bit helps though.