Preventing foreclosure

Fed chair Bernanke wants more taxpayer money to prevent additional home foreclosures. Brian Blackstone reports for the Wall Street Journal:

Mr. Bernanke estimated that lenders are on track to initiate 2.25 million foreclosure proceedings this year, more than double the rate before the crisis. He also cited estimates showing as many as 15% to 20% mortgages may be “under water,” meaning more is owed on the house than it is worth.