Beautiful Red Roses

My children always remind me how blessed I am to be their mother. What a lovely surprise. I am so grateful!

The Obama administration wants to spend up to $100 billion on efforts to help homeowners, especially those facing foreclosure. But one of the leading ideas on how to do that — rewriting home loans to make mortgages affordable to struggling borrowers — is based on a startling lack of data about what works, and early evidence suggests that many lenders aren’t going to make substantial changes without serious strong-arming.

There are various ideas being bandied about, but the goal is common: to entice mortgages servicers, whether lenders themselves or third parties acting on behalf of investors, to rewrite the terms of loans so that people behind on payments might be able to keep their homes. (Read the four steps to ending the foreclosure crisis.)

One way being discussed to do that is for the government to share in the losses if a servicer modifies a mortgage and the homeowner again defaults. Another approach is to directly help pay for the cost of the modification. The servicer might cut monthly payments to 38% of a borrower’s income with the government chipping in to reduce the payment down to 31%, a presumably more sustainable level. Either tactic could be combined with a direct payment — $1,000 is a figure often mentioned — to incentivize servicers to do the heavy lifting of figuring out how much a homeowner can truly afford and recrafting his mortgage to match.

To a homeowner who has always made mortgage payments on time, perhaps by sacrificing spending elsewhere, the whole concept may seem grossly unfair. But society’s problems are unfortunately often our own. As the foreclosure rate has skyrocketed, and loan defaults have rippled from subprime mortgages into ones made to prime and near-prime borrowers, property values in many parts of the country have been pounded. There is an unavoidable correction going on in house prices, that much is true, but the swoon has caused additional

Reviving the Housing Market: Will Loan Modifications Work? – TIME.

In Bad Times, Free Resources Are a Hot Commodity

Hannah Lee, 4, grabs a book during a visit to the Germantown library with her dad, Samson Lee, and sleeping 1-year-old sister, Jenna. (By Nikki Kahn — The Washington Post)

Nearly every study table is full with patrons sipping lattes and surfing the Web. Teens are curled up in easy chairs. In a worried knot by the doorway, job seekers gather around a sign-up station for the Internet, waiting for their turn.

Before the Germantown library opened in 2007, there was hardly any “downtown” to speak of in the Montgomery County community, where houses and strip malls grew before anything else. Now it’s an important civic anchor, a main street where none existed, and the busiest library in the county.

In the past few months, it has become even busier. The library, like most in the Washington area, has had a rising tide of users as patrons look for free computer access, DVD loans and activities for children during the recession. Circulation in the last six months of the year rose as much as 23 percent in libraries around the region, records show.

The influx comes just as county managers are preparing budgets for the coming fiscal year in a time of huge shortfalls. Libraries, like other services, face drastic cuts that could mean reducing staff and hours or even shuttering branches.

“It’s a cruel irony that use is going up and budget cuts are occurring simultaneously,” said Jim Rettig, president of the American Library Association and a librarian at the University of Richmond. “What I think doesn’t get enough recognition is the role libraries play in the economic vitality and development of a community.”

Cultural soothsayers once thought libraries would become obsolete in the Internet age. Not so. They have modernized, digitized, virtualized.

Patrons can bring their own beverages; Arlington County hopes to add a cafe in one of its branches. They can access databases, read Chinese newspapers or the latest graphic teen novel. Users have more and more access from home; they can text in reference questions to a Fairfax County librarian, for example, or listen to podcasts. Fairfax card holders can read an e-book online. Librarians are trying to tailor services to community needs, hoping to add more babysitting certification classes in Silver Spring or résumé-writing workshops in Prince George’s County.

More than 68 percent of American adults now have a library card, the highest number since the ALA began tracking the numbers in 1990.

“One thing I hear quite frequently is ‘Gee, it’s cheaper to come here than Borders,’ ” said Nancy Savas, the library manager at Germantown. “It makes me laugh, because we’ve always been here.”

Business Brisk at Area Libraries – washingtonpost.com.

Is Your Family Ready For An Emergency or Natural Disaster? | Geekdad from Wired.com.