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Last week, the Obama administration announced its plan for tackling the housing crisis–The Homeowner Affordability and Stability Plan. We completely agree with the administration (and most economists) that a recovery in the housing market is critical to pulling the country out of this recession.

Three million homeowners have lost their homes in the past three years …with almost one in 10 homes in either foreclosure or delinquent in their mortgage payments. Some experts estimate that without some form of government intervention, as many as six million American families could lose their homes in the next three years!

But…

Next: Will it work?