How many more homes will be lost before the federal government actually does something? After trillions of dollars have been promised to banks, the Obama administration finally unveiled its plan to assist homeowners facing foreclosure.

As Maxine Waters reminds us, the housing crisis is in part the product of a system- wide regulatory failure. The Obama administration’s plan—the Homeowner Affordability and Stability Plan—aims to resolve the problem through the modification and restructuring of loans to make them affordable and sustainable. A critical first step according to our guests, but will it save your home and what still needs to be done? The issues of bankruptcy reform and regulatory oversight still need to be addressed along with the ancillary question of affordable housing and rentals for those who lose their homes.

Today on GRITtv Sarah Ludwig of the Neighborhood Economic Development Advocacy Project, Paul Leonard of the Center for Responsible Lending, Dr. Vicki Been Director of the Furman Center for Real Estate and Urban Policy at NYU, and Michelle Collins senior Vice President of Mortgage Lending at ShoreBank discuss the foreclosure crisis and Obama’s response.