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June 18, 2008

Shaq to the rescue?

One part housing story, one part believe-it-or-not: Several thousand homeowners have swamped basketball star Shaquille O'Neal with pleas for help a week after he mentioned that he'd like to assist people in Central Florida facing foreclosure, the Orlando Sentinel reports:
Last week, an attorney working with O'Neal said the Phoenix Suns center wants to buy the mortgages of people whose homes are in foreclosure, then give the homeowner a new mortgage with better terms. Homeowners would stay in their homes with more affordable payments, and O'Neal would turn a small profit.

The problem is, O'Neal does not yet have a concrete plan. He wasn't planning an announcement, and word leaked out when he made an impromptu visit to Orlando City Hall last week.

On a less star-studded note, The Wall Street Journal reports that some employers are helping workers with no-interest loans and the like:

Productivity tends to wane when workers are suffering from financial or other pressures, says Laura Wallace, manager of work/life programs at SAS Institute Inc., a business-intelligence software company. Providing help "just makes really good business sense," she says. "If you're worried about losing your home, your creativity is going to go out the window."
Posted by Jamie Smith Hopkins at 9:51 AM | | Comments (0)
        

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About Jamie Smith Hopkins
Jamie Smith Hopkins, a Baltimore Sun reporter since 1999, writes about the regional economy. Her reporting on the housing market has won national and local awards. Hopkins is a Columbia native and has lived in Maryland all her life, save for 10 months spent covering schools in Ames, Iowa.
She trained to become a wonk by spending large chunks of time as a geek and an insufferable know-it-all.
Baltimore Sun articles by Jamie
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