President Barack Obama announced a $75 billion program aimed at a at the heart of the country's economic tailspin.  In addition to the new mortgage lifeline for millions of Americans on the brink of foreclosure, the administration on Wednesday announced an additional $200 billion in government assistance to mortgage giants Fannie Mae and Freddie Mac, the largest makers of home mortgages in America.

Its all part of a stepped-up effort to encourage lending institutions to refinance homes for millions of homeowners considered to be "under water" - properties held by people whose mortgage payments exceed the value of their homes in the depressed housing market.

In addition to the government providing financial assistance to those needing help with their mortgages.  Banks and Mortgage Companies are also responsible for taking care of properties that have been abandoned by those individuals that can no longer take care of their properties. 

A foreclosure-prevention bill headed for the governor's signature in Sacramento requires the owners of foreclosed homes -- banks and lenders -- to maintain the properties. It's not clear that such a law would be enforced (who inspects foreclosed homes?), but this is a start. From today's L.A. Times: The bill "...authorizes local governments to force lenders to maintain property that is sitting empty after a foreclosure.

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