Saturday

US Govt. To Forgive Some Mortgage Loans?

USA is planning to aid borrowers whose mortgages are greater than the value of their homes. The govt. may call on lenders to forgive part of the loans according to the Washington Post, citing unidentified government officials. The Bush administration is finalizing a plan to rescue thousands of homeowners facing foreclosure by helping them refinance into more affordable loans, the Washington Post reported in its Saturday edition. The Department of Housing and Urban Development wrote a plan to expand the Federal Housing Administration and sent it to Bush officials about a week ago, but it has not yet won an endorsement. With foreclosure signs prevalent and a Wall Street rescue reverberating, majority Democrats want the government to step in and back up to $400 billion in troubled loans. The goal is to help strapped borrowers and thaw a credit market plagued by uncertainty about the value of subprime mortgages made to people with spotty credit or low incomes. The concept is similar to elements in legislation proposed earlier this month by U.S. Representative Barney Frank. Will you qualify under this new "forgiveness plan"?

1 comments:

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