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The White House releases fresh details on its plan to save the housing market

At the heart of the President Barack Obama's ambitious plan to rescue the housing market is the conviction that restructuring distressed mortgages will keep struggling borrowers in their homes and help insert a floor beneath plummeting property values. With $75 billion dedicated to reworking troubled loans, that's a big bet—especially considering that a top banking regulator said last December that almost 53 percent of loans modified in the first quarter of 2008 went bad again within six months. But supporters argue that mortgage modifications need to be properly engineered to work—and many early ones weren't. To that end, the Obama administration on Wednesday unveiled fresh details on its plan to restructure at-risk loans and help as many as four million home owners avoid foreclosure. Here are seven things you need to know about Obama's loan modification program.

  1. Payments, not Prices
  2. Thirty one Percent
  3. Cash Incentives
  4. Financial Hardship
  5. Net Present Value
  6. Second Leins
  7. Will it Work?

Glaser, meanwhile, worries that lenders may soon be overwhelmed by inquiries from homeowners looking to participate. "Starting today, millions of borrowers are going to start to call their lenders to see whether or not they are eligible," he said. "And I'm not sure that the financial services industry has the capacity to handle these inquiries." complete story

Source: USNEWS .com - Luke Mullins

Stop Foreclosure & Save Your Credit

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Posted by Orlando Realty Experts on March 27th, 2009 8:28 PMPost a Comment (0)
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