Link Here for some details of a new proposal by the
administration to allow more homeowners that are “underwater” (who owe more
that their homes are worth) to obtain federal assistance in refinancing at the
low rates that we have today. This
program would be paid for by some of the largest banks, and it would restrict
these banks and mortgage servicers from foreclosing until they have exhausted
efforts to modify mortgages. Another
part of the program would allow bulk sales of foreclosed homes to large
investors in a pilot program to reduce the number of foreclosed properties.
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