Wednesday, March 4, 2009

Obama Foreclosure Plan to Help Resolve Housing Crisis

Today, a $75 billion foreclosure prevention plan designed to help seven to nine million “responsible” home owners remain in their homes with affordable mortgage payments starts rolling out. This is the helping hand that the housing sector has been promised by the White House and has three main components:

  • A refinancing program for borrowers of mortgages held or guaranteed by Fannie Mae and Freddie Mac who are current on their mortgage payments but who have been unable to refinance because the value of their home has declined

  • A mortgage modification program for borrowers in default, or at imminent risk of default, that builds on the model established by the Federal Deposit Insurance Corporation by expanding eligibility and establishing incentives for borrowers, mortgage holders and servicers

  • Actions to bolster the financial stability and mortgage support capacity of Fannie Mae and Freddie Mac
I think that this is a positive step in stabilizing the housing market, but it is also a good indicator that the great deals on foreclosures will start drying up. That means that those who are serious about trying to get themselves into a great property by investing in opportunities caused by foreclosures need to start thinking about making their move!

Digg It!
Buzz Up!
Add to Stumble
Add to Delicious
Twit This
Add to Facebook
Google Bookmarks
Sphere: Related Content