Obama’s Financial Stability Plan
I haven’t had a chance to read everything in its entirety. It seems as though the 2 most important links are “Making Home Affordable Refinance and Modification Options” and “Modification Program Guidelines.” I will communicate more information once my lenders start to implement it and send out communications on how everything will work. I will only be able to help on the refinancing end for borrowers not behind. This will not be able to help everyone but it is a step in the right direction. Although there will be many critics we need to start to be more positive about these changes. There is no cure all but if we instill confidence it will get our economy moving in the right direction again.
Here is what the AP said. “The Obama administration is kicking off a new program designed to help up to 9 million borrowers stay in their homes through refinanced mortgages or loans that are modified to lower monthly payments.
The Treasury Department on Wednesday released detailed guidelines designed to let the lending industry know how to enroll borrowers in the program announced last month.
To help borrowers determine if they are eligible, the government has put answers to common questions and assessment tools on the Web site http://www.FinancialStability.gov.
“It is imperative that we continue to move with speed to help make housing more affordable and help arrest the damaging spiral in our housing markets,” Treasury Secretary Timothy Geithner said in a statement.”
Here is a report from Fox Business on the package too.