Mortgage Investors Want Change To Obama’s Plan
Is it that no one understands how mortgages are bundled up and sold off? It seems that way or they just don’t care. “Investors who hold billions of dollars of residential mortgage-backed securities are pressing the Obama administration to make changes in its housing rescue plan.
Participation by these investors will help determine the success of President Barack Obama’s $75 billion plan to reduce foreclosures and help stabilize the housing market. But many investors are critical of features of the program and have been meeting with Treasury officials in an effort to influence parts of the plan, such as how it treats second mortgages.”