More Help On The Way For Homeowners
So they say. The big problem here is that the government does their part but the banks don’t do theirs. I understand it to some extent because many end up back in default but at the same time they aren’t modifying the loans enough.
What happened to the Hope for Homeowners product? I think this was their best approach. Give the borrower a new loan based on 90% of the current appraised value and then there is a shared appreciation agreement.
I can’t figure out from the article what exactly they plan on doing but they know there are still problems with foreclosures and they need to stabilize the housing market which could include extending the $8,000 tax credit and keeping rates low.