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The two main relief plans provided in the program Expanding Fannie Mae and Freddie Mac’s mortgage refinance guarantees to cover those with debt of 80% to 105% of the home’s value, previously they were limited to houses with 80% or less debt. Qualified homes with existing Fannie Mae and Freddie Mac loans may be refinanced at [...] Overshadowed somewhat by collapse of leading financial institutions, the second wave of mortgage defaults, projected to be bigger than the sub-primes is due to happen in 2009-2010. from the show: The trouble now is that the insanity didn’t end with sub-primes. There Remarks by the President on the mortgage crisis Feb 18, 2009 Under this plan, lenders who participate will be required to reduce those payments to no more than 31 percent of a borrower’s income. This will enable as many as 3 to 4 million homeowners to avoid foreclosure with these modified terms of their mortgages. Treasury will [...] |
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