About Government Refinance and Home Purchase Programs

Information and Updates on Government Mortgage Programs
Filed under Government Mortgage Financing Programs News

There was another pretty good AP article on the foreclosure prevention bill in the AP recently. Here are some excerpts:

Homeowners staggering under mounting mortgage debt and facing foreclosure could get cheaper, government-backed loans under Democrats’ housing rescue plan.

But first, lenders would have to agree to wipe out part of their debt. And the borrowers would have to show they could afford the new mortgage. They also would have to agree to share any future profits on the home with the government.

It’s unclear how many would qualify, however, even under far looser FHA standards. Also an open question: whether mortgage servicers would agree to participate in the voluntary program.

The bill is H.R. 5830.

Comments (0) Posted by G.R.A. Admin on Wednesday, April 23rd, 2008

You can follow any responses to this entry through the magic of "RSS 2.0" and leave a trackback from your own site.

Post A Comment