About Government Refinance and Home Purchase Programs

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

See an AP article on this subject here. The important part about the FDIC plan is that it is much more aggressive and broad than the similar plan the White House and Fannie and Freddie announced earlier this week.

The idea behind this plan is that the FDIC wants to give more financial incentive to banks to modify more loans and keep more people in their homes. That incentive would come in the form of the FDIC partially insuring modified loans that meet certain requirements. The new payments on modified loans must reportedly be 31% or less of the gross monthly income of the owner. This might be a very good solution for people who are currently upside down on their mortgages since the Hope For Homeowners plan has been a major flop so far.

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