White House Developing New Program to Help Homeowners
October 22, 2009 by admin
Expecting millions of foreclosures, the Obama administration is developing an alternative program to help troubled homeowners avoid losing their home, beyond a mortgage modification program the White House launched in March, according to a key Treasury official on Thursday.
“We are developing a foreclosure alternatives program for HAMP [Home Affordable Modification Program], which will provide incentives for short sales and deeds-in lieu of foreclosure where borrowers are unable or unwilling to complete the HAMP,” said Herbert Allison, assistant Treasury secretary for Financial Stability at a hearing held by Congressional Oversight Panel chief Elizabeth Warren. Read more about the new homeowner program…
Rather than create a new program, the Obama Administration should do a nationwide cramdown, converting all adjustable rate mortgages into long-term fixed-rate mortgages with low monthly payments. Stop giving the banks wiggle room. The free lunch for banks is over.
Do you own a law firm? Would you like to utilize our mortgage auditing services for foreclosure defense cases? Contact MFI-Miami now!
Comments
Feel free to leave a comment...
and oh, if you want a pic to show with your comment, go get a gravatar!
You must be logged in to post a comment.