Mortgage Rescue Plan Rolls Out

Americans caught up in the foreclosure crisis can now apply for relief from the Obama Administration's new "loan modification plan."

"The Obama administration's foreclosure prevention program is open for business.

The multipronged fix calls for companies to help as many 4 million struggling borrowers by modifying loans so monthly payments are no more than 31% of monthly gross income. Separately, homeowners who haven't missed a payment can refinance into lower-cost loans even if they have little or no equity. This is expected to help up to 5 million homeowners.

The $75 billion loan modification plan will provide incentives to borrowers and loan servicers and investors to spur mortgage modifications. The government will also subsidize interest rate reductions to get borrowers to affordable monthly payments."

Full Story: Obama foreclosure fix open for business

Comments

Build Your Own Paper Block City

Urban Fold is an all-inclusive kit that allows anyone to build the city of their dreams with a few simple folds.
$24.95
building block set

NEW! Build the world you want to see

Irresistible block set for adults when placed on a coffee table or desk, and great fun for kids.
$25
Planetizen Courses image ad

Planetizen Courses

Advance your career with subscription-based online courses tailored to the urban planning professional.
Starting at $16.95 a month
Red necktie with map of Boston

Tie one on to celebrate your city!

Choose from over 20 styles imprinted with detailed city or transit maps.
$44.95