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Answered Question

sallyjone...

M$1.25 February 18, 2009 07:14 PM

What are some of the details of the Mortgage relief plan?

What can I expect as someone who is struggling to meet their mortgage?

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kalane

February 18, 2009 07:29 PM

The Associated Press released a brief article on some of the plan's highlights this morning (see link below). Some of these include:
-"$2 billion in competitive grants to communities experimenting with innovative ways to prevent foreclosures"
-"lenders will be required to cut payments to no more than 31 percent of a borrower's income"
-Removing restrictions that prevent institutions from "refinancing mortgages they own or have guaranteed when more is owed on a home than it is worth"
-Keeping "mortgage rates low for millions of middle-class families seeking new mortgages"

I'm sure there will be much more to come
Source(s):
http://www.breitbart.com/article.php?id=D96E37SG0&show_article=1&ca...

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