Although in the preliminary stages, the Obama admin and some banks are in talks to help homeowners before they fall into arrears by subsidizing their mortgage payments. Current programs only assist borrowers that are already delinquent. The plan would help homeowners who are spending at least 38% (will probably be less) of there gross income on mortgage payment(s) be able to reduce there interest rate so their payment is reduced. For example, if a homeowner is paying $2,000 on their payment(s) and their gross percentage of income only allows them to "afford" $1,400, the gov't would foot half the difference ($300) and their bank would foot the other half ($300).

This would be a major 1st step to help aleviate some foreclosures and help slow down the drop in home values. The 2 biggest culprits in this whole housing mess were the banks and our gov't. Don't you think they should be the ones to start cleaning up this mess they started 8 years ago? I'm sure our founding fathers would of acted more prudently.

Although in the preliminary stages, the Obama admin and some banks are in talks to help homeowners before they fall into arrears by subsidizing their mortgage payments. Current programs only assist borrowers that are already delinquent. The plan would help homeowners who are spending at least 38% (will probably be less) of there gross income on mortgage payment(s) be able to reduce there interest rate so their payment is reduced. For example, if a homeowner is paying $2,000 on their payment(s) and their gross percentage of income only allows them to "afford" $1,400, the gov't would foot half the difference ($300) and their bank would foot the other half ($300).

This would be a major 1st step to help aleviate some foreclosures and help slow down the drop in home values. The 2 biggest culprits in this whole housing mess were the banks and our gov't. Don't you think they should be the ones to start cleaning up this mess they started 8 years ago? I'm sure our founding fathers would of acted more prudently.