Over the holidays the Obama administration announced that the Treasury Dept. will basically furnish an blank check for the two government run agencies. It was previously reported that they would be capped at 200 billion.
It is important for the housing market to continue to get the much needed help it deserves. Everyone realizes that the housing market is the cornerstone to the economy from the local Home Depot to the little mom and pop stores that survive on it.
This will also hopefully help extend the needed help to borrowers that are underwater and behind by offering principal loan reductions along with the modifications. The HAMP program has been minimally successful so far due to the ones that are deeper than others and they are just walking away. Let's hope this coupled with the new short sale changes coming will help stabilize price values.
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247
Open check books have only tended for large organizations to overspend and bankrupt the one who gave the open ck book.
Jan 05, 2010 02:34 AM
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