Hi,
I last posted about a plan Bush was working on, that would rescue thousands of homeowners facing foreclosure by helping them refinance into more affordable loans. Supposedly the Federal Housing Administration would encourage lenders to forgive a portion of these loans and issue new, smaller loans in exchange for the backing of the U.S. government.
But I can't find anything more concrete than 'the plan being finalized'. Has anyone heard anything more on this?
Thanks,
Pattie
Pattie, I heard on the radio this morning that the government is planning on putting some 4 Billion dollars toward relief funds for consumers in regards to thier current mortgage problems.
Yet to remain to be seen
Chat soon
James
Pattie: I am sure President Bush will thoroughly explain all about his plan... just as soon as he himself understands it. With that in mind... you might hear something by about 2010. LOL.
Actually... the Senate came to an agreement on it today... after hammering out all of the issues into a form they could all agree on... by a vote of 94-1. So... it sounds like it should be made official soon... assuming the House passes it, too.
If the vote was that one sided, be assured that the bill is nothing more than election year posturing designed to get them re-elected without doing anything. Now if it were free tuition for illegals, that would be something altogether different.
$4 Billion is not even 1% of a $400 billion plus problem. Until prices are low enough to clear the excess inventory, there will be more pain.
CNN Money had an article about this today:
http://money.cnn.com/galleries/2008/autos/0803/gallery.foreclosure_rescues_update/index.html
I just love it when folks respond with humor! :) Thanks for the responses!
Thank you too for the article link - finally all of the 'plans' sorted out - I was starting to get really confused on who wants to do what.....
Well I guess we can just fasten our seatbelts and hold on for the ride!
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