President Obama committeed $75 billion on Wednesday to tackle the foreclosure crisis in an effort to prevent up to 9 million Americans from losing their homes.
The Treasury Department also said it would double the size of its lifeline to Fannie Mae and Freddie Mac. The government, which seized the mortgage finance companies last fall, said it would absorb up to $200 billion in losses at each company.
The plan is more ambitious than initially expected — and more expensive. It aims to aid borrowers who owe more on their mortgages than their homes are currently worth, and borrowers who are on the verge of foreclosure.
Here are some frequently asked questions about the program, which takes effect March 4:
If You're Current On Your Mortgage click here
If you know someone who may need help, please send them this link.
No comments:
Post a Comment