Obama Housing Plan Question and Answer

February 19, 2009 at 1:50 pm Leave a comment

Obama’s Housing Plan to contain foreclosures was unveiled yesterday among a cheering crowd of people. He outlined four steps included in the plan. They are as follows;
1. Fannie Mae and Freddie Mac to refinance loans to low fixed rate for more than 80 % loan to value.
2. Establish clear guidelines for lenders in two weeks to modify loans to no more than 31% of borrower’s income
3. Keep mortgage rates low.
4. Set reforms to avoid foreclosures and allot two billion to communities who help in keeping foreclosure down.

It is good news that the new administration is outlining ways to stop foreclosures. The specific guidelines for lenders will come out in two weeks. Those borrowers who are good candidates for loan modification should receive a letter from their lender regarding this option. In my opinion, we should be seeing a positive turn on foreclosure bleeding sometime in the next few months.

For a full text of the Obama housing plan question and answer, click on http://public.superlativestudio.com/BlogDetail.aspx?id=2117

Entry filed under: Arizona Real Estate, Chandler Real Estate, Foreclosures & Short Sales, Phoenix Real Estate, Real Estate Deals. Tags: , , , , .

Obama’s recovery plan to assist home buyers and home owners Chandler Homeowners Block Builder from Building Cheaper Homes

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

Trackback this post  |  Subscribe to the comments via RSS Feed



Fresh Tweets

%d bloggers like this: