http://money.cnn.com/2009/03/04/news/econo…sion=2009030409
Federal officials release details of $75 billion loan modification and refinancing programs. Borrowers can start contacting loan servicers.
“This plan will help make home ownership more affordable for nine million American families and in doing so, help to stop the damaging impact that declining home prices have on all Americans,” said Housing Secretary Shaun Donovan.
http://www.foxnews.com/politics/2009/03/03…eement-housing/
The deal would require judges to consider whether homeowners were offered a “qualified” loan workout defined as one that would meet Obama’s goal of monthly payments equal to about one-third of a homeowner’s income.”
The agreement includes changes whereby bankruptcy judges would have to deny a judicial mortgage adjustment in cases where the homeowner is deemed able to afford the loan.
So tell me why this is all wrong again? It seems like a start at least. Now I am an architecture major, not an economics or business major, so I can’t really say I know everything that is going on to help fix (or hurt) our current housing problems. I try to read up on both sides, anyway, I saw these two articles up and thought they were kind of relative.