Obama administration on March 26, 2010 announced the Plan B of the home mortgage relief. The plan would cost approximately $50b from the TARP fund. The plan includes three main components:
(1) Assistance to unemployed homeowners through mortgage companies;
(2) Encouraging mortgage service providers to write off a portion of borrowers' loans to a more manageable levels. Borrowers who owe 115% or more of the value of the home and are paying more than 31% of their monthly income toward house payment are eligible.
(3) Prodding the lenders to cut the debt of borrowers whose houses are "under water".
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment