Obama Working On Loan Subsidy Program
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The Obama administration is working on a program to subsidize mortgage payments for troubled homeowners who have gone through a standardized re-appraisal and affordability test, according to reports from Reuters.
The plan would be a change from existing programs, which are only triggered once homeowners fall behind.
Under the plan, mortgage companies would use a uniform eligibility test even before a borrower becomes delinquent.
Fannie Mae and Freddie Mac would play a supporting role in the new plan.
Under the plan, homeowners would have to make a case of hardship to qualify for the help.
The market has moved well off the lows on the news.
The plan would be a change from existing programs, which are only triggered once homeowners fall behind.
Under the plan, mortgage companies would use a uniform eligibility test even before a borrower becomes delinquent.
Fannie Mae and Freddie Mac would play a supporting role in the new plan.
Under the plan, homeowners would have to make a case of hardship to qualify for the help.
The market has moved well off the lows on the news.
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