Government Announces Loan Modification & Foreclosure Prevention Plan
On Tuesday, the Bush Administration laid out a plan to rescue struggling homeowners and put an end to the crippling housing market.
The plan is based around the mortgages held by now government-run Fannie Mae and Freddie Mac. The details of the plan are as follows:
What homeowners are eligible? This plan, like many others, is only available for mortgages on homes in which the owner lives in. Even further restricting, the homeowner Read more
Mortgage Market Dominated By Fixed-Rate, Government Loans
It’s all about the vanilla.
The first half of 2008 was dominated by fixed-rate and government-backed mortgages, according to the MBA’s Mortgage Originations Survey released today.
Fixed-rate loans (excluding interest-only loans) accounted for 78.5 percent of the dollar volume of first mortgages during the six-month period, up from 63.6 percent in the second half of 2007.
Meanwhile, the Read more
Government: banks must provide more loans
Gordon Brown and Alistair Darling expect banks to act on the commitments made as part of the bank bailout scheme, The Times reports.
The Times reports that Government directors on the boards of the three recently nationalised banks – HBOS, RBS and Lloyds TSB – will ensure banks make offering loans to people and businesses their top priority.
A spokesperson for Think Money commented: “An increase in the availability Read more