newtothegame
03-26-2010, 09:43 AM
Obama to Boost Aid for Troubled Homeowners
Updated: 2 hours 41 minutes ago
(March 25) -- The Obama administration plans to expand a program aimed at helping troubled mortgage borrowers by providing new loans to people whose homes are worth less than they owe and awarding banks and other lenders incentives to give breaks to people who are behind on their mortgages.
Some details of the plan were emerging today as the government said more than half of borrowers whose loans were modified in the first quarter of 2009 had already defaulted again by the end of the year.
The program, one of President Barack Obama's first efforts to help the economy when he took office, was aimed at stabilizing the housing market and helping borrowers keep their The Office of the Comptroller of the Currency and the Office of Thrift Supervision said 51.5 percent of loans helped by the Home Affordable Modification Program, or HAMP, at the start of last year were more than 60 days overdue by the end of December.homes by working with banks to lower mortgage payments and the principal owed on homes.
http://www.aolnews.com/nation/article/obama-to-boost-aid-for-troubled-homeowners/19415044
bolding done by me.....
So let me see if I understand this...these people were ALREADY given relief and they are NOW defaulting again??? And now more relief to follow???
P.S if ya read the whole story for which I have provided the link...doesnt look good in the future for housing markets unless your a buyer with patience!!
Someone said in another thread jokingly that the government should just bail out homeowners too.....I think they had inside info!!! lol
Updated: 2 hours 41 minutes ago
(March 25) -- The Obama administration plans to expand a program aimed at helping troubled mortgage borrowers by providing new loans to people whose homes are worth less than they owe and awarding banks and other lenders incentives to give breaks to people who are behind on their mortgages.
Some details of the plan were emerging today as the government said more than half of borrowers whose loans were modified in the first quarter of 2009 had already defaulted again by the end of the year.
The program, one of President Barack Obama's first efforts to help the economy when he took office, was aimed at stabilizing the housing market and helping borrowers keep their The Office of the Comptroller of the Currency and the Office of Thrift Supervision said 51.5 percent of loans helped by the Home Affordable Modification Program, or HAMP, at the start of last year were more than 60 days overdue by the end of December.homes by working with banks to lower mortgage payments and the principal owed on homes.
http://www.aolnews.com/nation/article/obama-to-boost-aid-for-troubled-homeowners/19415044
bolding done by me.....
So let me see if I understand this...these people were ALREADY given relief and they are NOW defaulting again??? And now more relief to follow???
P.S if ya read the whole story for which I have provided the link...doesnt look good in the future for housing markets unless your a buyer with patience!!
Someone said in another thread jokingly that the government should just bail out homeowners too.....I think they had inside info!!! lol