Foreclosure Help from the Senate
As we discussed in the last few posts, the vast majority of mortgages taking place this year have been refinancing mortgages. On this note, we have some good news. Just a short while ago, the Senate began considering a bill that would provide $300 billion in loan availability to the Federal Housing Administration (FHA). The money would be primarily available for those seeking to refinance their mortgages.
A similar bill had already agreed on a similar measure a week ago, and a few days ago this bill passed the Senate. Senators who support the bill claim that it will help half a million Americans who are close to losing their homes. Many claim it has come none too soon. The foreclosure situation has shown no signs of improvement since the downward spiral began late last year.
At the core of the bill are lower interest rate, government-subsidized mortgages for five hundred thousand struggling homeowners. This measure, coupled with the economic stimulus rebate, is another example of democrats and republicans banding together in a time of crisis. Can we expect more of this bipartisan cooperation? Let’s hope so, for the sake of dragging ourselves out of this recession.
[...] refusing to fall in the wake of the subprime mortgage crisis, despite countless state and federal initiatives intended to lower rates. The Federal Reserve has drastically reduced interest rates, and there are [...]
[...] refusing to fall in the wake of the subprime mortgage crisis, despite countless state and federal initiatives intended to lower rates. The Federal Reserve has drastically reduced interest rates, and there are [...]