Miami Homes, Homeowners May be Rescued by Bush’s Signature
Mortgage relief for 400,000 struggling homeowners was approved by congress on Saturday as part of an election-year housing plan that also aims to calm jumpy financial markets and boost the slumped economy. Despite reservations, President Bush said he would sign it promptly.
The measure is regarded as the most significant housing legislation in decades. It will allow homeowners who cannot afford their payments refinance into more affordable government-backed loans rather than losing their homes.
For troubled mortgage companies Fannie Mae and Freddie Mac it means a temporary financial lifeline and tightens controls over the two government-sponsored businesses.
1 comment:
I wonder how quickly this will help property owners already in forclosure...
Post a Comment