From Bloomberg in their article dissecting the mortgage plan. Of course stopping foreclosures is unfair to those trying to buy a house for the first time and it clearly rewards horrendous behavior.
“By providing servicers and holders of eligible residential mortgages with incentives to modify loans at risk of foreclosure, the program will promote sustainable alternatives,” the Federal Reserve, Federal Deposit Insurance Corp., Office of the Comptroller of the Currency, Office of Thrift Supervision and National Credit Union Administration said in a joint statement.
Borrowers with loans originated before Jan. 1, 2009, will be eligible for the program, which runs through 2012. People living in their homes who have an unpaid principal balance of as much as $729,750 can participate.
The flippers are gonna have a field day.
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