Saturday, March 7, 2009

Mortgage Plan

Obama mortgage plan may help keep Seattleites afloat

Seattle Post Intelliegencer — The Obama administration's new mortgage plan should help many troubled homeowners in the Seattle area, although it could do more, according to local experts.
"I see a lot to be gained from it," said Glenn Crellin, director of the Washington Center for Real Estate Research at Washington State University.

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U.S. Sets Big Incentives to Head Off Foreclosures

New York Times — The Obama administration on Wednesday began the most ambitious effort since the 1930s to help troubled homeowners, offering lenders and borrowers big incentives and subsidies to try to stem the wave of foreclosures.
People with mortgages as high as $729,750 could qualify for help, and there is no ceiling on how high their income can be as long as they are in danger of losing their homes. Interest rates on loans could go as low as 2 percent for some. Many homeowners could see their mortgage payments drop by several hundred dollars a month, and some could save more than $1,000 a month.
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No Bailout For You

Forbes — The Obama administration released more details Wednesday on its $275 billion foreclosure prevention plan. The administration hopes 9 million homeowners will have the opportunity to refinance or modify their mortgages, helping to dam the flood of foreclosures currently drowning real estate markets (see Loan Modification Plan Gets Sweeter).
But there are 112 million households in the U.S. What about the other 103 million?
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