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New Toxic Asset Plan To Help With Loan Modification

admin — Thu, 26 Mar 2009 18:17:46 +0000

On Monday, Secretary Geithner unveiled the new toxic debt plan, that could result in over $1 trillion in spending to assist in the acquiring of toxic debt. The plan was announced several weeks ago, but was unveiled in more detail on Monday, causing the stock market to rally 500 points. The plan involves creating a “bad bank” entity, that would work much like the RTC did back in the 90’s. Toxic assets will be transferred to this “bad bank” and then the Government will look to partner with private equity groups in disposing of the assets.

In order to make the assets desirable, the government is looking to offer incentives to private equity groups by financing the properties, giving tax incentives, and big discounts on the appraised value. Bank stocks rallied as the new plan hopes to provide a big boost to their balance sheets. This is big news for those seeking loan modification or a mortgage refinance. As toxic assets are reduced and able to be written off of bank’s balance sheets, this makes them more able to work with current loans. The government is continuing to offer incentives to banks in working with consumers with loan modification or refinance. Mortgage rates continue to be record low, which has made it a great time to buy or refinance a home. CLICK HERE TO BEGIN THE PROCESS OF LOAN MODIFICATION!

Government Loan Modification Made Easy – Record Low Mortgage Rates!

admin — Fri, 20 Mar 2009 22:13:14 +0000

Big news was released earlier this week as once again the government has executed a plan to help reduce mortgage rates as well as people seeking loan modification. On Wednesday, The Fed met for their monthly FOMC meeting to discuss economic conditions and the future of the discount rate. The Fed announced that they will indeed be keeping the current discount rate at a range of 0-.25%, which was expected, but they continued to announce their new plan, which resulted in a huge upswing in trading, especially for banks.

The Fed plans to spend an additional $750 billion in purchasing mortgage backed securities from housing agencies such as Fannie Mae and Freddie Mac. In addition to that, The Fed will also be spending $300 billion on the purchasing of US Government bonds.

The announcement on Wednesday sent stocks flying and Treasury interest rates crashing. In turn, the lowering of Treasury rates should lead to a significant reduction in mortgage rates. This is great news for anyone seeking to modify their loan or refinance their mortgage. Rates are being quoted in the 4% range, which has not been seen in years. Due to increasing inflation concerns, these rates will most likely not stay long. If you have interest in loan modification or refinance, start now and CLICK HERE TO BEGIN THE LOAN MODIFICATION OR REFINANCE PROCESS.

President Obama to Spend $275 Billion To Help Save Mortgages

admin — Thu, 19 Feb 2009 05:16:04 +0000

On Wednesday, President Obama announced his new plan to spend up to $275 billion on a plan to help fight the disease of foreclosures, which has been spreading in every market of the US. It is estimated that by 2012, over 8.1 million homes, or 16% of all houses with mortgages, could be in foreclosure. You can see why this has been on Obama’s agenda from the very beginning. A failure to come to the rescue could be catastrophic for the US markets for years to come.

In the speech today, Obama says he plans to put into action his plan which will only help people who were responsible in purchasing a house and who did not take advantage of the system when buying their house. Having Freddie Mac and Fannie Mae currently controlled by the government, he said effective immediately, if your house is secured by Freddie or Fannie, you are eligible to apply for a loan modification. He also said that he encourages all other financial institutions to work with consumers to restructure their loans. He said any institution planning to use government funds will be required to participate in loan modification for qualified consumers.

He also created a $2 billion initiative for neighborhood campaigns to help work together to slow the foreclosure process. This is big news for anyone owning a home as banks continue to receive more incentives from the government to work with customers and their mortgages. Click here to modify your loan today!