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* The '''Federal Housing Finance Authority''', which took control of the mortgage giants in September, unveiled a rescue program that promises a faster turnaround for renegotiating loans at risk of foreclosure. To be put in place by Dec. 15, the program allows borrowers
who've missed at least three months' payments on their Fannie- or Freddie-owned home loan to apply for more affordable payments that cannot exceed more than 38% of their monthly gross household income. Banks administrating Fannie and Freddie mortgages can also lower interest rates to as little as 3%, extend the life of the loan up to 40 years or defer payments on the principal. [http://www.smartmoney.com/personal-finance/real-estate/freddie-and-fannie-fix-for-troubled-homeowners/]
Federal Housing Finance Authority (view source)
Revision as of 10:57, November 15, 2008
, 10:57, November 15, 2008fair-use quote? should be reworded, condensed ...
* The '''Federal Housing Finance Authority''', which took control of the mortgage giants in September, unveiled a rescue program that promises a faster turnaround for renegotiating loans at risk of foreclosure. To be put in place by Dec. 15, the program allows borrowers
who've missed at least three months' payments on their Fannie- or Freddie-owned home loan to apply for more affordable payments that cannot exceed more than 38% of their monthly gross household income. Banks administrating Fannie and Freddie mortgages can also lower interest rates to as little as 3%, extend the life of the loan up to 40 years or defer payments on the principal. [http://www.smartmoney.com/personal-finance/real-estate/freddie-and-fannie-fix-for-troubled-homeowners/]