“It’s not enough, even in the best of circumstances,” said Mark Zandi, chief economist of Moody’s Economy.com. The number of people who will be helped “is going to be overwhelmed by the three million that are headed toward default.”
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The effectiveness of the bill will depend to some extent on how it is handled by the F.H.A., an agency created during the Great Depression to insure home loans. It will have several challenges: persuading the lenders who made second mortgages and home equity loans to cooperate; screening loans to make sure borrowers have a good shot at keeping their homes after refinancing; and weeding out those trying to take advantage of the system.
hello, My name is Crystal A. Nixon. Iam 24 years old. in the year of 2006 my cousin ask me to put my name on her house because is was going to losse it. the plan was for her to build her credit up for 15 months and then she will take my name off the house. we use the home equilty to pay the mortgage for 15months. she did not live uo to her bargun. now i own an home and i have no clue what to the do the mortage is too high my granmother lives in the house and she lived there for 40 yrs. we tried all the programs and no one can help us! please help me!! i am giving up i dont want to see my grandmother get sick behind all of this. i can be reached at 718-216-5102/718-529-7937
Posted by: Crystal A. Nixon | Friday, August 01, 2008 at 10:22 AM