Foreclosure News: Feds to the rescue?
The Federal Deposit Insurance Corp. along with the Treasury Department are working on a major program to prevent widespread foreclosures and would have guarantees of government home mortgages.
They will use $50 billion of the recent $700 billion bailout package, This will provide approximately $500 billion to $600 billion in government guarantees on at-risk mortgages. With this in effect it will require banks,savings and loans to offer loans with lower interest rates for a five-year period.
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[...] Foreclosure News: Feds to the rescue? By Keron Calame The Federal Deposit Insurance Corp. along with the Treasury Department are working on a major program to prevent widespread foreclosures and would have government guarantees of home mortgages. The will use $50 billion of the recent $700 … Ez Real Estate Guide – Real Estate… – http://www.ezrealestateguide.com/ [...]
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