In a bid to finally stem the tide of foreclosures, the government released a new modification plan aimed to rework loans handled by Fannie Mae and Freddie Mac.
A new federal plan in lending programs can get banks and the credit market moving once more. But can it finally put a stop to the rushing flow of foreclosures?
Many fraudulent mortgage rescue companies are preying on homeowners struggling to fight foreclosures. A law has been passed to prohibit companies from taking advance fees before producing genuine results.
Democratic Members from Congress are urging administration officials to utilize part of the $700 billion federal bailout money for foreclosures mitigation.
The current economic crisis in the United States has caused a rash of foreclosures not only for the low and middle-income families but has slowly crept to affluent homeowners.
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