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 national bank is helping the elderly save their properties from San Diego foreclosed homes for sale. The bank issues reverse mortgage loans with write-downs as a way to help distressed older people.
A report showed that the Obama Administration’s $75 billion program to stem the tide of bank foreclosure homes in the country has helped only 9 percent of qualified borrowers. The report also noted that 10 participating lenders failed to modify a single troubled mortgage.
Top legislators are threatening to hold the release of the second half of the $700 billion financial bailout plan unless portions of the fund are to be used for foreclosures.
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