Details of Obama’s bailout plan for consumber emerged today and hopefully some of it will help Prescott AZ area homeowners that are facing foreclosure. The plan is designed to help 3-4 million at risk homeowners with principal reductions financed by the treasury.
Two prongs:
1. Incent the servicing companies to prevent foreclosure by incenting them with upfront fee and success fees to keep people current as well as incentives to not let loans fall into default.
2. Reduce mortgage payments and principal amounts for homeowners who are at risk.
See a video from MSNBC on the topic.
Obama's Housing Plan to save the Quad-City foreclosure market
Other posts from the web:
From the White House blog: Help for homeowners
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This is really awesome! Thanks for the information. I hope it does the same for the LA area as it does for the Prescott area.
Big D