It is reported that the Barack Obama Administration is working closely with Fannie May And Freddie Mac, to see what can be done to expedite plans to assist hundreds of thousands of borrowers with their mortgages. It would appear that similar plans already under way have stalled, and only assisted a tiny minority.
Officials are reported to be determined to ease the restrictions which have limited the success of past endeavors, whilst remaining alert to the problems of using billions of dollars of taxpayers money.
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Negotiations include plans to replace many high cost mortgages, thereby reducing the incidence of foreclosures, and allowing as many as 1.5 million people to remain in their homes. Any moves are likely to prove to be expensive and complicated, but where there's a will there's a way! Of course Fannie and Freddie are already government controlled, and have been reorganized to assist with the current housing crisis.
Unfortunately, progress has not yet met with expectations. Therefore, additional measures are under serious and urgent consideration. It is intended to target between $50-$100 billion mortgage aid out of the $700 billion financial rescue package, to ease the housing burden. The aim is to make funds also available to other mortgage companies, to allow them to follow the lead of Fannie and Freddie. These two, jointly own or insure around 31 million mortgages, but despite the best intentions, very few have so far qualified for help.
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So substantial funds have been earmarked, and there is now a concerted effort to find the best way of injecting the money to provide help where it is most needed. There are some legal hurdles to overcome but top level intervention, may be just what is required to bring about the necessary stimulus.
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Fannie, Freddie, and Barack Obama - Mortgage Initiative
Fannie, Freddie, and Barack Obama - Mortgage Initiative
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