Bush Proposes Sub Prime Mortgage Reforms
As home owners fall behind on their mortgages, see their monthly payments sky rocket, and are helpless to stop their credit rating from being destroyed thanks to situations beyond their control, the federal government is stepping in it seems.
Fox news reports the following (link below):
Offering federal aid for strapped mortgage holders, the White House outlined proposals Friday to help borrowers hard hit by credit problems and the housing slump.
The initiatives, to be formally unveiled by President Bush, were intended to help homeowners with risky mortgages keep their homes. Bush also was to discuss efforts to prevent these kinds of problems from arising in the future.
It was the administration’s first efforts to deal with an expected wave of mortgage defaults fueled by the subprime-mortgage crisis.
The FHA is one of the agencies stepping to refinance some loans other news outlets report.
While this bail out of the mortgage industry will help people keep their homes, it will likely leave thousands with permanent scars on their credit report unless steps are taken by the individuals to delete information that is generated by this crisis but is beyond their control.
