Fred Harteis News Articles - After prodding from the Bush administration, a group of major mortgage lenders will allow some homeowners facing foreclosure to delay losing their homes for 30 days.
The plan, announced by the Treasury Department on Tuesday, was described by officials as an incremental step toward alleviating the broader problems currently roiling the housing and mortgage markets. And the scope and actual impact of the plan remained unclear.
The plan, called Project Lifeline, applies only to borrowers who have missed more than three months of mortgage payments, and officials said they did not know how many homeowners would be helped by the plan.
During the 30-day window, participating lenders would try to work out a more affordable mortgage for the delinquent borrowers, although there is no actual requirement them to do so.
Bankrupt homeowners, those who face foreclosure within 30 days, and borrowers who bought investment or vacant properties will not qualify for the assistance.
“None of these efforts are a silver bullet that will undo the excesses of the past years, nor are they designed to bail out real estate speculators or those who committed fraud,” Henry M. Paulson Jr., the Treasury secretary, said at a news conference in Washington on Tuesday. “These efforts are to help American families who both want to and can, through a loan modification or refinancing, stay in their homes.”
To read this complete Fred Harteis News Article visit our news partner at:
Source: NyTimes.com
About Fred Harteis: Fred Harteis leads Harteis International. Fred Harteis has a background in agriculture and has created many successful business ventures.
