Obama Administration Expands Housing Aid Plan
On Tuesday, the Obama administration announced that it would expand its housing aid plan to offer mortgage lenders incentives if they lowered borrowers’ bills on second mortgages.
When the housing boom was in full swing, lenders regularly gave borrowers second loans that meant they only had to make small down payments or in some instances, none at all. As the boom kicked into high gear, these loans were given to those with poor credit scores or some who didn’t even provide proof of income. Many of those loans are now failing as the economy and housing market struggle.
Under the new initiative, the administration will pay mortgage servicers $500 upfront and $250 a year for three years for successfully modifying a second mortgage. Lenders would also be given the opportunity to remove second mortgages entirely in exchange for larger government payouts. Separately, borrowers will get a maximum of $1,000 over five years applied to the balance on their primary mortgage.
We will update you are more details of this plan are released.
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Is this a good idea?