More Good News? Fed Attempts to Curtail Foreclosures

The Federal Reserve told congressional leaders yesterday that it will seek to renegotiate mortgages it owns that might otherwise enter foreclosure, The Washington Post reports. Many details of the plan are unclear, particularly how many property owners can take advantage of the plan. But the idea is that the Federal Reserve can change the terms of what a homeowner owes on a mortgage by lowering the interest rate or lengthening the term of a loan, steps that private lenders are unwilling to take because they would lose money.

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