Administration officials said the program could help three million to four million families avoid foreclosure, and it is expected to cost $75 billion over the next several years.
Banks that receive additional bailout funds must participate. In addition, the administration has instructed Fannie Mae and Freddie Mac, the two government-controlled mortgage-finance companies, to refinance homeowners at today’s low market rates even if those people have less than the standard 20 percent equity usually required by lenders.
Filed under: Mortgage Info, Mortgage Modification | Tagged: Mortgage Information, Mortgage Modifications
