treasurebun

Homework
We learned this overnight ABC news confirming this change will be announced late this morning we’ve been under * as you know, this is the second major adjustment to Obama administration program to help homeowners on the brink and just this week

The first change would affect homeowners who have lost their jobs. For the first time, the federal program will aggressively reach out to some unemployment borrowers and this is the key.Because until now, the major banks had vast majority of cases that are unwilling to modify mortgage for homeowners out of work.The bank say because *establish income. Under the change, some unemployed homeowners may now get 6 months break on the mortgage while they look for work.The bank can’t charge no more thatn 30% of the homeowners receiveing in unemployment benefits.And many economists say this change had to be made, the program was not working.

The second major change involves homeowners considered under water paying mortgage valued higher than the homes even their worth.After home values plumped in this recession.Banks in the program would reduce the mortgage payment by at least 10% to get within 15% of the real value of the home now. That new mortgage * a sort of deal to keep the homwowners still paying even though they under water and get the bank to agree a small let down or loss of the home instead of outright for closure.