The President has signed a bill passed by the US Congress which offers debt relief to homeowners who may need to re-finance their mortgages. Although President Bush recognizes the need for a more expansive overhaul to the housing market, this legislation is at least a beginning to give homeowners struggling to keep up with payments options to re-finance and not be penalized as heavily in taxes for canceled mortgage debt. According to the White House, “we helped assemble a private sector group of lenders, loan servicers, investors, and mortgage counselors called the HOPE NOW Alliance. This group has agreed on a set of industry-wide standards to help those with sub-prime loans refinance or modify their mortgages, so more families can stay in their homes. We helped assemble a private sector group of lenders, loan servicers, investors, and mortgage counselors called the HOPE NOW Alliance. This group has agreed on a set of industry-wide standards to help those with sub-prime loans refinance or modify their mortgages, so more families can stay in their homes.” This, along with a few drops in the market index is good news but must not be the last stop. Gratis, and keep on working to empower homeowners to keep their homes during this downturn.
For White House FACT SHEET click link:
http://www.whitehouse.gov/news/releases/2007/12/20071220-6.html
For White House PRESS RELEASE click link:
http://www.whitehouse.gov/news/releases/2007/12/20071220-3.html
Mulloverthis's Weblog 