"The Bush administration is set to unveil on Tuesday a potentially extensive new program to modify mortgages and help at-risk homeowners and stabilize the battered real estate market.
The plan centers on Fannie Mae and Freddie Mac, which between them own or back about $5 trillion in loans. The federal government took over the firms in September due to mounting losses on their portfolios of mortgages."
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Government's mortgage rescue plan
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Saw this earlier...so looking at this comment:
"Moody's Economy.com forecasts that even with loan modification programs, 1.6 million Americans will lose their homes this year either in a foreclosure or distressed sale, and another 1.9 million are projected to lose their homes in 2009"
we see that there's plenty of people that will still lose their homes. Lot's of bleeding yet to come unfortunately. For those looking to buy or refinance and have decent credit, the best mortgage rates are still available. So get out and buy a foreclosure!
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