"President Obama on Wednesday will visit Phoenix, Arizona, one of the cities hardest hit with foreclosures, where he's expected to outline a $50 billion to $100 billion plan to help homeowners.
Economist Peter Morici said $50 billion to $100 billion won't be enough to solve the mortgage crisis.
Though administration officials are tight-lipped about details, one idea that has been floated is for the federal government to reduce monthly mortgage payments by modifying loans.
Sheila Bair, the U.S. FDIC chairwoman, has advocated reducing payments to between 31 and 38 percent of a family's gross income."
Click below to read more...
Obama expected to announce foreclosure plan
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment