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October 30th, 2008

Developing Story: FDIC May Aid in Foreclosure Rescue

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A few sources have begun to leak information regarding the FDIC’s negotiations with the Treasury Department to rework as many as three million mortgages. The initiative comes as Congress has grown increasingly frustrated with the $700 billion allotted for a financial rescue being mostly dedicated to financial institutions rather than homeowners.

The program which is estimated to cost between $40-$50 billion, is designed to get lenders to agree to reduce a borrower’s monthly payments by either reducing their interest rate or the principal on the loan. The appeal for lenders resides in the governments guarantee to repay the lender a portion of their losses if the homeowner defaults on the newly restructured loan.

When there’s an official announcement we’ll be sure to let you know.

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2 Responses to “Developing Story: FDIC May Aid in Foreclosure Rescue”

  1. Jaime Herrera Says: October 30th, 2008 at 7:32 pm

    I’m a homeowner is there any programs out yet to help Foreclosure. I would like to now if there is real help out there. I was unemployeed for 5 months got backed up on my mortgage loan and find my self and my family in a need of help to save our Home if there is such a program please I would like to now.

  2. Tim Manni Says: November 3rd, 2008 at 3:19 pm

    Jaime,

    First off, thanks for reading and leaving us a comment. *We can only offer suggestions to avenues you may want to pursue further, they are only suggestions.* We reported this morning (http://blog.hsh.com/?p=1175) on a story that says more individual banks, government agencies, and private organizations are beginning to build foreclosure assistance programs. If you read the post and the accompanying links you’ll find out more about some different resources and initiatives (see Hopenow.com).

    Start off by logging onto this site, (http://www.federalreserve.gov/consumerinfo/foreclosure.htm) it offers foreclosure resource assistance to homeowners — its from the Federal Reserve.

    We hope these resources can offer you and your family some assistance. Thanks again,

    Tim (HSH)

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About the HSH Blog

HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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