The Obama Administration's housing rescue plan will be unveiled in a speech today. CNN has reported early details. The plan includes what has been a controversial item to date, allowing bankruptcy judges to modify mortgage contracts.
Obama seeks to aid up to 9 million borrowers - Feb. 18, 2009The Obama plan calls for:
• Helping borrowers who owe more than 80% of their home's value to refinance and reduce their monthly payments.
• Creating a $75 billion homeowner stability initiative to reduce monthly payments for at-risk borrowers by subsidizing interest rates. The goal would be to bring payments to no more than 31% of a borrower's income...