White House unveils details of new mortgage plan

With the implementation of a new mortgage plan proposed by President Barack Obama and his administration, it is projected many homeowners nationwide will be able to save thousands of dollars on their home loans.

With the implementation of a new mortgage plan proposed by President Barack Obama and his administration, it is projected many homeowners nationwide will be able to save thousands of dollars on their home loans.

First discussed in the president's State of the Union address in late January, the White House states the initiative should provide financial relief for underwater homeowners struggling to improve their mortgage situations.

In terms of funding for the program, the president has asked Congress for $5 billion to $10 billion to help the nation's roughly 11 million underwater homeowners.

While speaking in Falls Church, Virginia, President Obama outlined various aspects of the bill, including new mandates that mortgage servicers and lenders be more transparent with loan documents and fees, among other changes.

"No more hidden fees or conflicts of interest," the president said. "No more getting the runaround when you call about your loan. No more sneaking fine print under the noses of young families who don't know better."

The program could keep numerous more foreclosed houses from entering the market by keeping homeowners current on their home loans.



blog comments powered by Disqus