A major part of the federal government’s strategy for fixing the economy entails minimizing foreclosures on existing home mortgages. Legislators are making progress, but details are not yet finalized.
A new Federal Reserve policy allows it to modify mortgages it acquired in the recent lending institution bailout as a way of preventing foreclosures on residential mortgages and maximizing homeowner assistance. Read the story.
A U.S. House of Representatives panel recently approved a measure that will allow bankruptcy judges to reduce the principal balance on the mortgages of troubled homeowners, helping them avoid foreclosure. Read the story.
