New Mortgage Rescue Plan

Posted by Lance | 7:58 AM | 0 comments »

A new mortgage rescue plan is in the works. This plan would especially focus on the mortgages in and/or heading into foreclosure.

According to reports from the newswire Reuters, President Barack Obama and his Administration are working on plan to subsidize mortgage payments for homeowners who may be running into financial trouble. However, the key point to the new developments is that the plan would target homeowners before they fall behind. Reuters reported, citing sources, that the plan would have a "uniform eligibility test" before even delinquency occurs.

Will this be enough to boost the housing market? I don't know, but I do think that until the Fed gets into the Mortgage Backed Securities market, resulting in pushing interest rates down, the housing market will basically be stalled. I've been floating on my refinance hoping that the rates would drop back down to the 5% and below levels. I'm leaning toward going forward, stop the waiting and just get on with it.