Hot off the wire, the Obama Administration just announced plans to lower financing costs for homeowners with problem mortgages

Hot off the wire, the Obama Administration just announced plans to lower financing costs for homeowners with problem mortgages. 

After testing the means of the borrower and setting a new value for the home, the government will subsidize the monthly mortgage payments.  FNMA and FHLMC will assist in the process.  Not much change with mortgage pricing  (still down 2/32’s in choppy trading) as this has to do with the problem children already on the books. 

Could be a good thing to help stabilize the foreclosure crisis.

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