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.

About Max Leaman Austin Mortgage

GREAT RATES, LOW FEES, CLOSE ON TIME™ ---- 2012 Ranked #1 Austin Residential Mortgage Lender (Austin Business Journal) 2010, 2011 & 2012 Five Star Professional (Texas Monthly) 2009, 2010, 2011, 2012, 2013 PrimeLending Chairman's Circle Award 2009, 2010, 2011, 2012 Scotsman Guide Top Originator (Top 200 Mortgage Professionals in U.S.A.) Better Business Bureau "A+ Rating" National Lender Rankings (Scotsman Guide): Top Purchase Volume (No. 10) Most Loans Closed (No. 32) Top Dollar Volume (No. 88)

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