New mortgage home-helper plan introduced

Calcutta News.Net
Wednesday 1st October, 2008

The US government has begun its $300 billion Hope for Homeowners program.

The housing rescue program allows struggling borrowers to refinance into more affordable mortgages backed by the federal government.

The housing program was the federal government's answer to the mortgage crisis before the big bailout was mooted, and was signed into law in July.

Banks have said it might be weeks before they can offer the plan to their customers as they have not had time to work out the deatails.

But, a lot of banks have already stated they would prefer to use their own mortgage modification programs where they can better control the terms.

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