Arizona, Arizona. Seems to me that someone from out there tried to do something important last year, with no effect...
WASHINGTON - Several major banks are expanding their efforts to halt home foreclosures while the Obama administration develops its plan to help struggling homeowners.
The White House said President Barack Obama will outline his much-anticipated plan to spend at least $50 billion to prevent foreclosures on Wednesday in a speech in Phoenix.
(snip)
Obama's announcement next week is expected to include details about how the administration plans to spend at least $50 billion on foreclosure prevention and establish national standards for modifying home loans.
A Democratic Senate aide said Friday that the plan is likely to include hefty incentive payments designed to encourage the lending industry to lower mortgage rates or reduce the total principal amount owed by borrowers. The idea has become attractive to Obama officials, the aide said, because it is expected to be far less expensive than having the government buy up loans out of mortgage-linked securities.
.jpg)