No, the Senators in Washington are not trying to make the national instrument of Ireland larger, but what has been proprosed is to expand the amount of mortgages that can qualify for the Home Affordable Refinance Program (HARP). They want to extended the deadline backwards toward 2009 from it’s current standing in 2010 and in addition …
Allow me to paint a picture for you… Imagine you purchased a home during the housing bubble and that it cost you $300,000 to purchase that home. Then the housing market crashes, the credit markets flat line, and now your home is worth $200,000. Now your mortgage is under water or you foreclosed, and in …
If you are wondering what this story is about, then here is the answer in short – Congressman from 21 states have banded together and proposed that Government Sponsored Enterprises (GSEs), such as Fannie Mae and Freddie Mac, do a prinicpal reduction for the people in which they own the bad mortgages. The logic follows …
