FDIC Proposes to Spend $24 Billion Federal Funds (Foreclosure) to Address Foreclosures
Thursday, December 4th, 2008.
The program includes providing guarantees to 2.2 million loans that have been modified, particularly risky loans by borrowers with small down payments or weak credit. With modified loans, borrowers will have longer loan terms and pay lower interest rates.
Source: www.foreclosurelistingsnationwide.com
Maryland Governor Martin O Malley and Ocwen Financial Launch Program to Lessen Foreclosures
Ocwen Financial Corp. has committed to work with Governor O’Malley and state agencies to modify mortgage loans and lessen the number of houses being foreclosed. Ocwen will use its proprietary software to identify borrowers at risk of foreclosure, arrange payment plans and keep borrowers in their homes while maintaining income for mortgage lenders and investors.
Source: www.foreclosurelistingsnationwide.com