Us Loan Modification™ And The Loan Modification Network™ Support Federal Standards On Loan Modification Programs
National consumer finance and advocacy firms: US Loan Modification™ and The Loan Modification Network™ announce their endorsement for federal guidelines on loan modification programs as proposed in the most recent version of the Economic Stimulus Bill.
From a Washington Post article dated Feb. 9th, 2009…….[Obama]Administration officials have emphasized that the economy needs both the stimulus package, which is aimed at creating millions of jobs and reviving consumer spending, and the financial system rescue plan, which is supposed to loosen the credit markets that provide the loans for homes, cars and businesses
The rescue plan will lay out how the government intends to spend the second half of the $700 billion that Congress approved in October. It will attack the core issue facing banks: the toxic assets backed by failing mortgages and other loans that are weighing down their balance sheets and freezing up the lending markets. The administration will aim a one-two punch at this problem by insuring the losses on some of the bad assets while providing incentives for private investors to buy others, sources in contact with the administration said.
The rescue package is also expected to expand a Federal Reserve program to aid the trading of assets that finance the commercial real estate and residential mortgage markets. Administration officials are expected to detail clear guidelines for how financial firms can get this money, as well as how the government will expand oversight.
But the administration is not as far along on the part of the rescue plan that would spend $50 billion to $100 billion to help homeowners and may reveal only the broad outlines of that tomorrow.
One idea being considered is to have Fannie Mae and Freddie Mac set standards for how and when lenders should modify loans for homeowners facing foreclosure, according to two industry sources familiar with the matter. These sources cautioned, however, that the plan was highly fluid.
About US Loan Modification
US Loan Modification is a national firm focused on identifying and connecting distressed homeowners facing financial hardship with a host of solution providers. These include but are not limited to licensed attorneys, loan modification specialists and debt settlement and credit counseling analysts.
About The Loan Modification Network
The Loan Modification Network connects distressed homeowners facing foreclosure and financial hardship with a network of loan modification attorneys licensed and proven to negotiate loss mitigation strategies with their lender for the best possible solution to keep them in their home. The Loan Modification Network will analyze your current financial situation and deliver the most effective Fresh Start Strategy® to save your home to and secure your financial future.
About the Author:Peter is a leadding expert on the topic of loan modification. His firm The Loan Modification Network connects homeowners with a nationally recognized group of attorneys licensed in all fifty states to assist homeowners in forclosure preventioan strategies and loan modifications.
Article Source: www.ArticlesBase.com
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