Help from Washington – D.C., that is

Posted on Dec 5, 2007 by in Mortgages, Tri-Cities Market

Some people wanted more help for those struggling with their subprime mortgages.  Others thought they shouldn’t be helped out at all.  The Bush group compromised with this plan.

 This paragraph struck me -

The administration plan is designed to deal with the crisis by letting subprime borrowers who are living in their homes and are current on their payments to avoid a costly reset for five years. The hope is that by that time the housing downturn will have stabilized, clearing out the glut of unsold homes and halting the steep slide in prices that is hitting many parts of the country.

So, will people in our market, where the sales are strong and where we don’t have the same ‘glut of unsold homes’ be eligible for the program?

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