“Help Now”: Latest Foreclosure Rescue Plan
To combat and somehow slow down the growing problem in the mortgage industry, a new foreclosure rescue plan was launched in Washington.
Dubbed “Help Now”, the foreclosure rescue plan was actually formulated by the National Community Reinvestment Coalition, a non profit advocacy group. The plan involves asking the government to buy distressed mortgages and restructure them so that they become more affordable. Once restructured, these loans can now be sold in the secondary market.
“Help Now” also aims to complement the efforts exerted by Hope Now, which is an alliance of mortgage servicers, lenders, investors and non profit advocacy groups in different communities established to assist troubled home owners and help them find a way to keep their homes.
According to the NCRC, the Help Now plan will provide lenders with a way to change the terms of the distressed mortgages. Not surprisingly, this plan was created with support from major lenders including Wells Fargo, Bank of America, JP Morgan and Washington Mutual.
Compared to the recently passed plan to stimulate the economy, Help Now actually involves only about $20 million in seed money. Even NCRC believes that this cost is much cheaper compared to the billions in losses that the government might incur if the foreclosure crises worsen.
From the vantage point of consumers, Help Now can actually provide one of the answers to the present financial troubles of the nation. The problem with the mortgage industry can not be ignored any longer. Since the crash of the housing market most likely originated from this industry, it is only right that the government address it.
For more information on the foreclosure crisis, you can always check out other updates at Foreclosure Listings Nationwide. In addition to the latest news, you can also enjoy other helpful tips and expert opinions regarding foreclosure investing.
December 3rd, 2008 at 10:05 pm
i wanted to help with the whole foreclosure crisis thing. this is the best way i could think of to do it, since i don’t actually have a lot of money myself:
http://thebetterbailout.com