By Paul Owers of SunSentinel.com
September 8, 2010 07:00 AM
Arguably the most revealing part of the Obama administration's latest plan for underwater borrowers is contained deep in an Associated Press story.
“Government officials acknowledge that getting the plan going will be complicated.”
Let's just say that’s not what homeowners want to hear from an administration whose previous attempts at fixing the housing mess were widely criticized for being ineffective and bogged down in bureaucracy.
The Federal Housing Administration is allowing lenders to give underwater borrowers refinanced loans backed by the government. The lenders must forgive at least 10 percent of the original mortgage amount.
Sounds good, but the program is voluntary for lenders. And it's not likely to help homeowners in places like Florida who are seriously underwater.
Tell us what you think.
Homekeys searches high and low every morning and throughout the day for the latest in real estate related news because the more informed we are, the better we can help you. Here on this blog, we take that news and deliver it to you.
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