Obama To Use $75B To Stem Foreclosures
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Some details of President Obama housing plan are coming out. The Treasury will use $75 billion to bring down interest rates and encourage loan modifications. The administration is seeking to help 9 million people restructure or refinance their mortgages.
The plan will help keep between 3 million an 4 million "responsible homeowners" in their homes.
As part of the plan, the U.S. will boost Fannie Mae's (NYSE: FNM) and Freddie Mac's (NYSE: FRE) mortgage portfolios to $900 billion and boosts Fannie and Freddie stock purchase to up to $400 billion. The administration will use Fannie and Freddie to help boost loan refinancing.
Obama is expected to formally unveil the plan at 12:15 p.m. EST.
The plan will help keep between 3 million an 4 million "responsible homeowners" in their homes.
As part of the plan, the U.S. will boost Fannie Mae's (NYSE: FNM) and Freddie Mac's (NYSE: FRE) mortgage portfolios to $900 billion and boosts Fannie and Freddie stock purchase to up to $400 billion. The administration will use Fannie and Freddie to help boost loan refinancing.
Obama is expected to formally unveil the plan at 12:15 p.m. EST.
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