As recently as a week ago, George W. Bush was touting the "liquidity" of the economy in the face of the ongoing subprime mortgage crisis in the United States. He suggested that all indicators point to the market correction being a "soft landing."
Today, Bush will make formal statements outlining a plan for relief on homeowners. Administration officials revealed that the steps Bush will propose include mandating that the Federal Housing Administration allow an additional 80,000 homeowners with less-than-perfect housing records to sign up for its mortgage insurance program. However, more steps will be introduced in his remarks.
In expectation of the proposals, the stock market opened strong this morning, with Asian markets going strong and the Yen lowering, and European stocks also rising.
Tags: foreclosure, mortgage, President Bush, subprime
This entry was posted on Friday, August 31st, 2007 at 10:21 am and is filed under Home Foreclosure. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.
Two years ago I had two houses paid for.Today, due to illness, I am losing them both. What gives the mortgage companies the right to tack over one hundred thousand dollars more on to each of my loans. Even ill I was faithful to pay payments. I tried to refi to make the payments go down but they went up. My broker refuses to explain how this happened. Can you?