The American Recovery Reinvestment Act will help minimize foreclosures, shrink housing inventory stabilize values and hopefully move the country to an economic recovery.
The President's 75 billion Homeowner Affordabiliyt & Stability plan will help struggling homowners by providing incentives to lenders, servicers, mortgage holders and borrowers to help modify mortgage loans. The US Treasury will have specific guidelines that will need to be followed. They will not address jumbo loans, home equity or the extreme Loan to Value problems, however they do provided help.
Fannie Mae and Freddie Mac will help make monthly payments more affordable to homeowners by refinancing mortgages. The plan will help keep mortgage interest rates low for ALL buyers and could lead to lower rates.