Tuesday, November 11, 2008

New Government Program to Reduce Foreclosures

The federal government is unveiling a new plan that is aimed to help distressed borrowers with government backed Fannie Mae and Freddy Mac home loans.This plan will be eligible to borrowers who are at least three months behind on their mortgage payments. Interest rates and loan terms will be adjusted to affordable levels for borrowers with atleast 10% equity in their homes.

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