The Wall Street Journal's on-line Guide to Property announced today that federal and state banking regulators are urging lenders and investors to restructure the loans of homeowners with interest rates that are resetting to amounts beyond their means to repay.
Many of these same loans are no longer on the books of the original lender, and so have been extremely difficult to rework with the homeowner. There will be fewer negative tax of accounting implications for those lenders and investors who buy these loans to restructure.
This is just one other initiative coming out of Washington to assist everyone in the housing industry - especially those homeowners who could afford their house payments until their interest rates reset.
Spokespeople for the National Consumer Law Center are encouraged by these new actions; stating that the consideration of loan modification is on it's way to becoming a standard practice.
As always, 'til tomorrow, it's all good!
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment