Copied and pasted by: Jeffrey Kam
President Barack Obama’s $275 billion housing and mortgage plan would allow homeowners to rework their mortgages via bankruptcy proceedings.
Current federal laws restrict bankruptcy courts from reworking mortgages, while debts such as credit cards and consumer loans can be revised during proceedings.
Obama unveiled a large scale mortgage modifcation and home lending plan Wednesday in Mesa aimed at curbing foreclosures and helping the languishing housing market. It includes $75 billion for mortgage modifications and $200 billion in federal equity stakes in mortgage giants Fannie Mae and Freddie Mac.
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