Government considering new
foreclosure plan
Source:
Informa Research Services
(7/28/2011) While
many homes in the country are still laying empty as a result of their owners
falling behind on the bills and being seized by the bank, the federal government
is weighing whether to enact a plan that may help ease the
problem.
Many
lawmakers and regulators in Washington, D.C. are now considering taking a large
number of the 500,000 foreclosed properties owned by federal agencies and
government-backed mortgage giants Fannie Mae and Freddie Mac and renting them
out, according to a report from the Wall Street Journal.
In
addition, these institutions control the mortgages for another 2 million
mortgages that are in a stage of the foreclosure process. Consumers can
typically avoid foreclosure by seeking to refinance their existing home loan. Those who want to lower their monthly mortgage
payments by hundreds of dollars per month may be able to do so by checking the
latest online rate tables to find the best local mortgages
rates.
Experts
worry that the large number of vacant homes in areas particularly affected by
the foreclosure crisis is keeping the value of properties in those neighborhoods
artificially depressed. But by renting out those properties, some believe home
prices may be buoyed, the report said.
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