Tuesday, February 12, 2008

The Next Great Plan To Save The Mortgage Industry

A new plan was announced today to expand mortgage relief to include all types of mortgages, not just subprime. The brain trust of the nation’s largest financial institutions, Bank of America, JP Morgan Chase, Countrywide Financial, Washington Mutual and Wells Fargo, came up with this earth shaking plan. The plan: put forclosures on hold for thirty days. That's it, that's the big plan. You get another thirty days before you're sleeping on the street. Rejoice! We're saved!


Anonymous said...

I Agree that it may be to little, to late. But I do have some friends in trouble and they said an extra 30 days is better than none.

Alex Y. said...

Just my two cents: If a mortgage company is willing to offer assistance to a homeowner, they'll do so with or without the 30 extra days. If they're not willing to help, then the 30 days doesn't really mean much. I guess it's better than nothing (just barely).

Anonymous said...

Mortgage is a term used to denote the pledging of a persons property (typically) as a security when a person borrows money from the lenders. In most countries and their jurisdictions, loans secured on real estate are called mortgages. But, there are a few exceptions and few restrictions as well. There might be some jurisdictions in which only a piece of land can be mortgaged. But on the whole, mortgage generally refers to putting up your real estate as security. Thus, it is a secured loan with minimal risks to the lender.