And it's a whopper. Another $75 billion in spending. Details are still coming out, but much of the plan seems to be focused on incentives for lenders to assist borrowers who are underwater (owe more than the home is worth) and on principal reduction options. With more than 25% of Americans currently owing more than their home is valued, a principal reduction plan is a key component of the bill. The plan is much more ambitious than expected, and hopes to keep between 7 to 9 million people from foreclosure.
2 hours ago
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