By Pin-Yu Liao
President Obama spoke about his structured a plan on spending 80 billions to halt foreclosures in Arizona, one of the states which have the most to deal with foreclosure issue. The government and banks have been cooperating to create a rescue package of foreclosure suspension to save the borrowers.
As a result, JPMorgan Chase, Morgan Stanley and Bank of America are discontinuing foreclosures from February 12, 2009 through March 6, 2009. Citi is suspending foreclosure on an extension to March 13
More than 2.3 million homeowners went through foreclosure proceedings last year, an 81% increase from 2007, and analysts estimated that there may be 10 million more people suffering from foreclosure in the coming years.
Meetings between Treasury Secretary Tim Geithner and banks have been held to discuss the details of foreclosing-halting proposals such as those homeowners to take an affordability test and experience a re-appraisal if they do meet the criteria for a government subsidy. Regulators are thinking of more efficient ways make easier for borrowers in default. In November, Citi established Homeownership Assistance Program, which aided 500,000 Citi borrowers with mortgages. The requirements to enroll in this plan are that borrowers needed to have "sufficient income" and be making effort to repay their loans.
As a result, JPMorgan Chase, Morgan Stanley and Bank of America are discontinuing foreclosures from February 12, 2009 through March 6, 2009. Citi is suspending foreclosure on an extension to March 13
More than 2.3 million homeowners went through foreclosure proceedings last year, an 81% increase from 2007, and analysts estimated that there may be 10 million more people suffering from foreclosure in the coming years.
Meetings between Treasury Secretary Tim Geithner and banks have been held to discuss the details of foreclosing-halting proposals such as those homeowners to take an affordability test and experience a re-appraisal if they do meet the criteria for a government subsidy. Regulators are thinking of more efficient ways make easier for borrowers in default. In November, Citi established Homeownership Assistance Program, which aided 500,000 Citi borrowers with mortgages. The requirements to enroll in this plan are that borrowers needed to have "sufficient income" and be making effort to repay their loans.
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