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With foreclosures mounting, Bush administration officials said Thursday that they were preparing to step up efforts to help struggling homeowners.
A senior policy maker told a Senate committee that the administration was working on a plan under which the government would offer to shoulder some of the losses on loans that are modified.
Added on: Wed Nov 05, 2008 9:50 am by :
simon
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| Quote: | | According to the statistics the rate of foreclosure has increased since the value of the property has become one-fifth of its initial value. |
And this fall in the prices of the properties has given the reason to the borrowers to default in their loans to avoid acquiring negative equities on it. Though, the financial institutions and the banks can claim back the house if the borrower defaults on the loan, but may not be benefited from it since the house value has already depreciated owing to the fall in the value of the property.
~jeremy
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