MALAYSIA leh???? Still waiting of 10 of MARCH?
U.S: Obama Pledges US$275bn to Cut Mortgage Payments
US President Barack Obama pledged US$275bn to a programme that includes cutting mortgage payments for as many as 9 million struggling homeowners and expanding the role of Fannie Mae and Freddie Mac in curbing foreclosures. The plan includes US$75bn to reduce monthly payments for borrowers, helps homeowners with loans owned or backed by Fannie Mae and Freddie Mac to refinance at lower rates and promises incentives to industry.
US President Barack Obama pledged US$275bn to a programme that includes cutting mortgage payments for as many as 9 million struggling homeowners and expanding the role of Fannie Mae and Freddie Mac in curbing foreclosures. The plan includes US$75bn to reduce monthly payments for borrowers, helps homeowners with loans owned or backed by Fannie Mae and Freddie Mac to refinance at lower rates and promises incentives to industry.
Obama will double to US$200bn funding available for Fannie and Freddie to buy loans. The programme signals the Obama administration, which will release more details in two weeks, plans a more active stance to halt foreclosures than the Bush administration, which backed voluntary industry efforts. Record foreclosures in the past year are swelling the glut of properties on the market, forcing down home values and undermining homebuilders’ efforts to revive demand and lighten inventory by cutting prices. (Bloomberg)