President Barack Obama revealed plans for a bank bailout in 2009. Homeowners looking to re-finance their loans can take advantage of this policy. This is an opportunity to modify the specifications of loans already in existence. The loan terms are adjusted by the bank to accommodate the client’s difficulties in remunerating the loan.

The United States Secretary of the Treasury, Tim Geithner, a short while ago, communicated the government’s intention to direct over one trillion dollars to bailout the nation’s banks. A large percentage of this program’s money will be filtered into buying up bad loans and stimulating the economy by changing how money can be loaned.

The Bank Bailout Plan’s intention is to halt property foreclosures and reduce monthly mortgage payments by lowering interest fees. In addition, the plan attempts to redirect the homeowner to loan modification as an alternative to foreclosure.

Agenda Of The Plan:

The particulars of the federal bailout plan are as follows:

1. New laws state that the amount of the loan must exceed the current market value of the property by 105%.

2. Once changed, the new mortgage amount must not be more than 31% of the homeowner’s earnings.

3. The total amount of credit and loan payments when added together may not exceed 55% of pre-tax income.

4. $1000 awarded for each loan modified by banks or lenders will provide impetus to participate in the federal loan modification programs.

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Goal:

The Bank Bailout Plan has four goals:

1. The plan seeks to balance the system and restore consumer faith. The failing economic system will be buttressed by the federal bank regulators to rebuild the economy.

2. The program will loosen up credit lines to individuals and companies.

3. The Bank Bailout program will revive the nation’s economy and allow for adaptablity with loan modifications currently in progress.

In addition, the Bailout Plan will help to reduce home foreclosures and the housing crisis will come under control.

Not all homeowners will benefit from this program, however, the plan is absolutely a great measure of progress toward boosting the currently stagnant housing situation by way of loan modification.

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