The Perfect Plan To Save The Housing Market: Eliminate All Mortgage Payments – 24/7 Wall St.

The Perfect Plan To Save The Housing Market: Eliminate All Mortgage Payments – 24/7 Wall St.:

"The Post reports that lending institutions would be paid well for handling loan modifications. The amount would almost double what the government pays financial firms for the service now. The FHA would be asked to help underwater borrowers as well according to the Post. The balance of the details about how the program will work are not available, or, more probably, have not been worked out. The one thing that is clear about the White House plan is that it will be funded from the TARP facility, the same $700 billion program that saved the financial industry as the credit crisis grew.

The fight over the program will be bitter, but not nearly as bitter as the fight over who will have access to reduced mortgage payments, especially if the monthly obligation can go to zero."