Word: mortgagees
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Dates: during 2000-2009
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A week into difficult talks, agencies within the Bush Administration are struggling to agree on a far-reaching new plan that would rescue homeowners with mortgage woes and ease the vicious foreclosure cycle that plagues the housing market.
By rescuing struggling homeowners, the Bush Administration hopes to avoid further damage to neighborhoods and the economy caused by cascading foreclosures. By creating a safety net for the housing market, officials also are aiming to reduce the uncertainty surrounding the soundness of the country's mortgage debt. A rapid and...
Not all struggling homeowners would be covered in a bailout, another Administration official stressed. The plan is to assist only people with sustainable home loans, not borrowers who made bad decisions and are stuck with mortgages they clearly can't pay off. "We're not doing anything for people who...
Distressed sellers are the biggest problem. According to the National Association of Realtors, nearly 40% of all houses on the market today are owned by sellers who are either behind on their mortgage or owe more than their house is worth. Banks have to approve deals in which the sale...
Beyond short sales, buyers are also walking away because banks are requiring higher down payments and credit scores. Mortgage rates, too, which have recently been rising, are keeping buyers out of the market. "I had one buyer recently walk away because they had 10% to put down, but the lender...