Timothy Geithner, the Treasury Secretary, has said that he supports an overhaul of Freddie Mac and Fannie Mae to prevent a housing market crisis similar to the one that led to the recession. He however cautioned that we should be selective in which aspects to change and which to retain as there were many parts of the system that have functioned well despite the crisis. [Read more…]
Expected Homeowners to Get Relief under the Loan Modification Program
In a Treasury report released on Tuesday, the initial estimate of homeowners getting relief under the Obama administration’s Loan Modification Program has been slashed down by more than half. The initial estimate of helping 4 million homeowners is now expected to go down to 1.5 to 2 million homeowners likely to receive aid under the program. [Read more…]
