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Starting monday FED reserve will rewrite all mortgages at new value and interest rate
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Anonymous Coward |
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Long time lurker didn't see this posted so I thought I would. HOME LOAN ASSIST TARP COVERS MORTGAGE [ link to www.nypost.com] By MICHAEL GRAY Last updated: 11:33 am February 6, 2009 Posted: 2:04 am February 6, 2009 A cornerstone of the economic recovery plan that President Barack Obama is expected to unveil Monday will be modifying problem mortgages, The Post has learned. In a nod to Main Street over Wall Street, sources familiar with the plan say Treasury Secretary Tim Geithner plans to allocate almost half of the remaining $350 billion in funds from the Trouble Asset Relief Program to the so-called "Mo Mod," or mortgage modification, platform. "Mo Mod" is an algorithmic mortgage processing program that can rewrite up to 500,000 loans a month, and will be a major part of Treasury's plan to help repair tattered bank balance sheets. The 21-day "Mo Mod" program works by structuring a new mortgage that more accurately reflects a home's worth so that a troubled borrower no longer owes more on their home than the property is worth. Quoting: Anonymous Coward 609187The thread title is entirely misleading and does not accurately reflect the article at all.
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